The global psoriatic arthritis market size is expected to reach USD 22.20 billion by 2030, according to a new study by Polaris Market Research. The report “Psoriatic Arthritis Market Share, Size, Trends, Industry Analysis Report, By Route of Administration (Oral, Parenteral, Topical); By Drugs Class; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Some of the main drivers of the market growth include hectic lifestyles that exceed the maximum immune system, a rapidly aging population, growth in psoriasis incidence, increasing incomes that make enormous biologic treatment options more inexpensive, and a rise in the incidence of product portfolio approvals.
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For instance, In March 2019, AbbVie Inc. announced that the interleukin-23 (IL-23) receptor SKYRIZI (risankizumab) has already been authorized by the Japanese Department of Health, Labour, and Welfare (MHLW) for adult patients being treated with psoriatic arthritis, generalized suppurative psoriasis, erythema psoriasis, and rheumatic diseases who haven't responded well.
The need for PsA medications for treatment is expected to rise due to the rising prevalence of psoriatic arthritis, an autoimmune illness brought on by the body's immune system attacking the skin and joints. People who already have plaque psoriasis are more likely to develop the condition. About 30% of people with psoriasis go on to develop PsA, an inflammatory disorder that affects the joints, according to a study released by Celgene Corporation.
The expansion of the market is anticipated to be fueled by the rising number of medication approvals from regulatory agencies. For instance, In December 2019, Pfizer Inc. declared that the USFDA had authorized its Infliximab product type, a monoclonal antibody (mAb) against tumor necrosis factor, as a product to Remicade for the treatment of individuals with rheumatoid arthritis, ulcerative colitis, Crohn's disease, ankylosing psoriatic arthritis, psoriatic arthritis, and plaque.
Psoriatic Arthritis Market Report Highlights
Polaris Market Research has segmented the psoriatic arthritis market report based on drug class, route of administration, distribution channel, and region:
Psoriatic Arthritis, Drug Class Outlook (Revenue - USD Billion, 2018 - 2030)
Psoriatic Arthritis, Route Of Administration Outlook (Revenue - USD Billion, 2018 - 2030)
Psoriatic Arthritis, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Psoriatic Arthritis, Regional Outlook (Revenue - USD Billion, 2018 - 2030)