LONDON, Sept. 1, 2023 /PRNewswire/ -- Rheumatoid arthritis (RA) is a highly prevalent auto-immune ailment. This disease predominantly affects our joints, mainly that of hands and feet. It occurs when the immune system begins attacking the healthy tissues. The primary symptoms of this disorders are painful swelling, fatigue, joint stiffness, and fever, among others. Anti-rheumatic drugs are generally recommended for the treatment of rheumatoid arthritis. Nonsteroidal anti-inflammatory drugs, corticosteroids, disease modifying anti-rheumatic drugs (DMARDs), slow-acting antirheumatic drugs (SAARDs), immunosuppressive cytotoxic drugs are some of the most prescribed anti-rheumatics.
The Anti-rheumatic Market research report curated by Brandessence Market Research offers a detailed overview of the numerous aspects influencing the trends and dynamics of this industry. It entails a scrutiny of the major segments and geographies with an aim to accurately determine the size and scope of this marketplace. The report further includes accurate statistics on the past revenue, growth rate, and also provides revenue projections. A deep dive assessment of the competitive terrain is also included in this business vertical.
Key Takeaways
- Anti-rheumatic Market is expected to amplify with a CAGR of 2.75% over 2022-2029.
- Growing occurrence of auto-immune disorders, surge in the geriatric population base, and increased prevalence of orthopaedic conditions are aiding industry expansion.
- MEA is projected to capture a substantial revenue share due to the growing prevalence of RA, surge in the geriatric population base, and increased healthcare expenditure.
Anti-rheumatic Market is valued at US$ 62.97 Billion in 2022 and it is expected to reach US$ 76.13 Billion by 2029 with a CAGR of 2.75% over 2022-2029.
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Elaborating The Key Trends and Dynamics of Anti-rheumatic Market
Growing occurrence of auto-immune disorders, surge in the geriatric population base, and increased prevalence of orthopaedic conditions are the primary factors aiding the expansion of this business sphere. Alongside, escalating demand for early disease diagnosis and treatment along with the growing drug approval rates are creating lucrative opportunities for this marketplace to prosper. Moreover, surging R&D activities in the field, widespread technological advancements in the drug development sector are adding momentum to the progression of this market space.
Major Growth Drivers
Rise in the geriatric population base- The aging individuals are highly susceptible to auto-immune and orthopaedic disorders. This is because of the fact that our immune system weakens with age. Apart from that, our bones also starts losing minerals, calcium, and other nutrients which in turn gives rise to various disorders. The rapid surge in the elderly populace is stimulating the overall dynamics of this business vertical.
Growing prevalence of obesity- Being overweight or obese increases a person's susceptibility to rheumatoid arthritis. The accumulation of excess fat tissues may cause inflammation throughout the body as they release a high amount of cytokines, a type of protein. Apart from that, obesity also leads to the onset of other comorbidities which may further deteriorate one's existing rheumatoid arthritis condition.
Challenges
Risk of side effects- Anti-rheumatic drugs may pose a risk of side effects. Nausea, fatigue, headache, allergies, and digestive issues may occur in some individuals as a result of anti-rheumatic drug consumption. Apart from that, some medications may even lead to lung damage, kidney issues, and hair loss. These factors together are hindering the remuneration scope of this market.
Competitive Landscape of Anti-rheumatic Market
Cumberland Pharmaceuticals Inc., AbbVie Inc., Amgen Inc., AstraZeneca plc, Biogen Inc., Bristol Myers Squibb Company, Celltrion Inc., Eli Lilly, Hoffmann, and Others are the primary players defining the competitive terrain of this business sphere.
Segmental Assessment
By type, the over-the-counter drugs segment is reckoned to amass notable gains over 2022-2029 due to the increased awareness about the availability of specialized drugs for the treatment of RA.
Based on drug type, the disease-modifying anti-rheumatic drugs segment is slated to generate significant returns over the stipulated timeline. This is ascribed to the growing emphasis of preventive treatment methods across the globe.
Geographical Analysis & landscape
Middle East & Africa Anti-rheumatoid Market
MEA is projected to capture a substantial revenue share over 2022-2029. This is attributable to the growing prevalence of RA, surge in the geriatric population base, and increased healthcare expenditure. Alongside, emergence of generic drugs and biosimilars for RA treatment and growing awareness about auto-immune disorders are aiding the expansion of this regional market.
Europe
Europe is anticipated to amplify with the highest CAGR over the stipulated timeframe. This is credited to the surge in the geriatric population base, the booming pharmaceutical sector, and growing RA cognizance among the masses. Besides, rising R&D activities in the field, presence of prominent players, along with the escalating demand for early disease diagnosis and treatment are creating an upward trend in this industry.
Opportunities in This Industry
Unhealthy lifestyle trends- People are moving towards a highly sedentary lifestyle. Lack of physical activities like exercise and high dependence of technology and mechanical devices for basic chores have made the masses very inactive. This is leading to the onset of lifestyle diseases like obesity, thereby increasing their susceptibility to RA. These factors together are propelling the growth of this marketplace.
Major Developments in Anti-rheumatoid Market
Acquisitions
In May 2020, AbbVie, a leading pharmaceutical company, acquired Allergan, a global pharmaceutical company, with aim to enhance its RA drugs portfolio.
Porter's Five Forces Analysis
Threat of New Entrants: The anti-rheumatic market may face a moderate threat of new entrants. While developing new drugs and therapies requires significant investment and regulatory approvals, there is still a possibility of new pharmaceutical companies or biotech startups entering the market. The barriers to entry may include high R&D costs, stringent regulatory requirements, and the need for expertise in clinical trials.
Bargaining Power of Buyers: The bargaining power of buyers in the anti-rheumatic market can vary. In some regions, where there is a significant concentration of healthcare providers or insurance companies, buyers may have greater negotiation power to demand lower prices or favorable terms. However, in regions with limited options for anti-rheumatic treatments, buyers may have less bargaining power, especially if the disease is severe and requires immediate treatment.
Bargaining Power of Suppliers: The bargaining power of suppliers in the anti-rheumatic market can be high, especially for specialized ingredients or components required in drug formulation. Suppliers of active pharmaceutical ingredients (APIs), raw materials, or specific equipment used in manufacturing anti-rheumatic drugs may have the ability to dictate terms, pricing, or even create supply shortages. However, the influence of suppliers can be mitigated to some extent if there are multiple suppliers or substitutes available.
Threat of Substitute Products: The threat of substitute products in this industry is relatively low. Rheumatic diseases are chronic conditions that require long-term management and treatment. While there might be alternative treatments or therapies available, such as physical therapy or complementary medicine, they are often used in combination with pharmaceutical interventions rather than as direct substitutes.
Competitive Rivalry: The competitive rivalry in this market is quite high. There are multiple pharmaceutical companies and biotech firms that develop and market anti-rheumatic drugs. The competition is primarily based on factors such as efficacy, safety, pricing, patent protection, and market share. Companies invest heavily in research and development to gain a competitive edge and introduce innovative treatments.
On Special Requirement Anti-rheumatic Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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