PUBLISHER: Acute Market Reports | PRODUCT CODE: 1486510
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1486510
The psoriatic arthritis treatment market is expected to grow at a CAGR of 8.2% during the forecast period of 2024 to 2032, fueled by several key factors that shape its dynamics. Advancements in drug class development, a shift towards the oral route of administration, and an evolving landscape of distribution channels are the primary drivers contributing to the market's expansion. The continuous progress in drug class development, including TNF Inhibitors, Interleukin Inhibitors, PDE4 Inhibitors, and others, has significantly impacted the market. Another key driver is the growing emphasis on the oral route of administration. The convenience and improved patient compliance associated with oral medications have led to their dominance in 2023. Yet, the forecast indicates a shift towards Parenteral administration leading in revenue, while Topical administration is expected to exhibit the highest CAGR. This reflects the changing preferences and requirements of patients, shaping the market segmentation landscape. The evolving landscape demands continuous adaptation from pharmaceutical companies to address emerging challenges and capitalize on opportunities. As the market progresses, the interplay of these factors will shape its trajectory, emphasizing the need for strategic foresight and agility in the pharmaceutical industry.
Advancements in Drug Class Development
One major driver propelling the psoriatic arthritis treatment market is the continuous advancements in drug class development. Pharmaceutical companies are investing extensively in research and development to introduce innovative therapeutic options. TNF Inhibitors, Interleukin Inhibitors, PDE4 Inhibitors, and other classes are at the forefront of this evolution. In 2023, these drug classes demonstrated remarkable revenue figures. For instance, TNF Inhibitors witnessed a surge in demand, contributing significantly to the overall market share. The strategic introduction of new drugs and formulations within these classes has not only enhanced treatment efficacy but also expanded the market's reach. The forecast for 2024 to 2032 anticipates a continued upward trajectory, highlighting the sustained importance of drug class development in shaping the psoriatic arthritis treatment market.
Growing Emphasis on Oral Route of Administration
Another driver steering the market is the growing emphasis on the oral route of administration. With technological advancements and patient preferences shifting towards convenient modes of drug delivery, the oral route has gained prominence. In 2023, oral medications, including those belonging to TNF Inhibitors, Interleukin Inhibitors, PDE4 Inhibitors, and other categories, garnered substantial revenue. The ease of administration and improved patient compliance associated with oral drugs have fueled this trend. Moreover, the forecast for 2024 to 2032 predicts a continued rise in the oral route of administration, indicating a sustained shift in consumer and healthcare provider preferences.
Evolving Landscape of Distribution Channels
The landscape of distribution channels is evolving as another influential driver of the psoriatic arthritis treatment market. Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies have emerged as key channels facilitating the availability of therapeutic options. In 2023, these channels played a pivotal role in ensuring widespread access to Psoriatic Arthritis medications. Hospital Pharmacies, in particular, demonstrated significant revenue generation owing to their role as primary healthcare institutions. Looking ahead to the forecast period from 2024 to 2032, a continuous evolution in distribution channels is expected. Online Pharmacies are anticipated to witness a surge in demand, reflecting the broader trend of digitalization in healthcare.
Restraint
High Treatment Costs
Despite the positive drivers, the market faces a notable restraint in the form of high treatment costs. The expenses associated with psoriatic arthritis treatment, including medications and supportive care, pose a significant economic burden on patients. This restraint is evidenced by the financial challenges faced by individuals seeking comprehensive treatment. The affordability barrier limits access to advanced therapies, hindering the market's full potential. Addressing the issue of high treatment costs is crucial for ensuring equitable access to psoriatic arthritis treatment.
Key Market Segmentation Analysis
Market by Drug Class
The market segmentation by Drug Class highlights TNF Inhibitors, Interleukin Inhibitors, PDE4 Inhibitors, and others as major categories. In 2023, TNF Inhibitors led in both revenue and highest CAGR, showcasing its dominance in the market. However, during the forecast period from 2024 to 2032, PDE4 Inhibitors are expected to emerge with the highest CAGR, signaling a shift in market dynamics. This differentiation emphasizes the dynamic nature of the pharmaceutical landscape and the continuous exploration of various drug classes.
Market by Route of Administration
In terms of Route of Administration, Oral medications dominated the market in 2023, accounting for both the highest revenue and CAGR. However, the forecast period anticipates a shift, with Parenteral administration projected to lead in revenue, while Topical administration is expected to exhibit the highest CAGR. This dichotomy underscores the diverse preferences and requirements of patients, shaping the market segmentation landscape.
Market by Distribution Channel
Distribution channels, including Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies, play a crucial role in market dynamics. In 2023, Hospital Pharmacies led in both revenue and CAGR. However, the forecast period indicates a shift, with Online Pharmacies projected to witness the highest CAGR, while Retail Pharmacies maintain the lead in revenue. This transition highlights the increasing reliance on digital platforms for accessing psoriatic arthritis treatment.
North America Remains the Global Leader
Geographically, the psoriatic arthritis treatment market exhibits diverse trends. The region with the highest CAGR is North America, driven by a well-established healthcare infrastructure, high awareness among the population, and increasing prevalence of psoriatic arthritis. Meanwhile, Asia-Pacific emerges as the leader in revenue percentage, attributed to the large patient pool, rising healthcare investments, and improving access to advanced therapeutics. These geographic variations underscore the importance of considering regional dynamics for a comprehensive understanding of the market.
Market Competition to Intensify during the Forecast Period
Leading pharmaceutical companies, such as Pfizer, Johnson & Johnson, AbbVie, Janssen Pharmaceutical NV, Novartis AG, Amgen, Inc., Celgene Corporation, Eli Lilly and Company, Bristol Myers Squibb, and UCB S.A., have demonstrated robust revenues in 2023. Pfizer strategically expanded its product portfolio, Johnson & Johnson focused on geographical expansion, and AbbVie emphasized collaborative ventures. These strategies contributed to their respective revenue growth. Looking ahead to the forecast period from 2024 to 2032, these companies are expected to continue their strategic approaches, with anticipated revenues reflecting sustained market competitiveness.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Psoriatic Arthritis Treatment market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Psoriatic Arthritis Treatment market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Drug Class
Route of Administration
Distribution Channel
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Psoriatic Arthritis Treatment market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Psoriatic Arthritis Treatment market?
Which is the largest regional market for Psoriatic Arthritis Treatment market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Psoriatic Arthritis Treatment market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Psoriatic Arthritis Treatment market worldwide?
FIG. 10Market Positioning of Key Psoriatic Arthritis Treatment Market Players, 2023
FIG. 11Global Psoriatic Arthritis Treatment Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032