Psoriatic arthritis can cause pain, swelling, and stiffness in and around your joints. It affects people who already have the skin condition psoriasis. This causes patches of red, raised skin, with white and silvery flakes. Psoriatic arthritis can cause a number of symptoms such as joint pain, swelling around the body. The main symptoms is pain, swelling, and stiffness because of inflammation inside a joint. This is known as inflammatory arthritis. Any joint can be affected by psoriatic arthritis, most commonly joints include:
For instance, according to a June 2020, report published in BioMed Central Ltd., an online patient-based global survey was conducted by The Harris Poll in Australia, Brazil, Canada, France, Spain, Taiwan, the U.K., and the U.S. between November 2, 2017 and March 12, 2018. Furthermore, according to survey the prevalence of psoriatic arthritis (PsA) has been reported as ranging from 0.01 to 1% depending on geographic region and it has been estimated that around 6–42% of patients with psoriasis develop PsA.
Global Psoriatic Arthritis Market - Impact of the Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors. The private healthcare sector is one such sector, which has been majorly impacted by the pandemic. For instance, in a report published in March 2021, in The Journal of Rheumatology, the message from rheumatologists, dermatologists, infectious disease specialists, and patient research partners was that data did not suggest that having PsD or its treatment significantly increased risk of infection or more severe disease course, and that the telehealth experience was a success overall.
The global psoriatic arthritis market is estimated to be valued at US$ 8,953.9 Mn in 2021 and is expected to exhibit a CAGR of 11.40% over the forecast period (2021-2028).
Figure 1: Global Psoriatic Arthritis Market Share (%) Analysis, By Drug Class, 2021
Increasing number of drug approvals from regulatory bodies is a major factor driving the market growth over the forecast period.
Market players are focusing on gaining drug approvals from regulatory bodies, which is expected to drive the growth of global psoriatic arthritis market during the forecast period. For instance, in October 2018, Sandoz, a Novartis division, announced that the U.S. Food and Drug Administration (FDA) approved its biosimilar, Hyrimoz (adalimumab-adaz). The US FDA granted approval for the treatment of rheumatoid arthritis (RA), juvenile idiopathic arthritis (JIA) in patients four years of age and older, psoriatic arthritis (PsA), ankylosing spondylitis (AS), adult Crohn’s disease (CD), ulcerative colitis (UC), and plaque psoriasis (Ps).
Adoption of inorganic strategies by the market players is expected to drive the market growth during the forecast period.
Distribution agreements and partnerships by key players are expected to boost the market growth during the forecast period. For instance, in August 2019, Can-Fite BioPharma Ltd., a biotechnology company advancing a pipeline of proprietary small molecule drugs that address cancer, liver, and inflammatory diseases, announced that the company had signed a distribution agreement with Kyongbo Pharm Co., Ltd., a pharmaceutical and medicine manufacturing industry, to distribute Can-Fite’s lead drug candidate, Piclidenoson (CF101), for the treatment of psoriasis in South Korea.
Psoriatic Arthritis Market Report Coverage
|Base Year:||2020||Market Size in 2021:||US$ 8,953.3 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||11.40%||2028 Value Projection:||US$ 19,013.9 Mn|
AbbVie, Inc., Amgen, Inc., Johnson & Johnson Services, Inc., Bristol-Myers Squibb Company, Celgene Corporation, Novartis International AG, Eli Lilly and Company, Pfizer, Inc., UCB S.A., and AstraZeneca plc.
|Restraints & Challenges:||
Global Psoriatic Arthritis Market – Restraints
Availability of alternate treatment for psoriatic arthritis is expected to hinder the growth of the global psoriatic arthritis market during the forecast period.
For instance, according to The Center Orthopedic & Neurosurgical Care & Research, almost one million hip and knee replacement surgeries are performed in the U.S. annually, making it one of the most common orthopedic procedures performed. By 2030, total knee replacement surgeries are projected to grow 673% to 3.5 million procedures per year globally. Nearly 1/2 of the American adults are expected to develop knee osteoarthritis in at least one knee in their lifetime.
Global Psoriatic Arthritis Market – Regional Analysis
Increasing number of drugs approvals by regulatory bodies is expected to drive the growth of the North America psoriatic arthritis market during the forecast period.
For instance, in June 2021, AbbVie Inc., a research-based global biopharmaceutical company, announced that Health Canada has approved RINVOQ (upadacitinib, 15 mg), an oral, once-daily selective and reversible Janus kinase (JAK) inhibitor for the treatment of adults with active psoriatic arthritis (PsA) who have had an inadequate response or intolerance to methotrexate or other disease-modifying anti-rheumatic drugs (DMARDs)
Figure 2: Global Psoriatic Arthritis Market Value (US$ Mn), by Region, 2021
Global Psoriatic Arthritis Market – Competitive Landscape
Major players operating in the global psoriatic arthritis market include AbbVie, Inc., Amgen, Inc., Johnson & Johnson Services, Inc., Bristol-Myers Squibb Company, Celgene Corporation, Novartis International AG, Eli Lilly and Company, Pfizer, Inc., UCB S.A., and AstraZeneca plc.
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