Psoriatic Arthritis Market, by Drug Class (Non-steroidal Anti-inflammatory Drugs (NSAIDs), Disease-modifying Antirheumatic Drugs (DMARDs), Biologics, and Others), by Product Type (Prescription and Over The Counter), by Route of Administration (Topical, Oral, and Injectable), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 10.20 million in 2021 and is expected to exhibit a CAGR of 11.4% during the forecast period (2021-2028).
Key players in the market are focusing on launching new injectable drugs in order to expand their product portfolio, which is expected to drive the growth of global psoriatic arthritis market during the forecast period. For instance, in November 2016, Eli Lilly Japan and Torii Pharmaceutical Co., Ltd., announced the launch of humanized antihuman IL-17A monoclonal antibody product “Taltz Subcutaneous Injection 80mg Autoinjector” and “Taltz Subcutaneous Injection 80mg Syringe” (generic name: ixekizumab[recombinant] hereinafter called “Taltz”) indicated for psoriasis vulgaris, arthropathic psoriasis, pustular psoriasis, and psoriatic erythroderma.
Market players focusing on strategies such as collaboration and partnership in order to expand their product portfolio, which is expected to drive the growth of the market over the forecast period. For instance, in September 2015, AstraZeneca, a multinational pharmaceutical and biotechnology company announced that they have entered into a collaboration agreement with Valeant Pharmaceuticals International, Inc. a multinational specialty pharmaceutical company, under which they will grant an exclusive license for Valeant to develop and commercialize brodalumab. Brodalumab is an IL-17 receptor monoclonal antibody in development for patients with moderate-to-severe plaque psoriasis and psoriatic arthritis.
Global Psoriatic Arthritis Market - Impact of Coronavirus (COVID – 19) Pandemic
The coronavirus (COVID-19) pandemic is expected to drive the growth of the global psoriatic arthritis market over the forecast period.
COVID-19 outbreak was first reported on December 31, 2019, in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 220 million cases and 4.5 million deaths due to coronavirus (COVID-19) were reported up till September 13, 2021, across the globe.
Thus, the COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Furthermore, in May 2020, government of India announced relief for daily wage workers and construction workers for an amount of US$ 13.3 per person for all states and union territories.
Market players are focused on inorganic growth strategies such as signing various agreements which is expected to drive the growth of global psoriatic arthritis market. For instance, in September 2020, Bio-Thera Solutions, a commercial-stage biopharmaceutical company developing a pipeline of innovative therapies and a pipeline of biosimilars, announced the company has signed an agreement with Pharmapark LLC, a pharmaceutical company, for BAT2506, its golimumab biosimilar, under which Pharmapark LLC will have exclusive rights to distribute and market the drug with a status of a local product in Russia and other Commonwealth of Independent States (CIS) countries such as Azerbaijan, Ukraine, and others.
Browse 39 Market Data Tables and 22 Figures spread through 260 Pages and in-depth TOC on Global Psoriatic Arthritis Market, by Drug Class (Non-steroidal Anti-inflammatory Drugs (NSAIDs), Disease-modifying Antirheumatic Drugs (DMARDs), Biologics, and Others), by Product Type (Prescription and Over The Counter), by Route of Administration (Topical, Oral, and Injectable), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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The increasing number of product approvals from regulatory bodies is expected to drive the growth of global psoriatic arthritis market. For instance, in March 2014, Celgene Corporation, a pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had approved OTEZLA (apremilast), the company's oral, selective inhibitor of phosphodiesterase 4 (PDE4), for the treatment of adult patients with active psoriatic arthritis.
Increasing number of inorganic growth strategies such as strategic collaboration by key market players is expected to drive the growth of global psoriatic arthritis market. For instance, in January 2016, Eli Lilly Japan K.K, a pharmaceutical company and Torii Pharmaceutical Co., Ltd., a pharmaceutical company, announced that the two companies signed a strategic sales collaboration contract in the area of dermatology in Japan for a humanized anti-interleukin-17 monoclonal antibody “Ixekizumab, hereinafter called the Ixekizumab” that Eli Lilly Japan is developing and has filed an application for the manufacture and sale approval for the treatment of Moderate-to-Severe Plaque Psoriasis, psoriatic arthritis, pustular psoriasis, erythrodermic psoriasis in 2015 in Japan.
Key Takeaways of the Psoriatic Arthritis Market:
- The global psoriatic arthritis market is expected to exhibit a CAGR of 11.4% over the forecast period (2021-2028), owing to increase in number of new drug applications from market key players. For instance, in February 2021, Amgen, a Biotechnology company, announced the submission of a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) for Otezla (apremilast) for the treatment of adults with mild-to-moderate plaque psoriasis who are candidates for phototherapy or systemic therapy.
- Increasing number of drug approvals from regulatory bodies is expected to drive the growth of the global psoriatic arthritis market over the forecast period. For instance, Eli Lilly and Company, a pharmaceutical company announced that the U.S. Food and Drug Administration (FDA) has approved Taltz injection 80 mg/mL for the treatment of adults with active psoriatic arthritis (PsA). Taltz was first approved by the US FDA in March 2016 for the treatment of adult patients with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.
- Some of the 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.
