Rheumatoid Arthritis Market size is forecast to reach $32.4 billion by 2026, growing at a CAGR of 5.2% during the forecast period 2021-2026. Rheumatoid Arthritis is an auto-immune disorder that affects joints in the knee, and fingers with extra articular organs. Medications such as methotrexate plays as an anti-inflammatory agent in controlling the progression of rheumatoid arthritis and hormones in both genders play a role in either preventing it. Symptoms include pain, tender, stiffness, and swelling of joints. Disease modifying antirheumatic drugs is to mitigate the progression of the disease and recent advancements with biosimilars is used to treat RA and increase in approvals of the same by regulatory affairs. Increasing prevalence of rheumatoid arthritis and increasing launch of novel therapeutic drugs are the major factors driving the growth of the market. Favorable reimbursement policies for high cost treatment products and improvements in diagnosis & healthcare infrastructure is set to further enhance the overall market development of the Rheumatoid Arthritis Market for the period 2021-2026.
Rheumatoid Arthritis Market Segment Analysis – By Product
Synthetic Disease Modifying Antirheumatic Drugs held the largest share in the Rheumatoid Arthritis Market in 2020 and is estimated to grow at a CAGR 4.6% during the forecast period 2021-2026. This is attributed to the rise in awareness related to the use of disease modifying antirheumatic drugs and increasing prevalence of rheumatoid arthritis. Rise in obese and overweight population is also increasing the demand of the drug. Corticosteroids reduce immune system activity as it ease swelling, redness, and allergic reactions. It also used to treat diseases like asthma. Non-steroidal anti-inflammatory drugs cannot treat the disease alone and it needs to be taken along with other rheumatoid arthritis medications. These are beneficial in mitigating symptoms and also prevent the rate of joint damage. Corticosteroids are estimated to register the highest CAGR over the period 2021-2026.
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Rheumatoid Arthritis Market Segment Analysis – By Route of Administration
Oral held the largest share in the Rheumatoid Arthritis Market in 2020 and is estimated to grow at a CAGR 5.7% during the forecast period 2021-2026. This is attributed to the higher prevalence of rheumatoid arthritis and it also offers several benefits such as safety, ease of absorption, adaptability to different kinds of drugs, and no pain during administration among others. Oral are estimated to register the highest CAGR over the period 2021-2026.
Rheumatoid Arthritis Market Segment Analysis – By Geography
North America dominated the Rheumatoid Arthritis Market with a major share of 37.3% in 2020. This is attributed to the increasing prevalence of rheumatoid arthritis and increasing awareness about the disorder. Increasing healthcare spending, increasing demand for disease modifying antirheumatic drugs along with the increasing public awareness toward use and benefits of these drugs is increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing penetration of rheumatoid arthritis treatment drugs, specially biologics, and increasing healthcare infrastructure. Increasing awareness and undertaking of treatment of rheumatoid arthritis is also increasing the growth of the market in this region.
Rheumatoid Arthritis Market Drivers
Rising Awareness about Arthritis and its Prevention
Rising awareness about arthritis and its prevention is increasing the growth of the Rheumatoid Arthritis Market. Rheumatoid Arthritis is a disease that cause damage and joint pain throughout the body. It usually happens on the both sides of the body. Though medications have improved treatment options but it can still cause physical disabilities. According to World Health Organization, the prevalence of rheumatoid arthritis varies between 0.3% and 1% and is more common in women and in developed countries and about 1.3 million Americans have rheumatoid arthritis. Thus, increasing the growth of the Rheumatoid Arthritis Market during the forecast period 2021-2026.
Increasing Demand for Disease Modifying Antirheumatic Drugs
Increasing demand for disease modifying antirheumatic drugs is increasing the growth of the Rheumatoid Arthritis Market. Disease modifying antirheumatic drugs treats alters the underlying diseases by reducing pain, stiffness, and swelling over a period of weeks or months. Conventional disease modifying antirheumatic drugs are slow acting and it responds well with the medications. Biological therapies are newer drugs that target individual molecules and it works more quickly than conventional disease modifying antirheumatic drugs. It target a protein called tumor that increases inflammation and are often given in combination with a conventional disease modifying antirheumatic drugs. Thus, increasing the growth of the Rheumatoid Arthritis Market during the forecast period 2021-2026.
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Rheumatoid Arthritis Market Challenges
Side Effects Associated with the Consumption of Drugs and High Cost Associated with Biologics & Biosimilars
Some of the factors that are set to impede the growth of the Rheumatoid Arthritis Market are side effects associated with the consumption of drugs and high cost associated with biologics & biosimilars. High cost associated with biological disease modifying antirheumatic drugs therapies and expiry of patents of vital drugs is also set to hinder the growth of the market.
Rheumatoid Arthritis Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Rheumatoid Arthritis Market. In 2020, the Rheumatoid Arthritis Market share is consolidated by the top ten players present in the market. Rheumatoid Arthritis Market, top 10 companies are AbbVie Inc., Amgen Inc., Bristol, Eli Lily & Company, Novartis, Pfizer Inc, UCB SA, Squibb Company, and Gilead Science Inc. among others.
Acquisitions/Product Launches
In December 2019, Amgen Inc. received the approval of the US Food and Drug Administration for Avsola, a biosimilar drug rheumatoid arthritis drug.
Key Takeaways
North America dominated the Rheumatoid Arthritis Market in 2020 owing to increasing prevalence of rheumatoid arthritis and increasing awareness about the disorder. The Rheumatoid Arthritis Market scope for different regions will be provided in the final report.
Rising awareness about arthritis along with its prevention among healthcare professional & patients and increasing efficiency of drugs in the treatment of rheumatoid arthritis are likely to aid the market growth of the Rheumatoid Arthritis Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Rheumatoid Arthritis Market report.
Side effects associated with the consumption of drugs and high cost associated with biologics & biosimilars is poised to create hurdles for the Rheumatoid Arthritis Market.
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