Arthritic Therapeutic Market to Reach $ 136.1 billion, Globally, by 2032 at 5.5% CAGR: Allied Market Research
Technological advancements, rise in incidence of arthritic disorders & conditions, and surge in aging population drive the growth of the global arthritic therapeutic market.
PORTLAND, Ore., March 11, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Arthritic Therapeutic Market by Product Type (Non-steroidal Anti-inflammatory Drugs (NSAIDs), Disease Modified Anti-rheumatoid Drugs (DMARDs), Biologics, and Others) and Application (Rheumatoid Arthritis, Osteoarthritis, Psoriatic Arthritis, Ankylosing Spondylitis, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global arthritis therapeutics market was valued at $79.5 billion in 2022 and is estimated to reach $136.1 billion by 2032, exhibiting a CAGR of 5.5% from 2023 to 2032.
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Prime determinants of growth
Factors such as technological advancements, rise in incidence of arthritic disorders & conditions, and surge in aging population drive the growth of the global arthritic therapeutic market. However, the growing competition of generic manufacturers are anticipated to hinder the market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the arthritic therapeutic market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size In 2022 | $79.5 Billion |
Market Size In 2032 | $136.1 Billion |
CAGR | 5.50 % |
No. Of Pages In Report | 250 |
Segments Covered | Product Type, Application and Region |
Drivers | Technological Advancements |
Rise In Incidence of Arthritic Disorders And Conditions | |
Surge In Aging Population | |
Opportunities | Growth Opportunity in Emerging Markets |
Restraints | Generic Competition |
Recession Scenario
During a recession, the impact on the healthcare industry, including arthritic therapeutic, is significant.
The economic downturns hinder technology investment. However, the growing awareness regarding the use of early diagnosis and treatment and rise in arthritic diseases can drive interest in arthritic therapeutic market growth.
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The non-steroidal Anti-inflammatory Drugs (NSAIDs) segment to maintain its lead position during the forecast period.
By product type, the non-steroidal Anti-inflammatory Drugs (NSAIDs) segment accounted for the largest share in 2022, accounting for almost two-fifths of the global arthritic therapeutic market revenue. This is primarily attributed to their widespread use for pain relief and anti-inflammatory effects, making them a preferred choice, driving substantial revenue in the pharmaceutical market.
However, the biologics segment is projected to register the highest CAGR of 7.0% during the forecast period owing to the targeted mechanism of action, which specifically addresses inflammatory pathways, resulting in effective symptom management and disease modification. Biologics' precision in targeting key molecules involved in arthritis pathogenesis, coupled with ongoing advancements in biotechnology and personalized medicine, contribute to their sustained prominence and anticipated growth in the market.
The rheumatoid arthritis segment to maintain its lead position during the forecast period.
By application, the rheumatoid arthritis segment accounted for the largest share in 2022, accounting for more than three-fifths of the global arthritic therapeutic market revenue. This is attributed to the rise in prevalence of rheumatoid arthritis globally, prompting increased demand for targeted and innovative therapies. Ongoing R&D efforts focusing on novel treatments, including biologics and disease-modifying drugs, specifically tailored for rheumatoid arthritis, contribute to the sustained prominence of this segment in the arthritis therapeutics market.
However, the osteoarthritis segment is projected to register a highest CAGR of 8.5% during the forecast period. This is driven by several factors, including the aging global population, increased prevalence of obesity, and a growing awareness of osteoarthritis. In addition, advancements in understanding the molecular mechanisms of osteoarthritis and the development of targeted interventions, along with a focus on improving pain management strategies, contribute to the anticipated accelerated growth in the osteoarthritis segment within the arthritis therapeutics market.
North America maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global arthritic therapeutic market revenue owing to factors such as well-established healthcare infrastructure, a high prevalence of arthritis, increasing awareness, and early adoption of advanced therapeutics in the region. Moreover, ongoing research and development activities, coupled with a strong emphasis on biotechnology and pharmaceutical innovations, contribute to North America's continued leadership in the arthritis therapeutics market.
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However, the Asia-Pacific segment is projected to register highest CAGR of 7.5% during the forecast period. This is attributed to improving healthcare infrastructure, advancements in medical research, and a surge in healthcare spending contribute to the expanding market in Asia-Pacific. In addition, surge in aging population, increase in prevalence of arthritis, and rise in awareness about arthritis management & treatment options in the region further propel the rapid growth in arthritis therapeutics across Asia-Pacific.
Leading Market Players
AbbVie Inc.
Pfizer Inc.
Amgen Inc.
Novartis AG
Jhonson & Jhonson
Viatris Inc.
Bausch Health (Storz Opthalmic Instrument)
LEO Pharma
Merck & Co. Inc.
Celltrion Inc.
The report provides a detailed analysis of these key players of the global arthritic therapeutic market. These players have adopted different strategy such product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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