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I AgreeAnalysis of Arthritis Therapeutics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global health data suggests that, the populace in North America and Europe are more conscious regarding arthritis, and actively partake in diagnosis than those residing in developing countries.
Sensing the success rate of arthritis therapeutics, manufacturers are allocating high budgets to fuel their research & development activities, which ensures the future availability of blockbuster drugs.
The recent time is, however, witnessing a shifting paradigm of patients’ reliance from pharmaceutical products towards biologics, as biologic therapies are reported to bring dramatic improvements in patients’ quality of life.
Furthermore, there are several biologic products in phase III clinical trials, which is indicative of strong commercial prospects for arthritis therapeutics manufacturers.
Weighing the impact of key influencers, a recent report published by Fact.MR infers that, the arthritis therapeutics market is estimated to grow 1.5X during the forecast period (2020 - 2027).
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According to the Fact.MR study, preference for the parenteral route of administration will be 83% more than the topical and oral routes combined in 2020, on account of the high precision of dosage offered by this route, which leads to better patient outcomes.
Cost and recovery time, in turn, are turning out to be key determiners in the selection of route of administration.
Following this, increased availability of biosimilar products at competitive rates through parenteral routes is projected to retain high preference for the injection of drugs during the forecast period.
On a relative note, patients’ proclivity for oral arthritis therapeutics is likely to remain moderate, as this route is preferred in cases wherein patients are required to follow a long-term course of medication.
Additionally, the introduction of topical NSAIDs for the treatment of joint pains will offer low-to-moderate stimulus to the topical route of administration in the arthritis therapeutics market during the forecast period.
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Advanced antibody therapeutics have been outperforming the sales of disease-modifying antirheumatic drugs (DMARD) in recent times, on account of their relatively high efficiency.
However, better outcomes offered by these drugs comes at a price, a steep one indeed, which accommodates a range of US$ 1,000 to US$ 3,000 per month.
The price of the popular drug used for treatment of arthritis - Humira - increased by 100% from US$ 19,000 a year in 2012 to US$ 38,000 a year in 2018, as per data presented by SSR Health.
This price rise is not limited to only Humira. Enbrel saw an 80% hike in its price since 2013, as reported by the Alliance of Community Health Plans.
Given the long-term recommendation of these drugs to control arthritis, a perpetual increase in prices could shake the monthly budgets of patients, and, is hence, diverting their attention towards complementary and alternative therapies.
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High penetration of smartphones in parallel to low-cost of operation of distribution network is promising the growth of online pharmacies as a key distribution channel.
In the arthritis therapeutics market, where high cost concerns have been impeding sales prospects for players, targeting sales through online pharmacies can help offset the challenge through heavy deals and discounts offered by these channels.
In 2020, online pharmacies are projected to drive sales tantamount to a value of US$ 3.5 Bn, and the trend of online shopping driven by convenience will strengthen sales in future.
Currently, retail pharmacies account for 79% of total sales in the arthritis therapeutics market, as large chains and strong distribution network coupled with 24X7 accessibility is gaining prominence to this distribution channel. It is recommended for players in the arthritis therapeutics market to increase distribution-oriented partnerships with key retail partners to amplify their sales.
The arthritis therapeutics market is more concentrated in developed regions such as North America and Europe as compared to other parts of the world.
Rigorous research & development initiatives undertaken by players concentrated in these regions are projected to diversify portfolios, strengthen the pipeline of drugs, and, in turn, boost the availability of drugs.
Recent addition of biologic and biosimilar in the arthritis therapeutics list, on the backdrop of patent expiration of blockbuster drugs, is witnessed in these regions.
In developing regions, increasing investments directed towards bringing progressive improvements in the healthcare industry are projected to promise strong growth for the arthritis therapeutics market in Asia Pacific.
In developed countries of Asia Pacific, such as Japan, New Zealand, and Australia, the adoption of biologic drugs is anticipated to remain high during the forecast period.
With an aim to offer granular level insights into the arthritis therapeutics market, authors of the report have segmented the landscape on the basis of type, drug class, route of administration, distribution channel, and region. This global research report also offers information regarding the incremental opportunity available in the arthritis therapeutics market during the forecast period. Key segments of the arthritis therapeutics market include:
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This detailed guide, based on the latest market movement, ensures that only precise information reaches stakeholders, so as to help them gain an upper hand over their competitors in the global arthritis therapeutics market. This exclusive guide offers crucial information about the current trends, pipeline drugs, unmet drugs, future scope, and government regulations for the arthritis therapeutics market.
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The arthritis therapeutics market, authors of the report have segmented the landscape on the basis of type, drug class, route of administration, distribution channel, and region.
Arthritis therapeutics market is estimated to grow 1.5x during the forecast period (2020 - 2027).