Rheumatic diseases are among the most prevalent chronic conditions around the world. About 0.5-1% world’s population is affected by arthritis. Rheumatic diseases include many types of arthritis and autoimmune diseases that affect the bones, joints and other components of the musculoskeletal system. These disease conditions are known as a disease of the aged but are frequently prevalent in both men and women younger than 60 years. The prevalence of arthritis is very high among adults with conditions, such as diabetes, heart disease, and obesity. Arthritis and rheumatic conditions pose as one of the serious economic and health burden to society due to the high cost of treatment.
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The rheumatology therapeutics market is expected to witness a robust growth in the coming years. Rising geriatric population, new drugs launch and growing R&D investments are key factors accelerating the growth of the market. However, high capital requirements in drug manufacturing, stringent FDA rules, and regulation for drug approvals are restraining the growth of the market. However, flourishing pharmaceutical industry in emerging Asia Pacific region and growing demand for technologically enhanced products such as biologics and biosimilars for the treatment of rheumatic diseases are expected to present lucrative opportunities to the key players.
On the basis of disease type, the global rheumatology therapeutics market is divided into rheumatoid arthritis, osteoarthritis, lupus, gout, ankylosing spondylitis and other. Rheumatoid arthritis had highest prevalence rate and accounted for the major share in global rheumatology therapeutics market in 2016.
On the basis of drug type the market is segmented into non-steroidal anti-inflammatory drugs, analgesics, disease modifying anti-rheumatic drugs, corticosteroids and other. In drug type, DMARDs segment dominated the market in 2016 owing to increase in use in the early stage of treatment of disease and growing adoption of biologics drugs for the treatment of moderate to severe rheumatoid arthritis and osteoarthritis. The distribution channel segment of rheumatology therapeutics includes a retail pharmacy, online pharmacy, and hospitals.
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By geography, North America dominated the market owing to the increased prevalence of rheumatic diseases. Furthermore, the presence of superior healthcare facilities and faster adoption of biologics and biosimilars for treatment of moderate to severe rheumatoid arthritis is driving the growth of rheumatology therapeutics market in the region.
Europe was the second after North America in terms of revenue generation. Rising elderly population, the prevalence of sedentary lifestyle has increased the rate of rheumatic diseases in this region. In addition, advanced healthcare infrastructure, higher demand for quality products is anticipated to account market growth in the forecast period.
The Asia Pacific was fastest growing market. The rising incidence of rheumatic diseases in geriatric population is expected to boost the market in coming years. Latin America is emerging market and is expected to present moderate growth in the coming years owing to significant reforms in healthcare infrastructure. The Middle East and Africa are anticipated to witness significant growth within the forecast period.
Some of the key players operating in the rheumatology therapeutics market are AbbVie, Inc., Pfizer, Inc., Bristol-Myers Squibb Company, Merck & Co., Inc., Amgen, Inc., Janssen Biotech, Inc., Novartis AG, Genentech, Inc., Takeda Pharmaceutical and Sanofi.