Global psoriatic arthritis treatment market is estimated to witness high growth, due to increasing disease prevalence and rising drug approvals
Global psoriatic arthritis treatment market is estimated to be valued at USD 11.10 Billion in 2024, exhibiting a CAGR of 9.6% over the forecast period (2024-2031). The market growth is driven by increasing prevalence of psoriatic arthritis globally. According to recent estimates, nearly 30 million people suffer from psoriasis worldwide. Out of which, around 10-30% will develop psoriatic arthritis.
Market Dynamics:
Global psoriatic arthritis treatment market growth is driven by increasing prevalence of psoriatic arthritis and rising number of drug approvals for the disease. Psoriatic arthritis affects nearly 1 million people in the U.S. annually. Several pharmaceutical companies are focusing on developing novel treatment options for psoriatic arthritis. In the last few years, several pipeline drugs have received regulatory approvals, which has provided patients with new treatment alternatives.
Increased prevalence of psoriatic arthritis globally can drive the market growth
Increasing prevalence of psoriatic arthritis globally can drive the psoriatic arthritis treatment market growth. According to recent statistics, nearly 30 million people around the world suffer from psoriasis. Out of these, approximately 7.5-25% of patients with psoriasis eventually develop psoriatic arthritis over time. Several factors such as genetic predisposition, environmental triggers and lifestyle changes have contributed to rising prevalence of psoriatic arthritis. With no permanent cure available, patients require long-term treatment options to manage their symptoms. This constant demand for effective therapeutics can drive the psoriatic arthritis treatment market growth.
Advancements in biologics and novel drug delivery systems can expand treatment options
Continued research and development activities in the field have led to major advancements in biologics and novel drug delivery systems for psoriatic arthritis. Biologics such as anti-TNF inhibitors that specifically target inflammatory pathways have revolutionized treatment outcomes for patients. Furthermore, approval of new drug formulations such as subcutaneous and intraocular injections have improved treatment convenience. The introduction of biosimilars has also increased accessible and affordable options. The expansion of safer and more effective treatment choices can drive the global psoriatic arthritis treatment market growth.
High cost of biologic therapies hampers widespread adoption
Global psoriatic arthritis treatment market growth can be hampered due to high cost of biologic drugs, which are the standard of care for moderate to severe cases. Biologics often cost over US$ 30,000 per patient annually and need to be administered over long periods. This makes them unaffordable for many patients, especially in developing economies with poor healthcare funding. The high financial burden on patients as well as healthcare systems limits the widespread adoption of biologic therapies for psoriatic arthritis. Development of lower-cost biosimilars can help address this issue but biosimilar uptake is currently low in several markets.
Risk of side effects discourages compliance to drug regimens
All drugs used for psoriatic arthritis treatment carry the risk of certain side effects occurring, especially with long-term usage. Common side effects of NSAIDs include gastrointestinal issues like gastric ulcers; corticosteroids may cause diabetes, osteoporosis, infections, and others. Serious risks associated with biologics include increased vulnerability to infection and malignancy with TNF inhibitors. The occurrence of side effects often leads to poor compliance to medication routine. It may also force patients and doctors to reconsider existing therapies. This proves detrimental for drug developers as it impacts revenue generation and discourages new entrants.
Orphan drug designations drive development of novel therapies
Orphan drug designations provide significant incentives for pharmaceutical players to direct research towards rare diseases with small patient populations. Psoriatic arthritis falls under such a category with global prevalence of less than 200,000 cases. Regulatory agencies offer benefits like clinical trial cost reductions, longer market exclusivity periods and tax credits to encourage orphan drug development. Several candidates for psoriatic arthritis have gained this status and are progressing well in clinical trials. For instance, AbbVie received orphan drug status for its investigational asset called upadacitinib. Such incentives are major opportunities boosting new product pipelines.
Growing population awareness and diagnosis rates present a potential opportunity
While the true prevalence of psoriatic arthritis remains under-reported, awareness levels globally are improving at a steady pace. Initiatives by patient advocacy organizations promote early screening and diagnosis. Moreover, involvement of rheumatologists during diagnostic evaluations helps recognize atypical presentations. As the general population and physicians become more vigilant about psoriatic arthritis symptoms, diagnosis rates will increase significantly in the coming years. Capturing this pool of new patients early through effective campaigns presents a lucrative opportunity for market players. Investments towards amplifying screening programs can tap into this scarcely detected patient segment currently left untreated.
Link - https://www.coherentmarketinsights.com/market-insight/psoriatic-arthritis-treatment-market-4624
Key Developments:
- In March 2024, Acelyrin, Inc. announced promising results from its global phase 2b/3 clinical trial of izokibep, a small protein therapeutic targeting IL-17A, showing potential as a breakthrough treatment for psoriatic arthritis. Izokibep demonstrated exceptional potency, strong tissue penetration, and a prolonged half-life.
- In October 2023, Novartis announced that the FDA had approved an intravenous (IV) formulation of Cosentyx (secukinumab) for treating adults with psoriatic arthritis (PsA), ankylosing spondylitis (AS), and non-radiographic axial spondyloarthritis (nr-axSpA). This IV option, targeting interleukin-17A (IL-17A), is the only non-TNF-α IV treatment for these conditions.
- In August 2022, The Janssen Pharmaceutical Companies of Johnson & Johnson announced that the FDA had approved STELARA (ustekinumab) for treating pediatric patients aged 6 years and older with active psoriatic arthritis (PsA). This expands STELARA's treatment profile, which now includes two indications for pediatric patients, building on its initial 2009 approval for adults with moderate to severe plaque psoriasis (PsO).
Key Player:
Medtronic, Johnson & Johnson (DePuy Synthes), Zimmer Biomet, Stryker, Xtant Medical, RTI Surgical, SeaSpine, Arthrex, HansBioMed, Exactech, Wright Medical Group, Bioventus, Integra LifeSciences, AlloSource, Medline Industries, Osiris Therapeutics, Acelity, Orthofix, MTF Biologics, Cerapedics
