Rheumatoid Arthritis Drugs Market: Overview
The rheumatoid arthritis drugs market expects a good turnover across the forecast period of 2018-2026 due to the increasing prevalence of rheumatoid arthritis among the global populace. Rheumatoid arthritis is a condition that affects the joints of the hand, wrists, ankles, and knees. It is categorized as a systemic disease as it also affects the respiratory and cardiac system. It is usually prevalent among the elderly and largely affects the female population. The symptoms of rheumatoid arthritis are warmth, redness, and swelling of the affected areas. Statistics highlight that 41 people out of 10000 people are diagnosed with rheumatoid arthritis.
The rheumatoid arthritis drugs market may gain an upper hand in growth mainly due to the escalating use of over-the-counter medications rather than surgeries or operations for treating rheumatoid arthritis. The drugs developed for curing rheumatoid arthritis can enhance prognosis and mobility greatly and serve as a boon for the patients. The aforementioned factors may bring great growth opportunities for the rheumatoid arthritis drugs market.
The COVID-19 outbreak may have minimal impact on the rheumatoid arthritis drugs market as the pharmaceutical sector is ruled out of the lockdown norms by the government. The production of drugs remains largely unaffected as the pharma sector is fully functional without any restrictions. Therefore, this factor may have a minimal negative influence on the rheumatoid arthritis drugs market. However, the post-lockdown era may assure stable growth for the rheumatoid arthritis drugs market.
The global rheumatoid arthritis drugs market was valued at US$ 19597.43 mn in 2016. Taking into consideration the factors associated with the growth of the rheumatoid arthritis drugs market, it is anticipated to expand at a CAGR of 2.96% from 2018 to 2026. The use of rheumatoid arthritis drugs to decrease joint damage and enhance the overall body functioning may serve as great growth generators for the rheumatoid arthritis drugs market.
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Biologics Segment to Gain Considerable Momentum
Based on drug type, the rheumatoid arthritis drugs market can be segmented into nonsteroidal anti-inflammatory drugs (NSAIDs), anti-rheumatic drugs (DMARDs), biologic drugs, and corticosteroids. The biologics segment may acquire a significant share of the rheumatoid arthritis drugs market due to the advancements in biotechnological research. The spike in the use of biological drugs may also serve as a growth multiplier for the rheumatoid arthritis drugs market.
Hospital Pharmacy Segment to Contribute Significantly, Online Pharmacy to Gain Good Traction
In terms of the distribution channel, the rheumatoid arthritis drugs market can be classified into online pharmacy, retail pharmacy, and hospital pharmacy. Hospital pharmacy is estimated to observe good growth. Online pharmacy may also acquire a substantial growth share. The COVID-19 outbreak may serve as the prominent growth factor for the online pharmacy segment. Due to the growing transmission of the novel coronavirus and the stay-at-home orders by governments of various countries, many consumers are opting for online pharmacy methods to get their medicines at home.
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Key Players to Gain Largely Due to Mergers and Acquisition Activities
Many key players are involved in activities such as mergers, acquisitions, joint ventures, partnerships, and collaborations to cement their base among all the competitors. This aspect eventually serves as a growth generator for the rheumatoid arthritis drugs market. The investment of prominent players in research and development activities may harness growth for the rheumatoid arthritis drugs market. Some well-entrenched players in the rheumatoid arthritis drugs market are Novartis AG, Hoffman-La Roche Ltd., Bristol-Myers Squibb Company, Pfizer Inc., and Eli Lilly and Company.
Use of Rheumatoid Arthritis Drugs in Treating COVID-19 May Serve As a Game-Changer for Growth
The novel coronavirus pandemic has created havoc across the globe with its escalating fatalities and high transmission rate. The race to find a vaccine or treatment for recovering from COVID-19 is in full force. Various governments and organizations are pumping investments in research and development activities. The potential of existing drugs to cure COVID-19 is also being explored by researchers and scientists.
Rheumatoid arthritis drugs are being tested for curing COVID-19. Tocilizumab, an immunosuppressive drug used for the treatment of rheumatoid arthritis is being tested. Another drug, baricitinib, used for treating rheumatoid arthritis is also being tested. If these tests are successful, they can turn the tables of growth for the rheumatoid arthritis drugs market.
Quick regulatory approvals and government support to fuel growth prospects of rheumatoid arthritis drugs market
The rheumatoid arthritis drugs market may gain largely from quick approvals for drugs from regulatory bodies like the FDA and the support of government through funding and legislation is anticipated to bring great growth prospects for the rheumatoid arthritis drugs market.
Asia Pacific to Emerge As Significant Growth Contributor
Geographically, the rheumatoid arthritis drugs market is segmented into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. Asia Pacific is expected to emerge as a prominent market shareholder in terms of region. The accelerating healthcare expenditure and the presence of an extensive distribution system may bring good growth for the rheumatoid arthritis drugs market.
Small players are entering the rheumatoid arthritis drugs market, ultimately leading to a boost in the growth rate. Prominent key players are bolstering growth for the rheumatoid arthritis drugs market due to consumer loyalty. Low-cost manufacturing costs have led to a rise in production facilities related to pharmaceutical and biological organizations across India and China. North America may record a moderate rate due to the growing prevalence of rheumatoid arthritis and huge investments in the healthcare sector.
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