March 26, 2018
WELLESLEY, Mass., March 26, 2018–The global rheumatoid arthritis drug market is entering a crucial stage of development, with mounting pressure to reduce drug development costs while also providing treatment options for an aging population, according to a report by BCC Research. The market is also being affected by growing demand from emerging markets, sedentary lifestyles, and advancements in diagnosis and treatments.
The global market for this growing sector of the health care field was valued at $1.7 billion in 2017 and is forecast to grow by a compound annual growth rate (CAGR) of 6.6% through 2022, when it will be worth an estimated $2.3 billion, according to the report Drugs for Rheumatoid Arthritis: Global Markets to 2022.
Major players in the market include AbbVie Inc., Hoffman-La Roche AG, Amgen Inc., Pfizer Inc., Bristol-Myers Squibb Co., Johnson & Johnson, UCB Biosciences Inc., Mitsubishi Tanabe Pharma Corp., Biogen Inc. and Merck & Co.
“An aging population is driving strong growth in this market, since rheumatoid arthritis predominantly occurs in 40-70-year olds,” said Robert G. Hunter, BCC Research senior editor, healthcare. “Approximately 1% of the world’s population is diagnosed with the disorder, and furthermore, rheumatoid arthritis affects women 2-3 times more than men.”
Market Restrained by High Costs for Research and Development
The rheumatoid arthritis drug market has been negatively impacted by the large investment of time and resources which pharmaceutical companies spend in the research and development of new drugs. The drug approval process is long, the report notes, and sometimes trials are suspended in the late stages of development due to unforeseen developments. RA drugs are impacted more than most since they are typically complex biologics, costly to develop and test. Other market restraints include high medication costs, and a large undiagnosed and untreated population, particularly in developing countries.
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Drugs for Rheumatoid Arthritis: Global Markets to 2022( PHM195A )
Publish Date: Mar 2018
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