Psoriatic Arthritis Treatment Market Size, Share & COVID-19 Impact Analysis, By Drugs Class (Non-steroidal Anti-inflammatory Drugs (NSAIDS), Non-biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs), Biologic Disease Modifying Anti-Rheumatic Drugs (DMARDs) and Others), By Route of Administration (Oral, Parenteral, and Topical), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and Regional Forecast, 2020-2027

The global psoriatic arthritis treatment market size was valued at USD 6.35 billion in 2019 and is projected to reach USD 13.12 billion by 2027, exhibiting a CAGR of 9.5% during the forecast period.

Increasing prevalence of psoriatic arthritis, an autoimmune disorder caused by an attack of the body’s immune system on joints and skin is poised to drive the demand for psoriatic arthritis drugs for treatment. The disease is more prevalent among the patients already suffering from plaque psoriasis. According to a study published by Celgene Corporation, about 30% of the patients with psoriasis develop inflammatory condition involving joints, known as psoriatic arthritis.

Stressful lifestyles resulting in the overstimulation of immune system; rapidly increasing geriatric population, growing prevalence of psoriasis, rising income that increases affordability for high cost biologic products, and the rise in the number of new product approvals are some of the major factors contributing to the psoriatic arthritis treatment market growth. For instance, on March 2019, AbbVie announced that the Japanese Ministry of Health, Labour, and Welfare (MHLW) approved its Skyrizi (risankizumab) for treating plaque psoriasis, generalized pustular psoriasis, erythrodermic psoriasis, and psoriatic arthritis disease in adults who haven’t responded to conventional therapies.

COVID-19 Pandemic to Negatively Impact the Market

The COVID-19 pandemic has altered an approach of treatment to the patients requiring close contact with healthcare facilities. Psoriatic Arthritis patients are increasingly adopting telehealth facilities and online pharmacy solutions for getting prescriptions and medications delivered at home. Moreover, the psoriatic patients have multiple co-morbidities such as heart diseases, diabetes, stress, anxiety, and other psychological disorders. Undergoing studies focused on stopping immunosuppressant drugs use among the PsA patients during the COVID-19 pandemic. However, the American Journal of Clinical dermatology has concluded that, there is no increased risk of getting COVID-19 infections to the patients taking immunosuppressant medications. Although, these patients are known to have increased duration of infection caused by adenovirus, influenza, and norovirus; this has not been observed with the coronavirus family such as SARS-CoV-2 or MERS-CoV.

The COVID-19 pandemic had minimal impact on the PsA treatment market. The telehealth services being offered by the healthcare facilities are proving useful to support the PsA patients despite the unavailability of the dermatologists amid lockdown situation.

LATEST TRENDS

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Growing Biologic Drugs Penetration in Treatment of Psoriatic Arthritis

Psoriasis is a chronic inflammatory skin condition which extends to joints in the case of PsA’s. The condition has been traditionally treated with phototherapy and the non-biologic disease modifying agents such as methotrexate, and cyclosporine among others. Increasing research activities on large molecules has resulted in an upsurge in the development of biologics and biosimilar drugs with enhanced effectiveness and positive therapeutic outcomes. Increasing expenditure on the development of advanced therapies, new product approvals, and the rise in the adoption of high cost biological drugs across the globe has resulted in increased penetration of biologics in the management of PsA in recent years.

DRIVING FACTORS

Rise in Prevalence of Psoriatic Arthritis to Fuel Market Growth

A steady rise in the prevalence of PsA across the globe has been observed in recent years, attributable to factors such as aging population, stressful lifestyles, genetic changes, and growing life expectancy. According to the study published by NCBI in the year 2014, the prevalence of the disease varies significantly among different regions of the world. For example, the incidence of PsA varies from 0.1/100000 in Japan to 23.1/100000 in Finland. The prevalence of PsA in Europe and America varies from 0.02%-0.42%. Moreover, the study suggests that the prevalence of the disease is more common in developed regions of the world as compared to Asia and other emerging regions. According to the National Psoriasis Foundation (NPF), in 2017, around 125 million people globally had psoriasis, out of which 10-20% population developed psoriasis arthritis. Thus, continuously rising patient population is projected to augment the growth of the market during the forecast period.

Presence of Strong Pipeline of Drugs to Spur Market Growth

A recent wave of biologic products prescribed for the treatment of PsA is likely to double the market revenue by the end of 2026. Biologics are the targeted drugs developed from generic engineering of proteins. These are being increasingly recommended by dermatologists owing to their effectiveness to reduce the symptoms of the disease despite their high cost. This leverages a great market potential for investment in the novel product developments and clinical trials. For instance, Mirikizumab, a biologic drug, has shown 82% improvement in the symptoms with Psoriasis. Additionally, growing strategic collaborations and mergers among various key players are likely to enhance the penetration of innovative products in the coming years.

RESTRAINING FACTORS

Adverse Effects, Stringent Regulations, and Patent Expiry of Drugs to Restrict Market Growth

Biologic medications showing effectiveness against the severe cases of psoriatic arthritis are increasingly being adopted these days. However, their adoption is limited by high cost of these products. Economically weak regions with low expenditure on healthcare and poor reimbursement scenario poses a threat to the penetration of these products in the developing markets with significant addressable population. Moreover, the market faces some of the major challenges such as high cost of biologic products making them unaffordable to the population in emerging regions, delay in diagnosis, gaps in clinical management, and lack of consensus on treatment outcomes.

SEGMENTATION

By Drug Class Analysis

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Biological DMARDs Drugs to Account for Maximum Psoriatic Arthritis Treatment Market Shares due to High Cost of Treatment

Based on drug class, the market for psoriatic arthritis treatment segments include non-steroidal anti-inflammatory drugs (NSAIDs), non-biologic disease modifying anti-rheumatic drugs (DMARDs), biologic disease modifying anti-rheumatic drugs (DMARDs), and others. Among them, the DMARDs biologics segment dominated the market, with 63.8% share in the year 2019. This segment is likely to continue its dominance throughout the forecast period attributable to the growing adoption of biological therapies due to their efficacy towards the management of the disease.

By Route of Administration Analysis

Parenteral Route Segment to Exhibit Significant CAGR Owing to Growing Adoption of Biological Drugs.

Based on route of administration, the parenteral route accounted for largest revenue share for psoriatic arthritis treatment in the year 2019. Biological drugs are designed to be administered via systemic route. Parenteral or systemic administration of the drugs offers immediate concentration of the drugs in the blood while avoiding the first pass effect. These advantages offered by the systemic route, high cost of the injectable products, and growing adoption of advanced therapies for the management of the disease contributes to the dominance of the segment. The segment is expected to continue its leading position during the forecast period due to increasing number of product launches in the biologics category.

By Distribution Channel Analysis

Hospital Pharmacies Segment Likely to Hold Major Chunk of the Market

In terms of distribution channel, the market for psoriatic arthritis treatment is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others. The hospital pharmacies segment is projected to emerge dominant during the forecast period. Highest preference given to the hospitals for the management of critical conditions, increasing use of systemic therapies, and availability of skilled healthcare providers are factors contributing to the highest preference to these facilities.

However, the online pharmacies segment is likely to expand at the highest CAGR owing to increasing use of internet across globe, convenience of online shopping, and multiple discounts offered by online pharmacy sites.

REGIONAL INSIGHTS

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The market size for Psoriatic Arthritis Treatment in North America stood at USD 2.78 billion in 2019. The growing burden of psoriatic arthritis in the North American countries is likely to drive the demand for the novel and effective treatment options for its management. The region is likely to continue its dominance throughout the forecast period attributable to high adoption of biological therapies, high research and development expenditure by the players in the region on clinical trials on disease management, and speedy new drug approvals by USFDA. According to the press release by the leading player Amgen Inc., there are more than 600,000 Americans who have psoriatic arthritis. Followed by North America, Europe emerged as the second largest market for PsA treatment. Asia Pacific region is projected to expand at the highest growth rate during the forecast period due to improving healthcare infrastructure, growing healthcare expenditure, and penetration of novel biologics in the region. Latin America and the Middle East & Africa regions were found to be the emerging markets leveraging a great opportunity for the players willing to establish their footprints in these regions.

KEY INDUSTRY PLAYERS

Janssen Global Services, LLC Joined Race of Psoriatic Arthritis Giants with their Recently Approved TREMFYA (guselkumab)

Psoriatic arthritis treatment market is a fairly consolidated market with industry behemoths holding a major share. AbbVie held a leading position with its leading brand, Humira, which is still the most prescribed biologic for the management of the disease. There is an increasing competition to launch the biological therapies for the management of the disease. The recent approval of TREMFYA (guselkumab) by USFDA in July 2020 as the first selective Interleukin (IL)-23 inhibitor has intensified the competition for established players. Other prominent players in the market includes industry giants such as Novartis AG, Pfizer Inc., Amgen, Merck, and others.

LIST OF KEY COMPANIES PROFILED:

• F. Hoffmann-La Roche Ltd (Basel, Switzerland)


• Novartis AG (Basel, Switzerland)


• Amgen (Califormia, United States)


• Pfizer Inc. (New York, United States)


• Johnson & Johnson Services, Inc. (New Jersey, United States)


• Eli Lilly and Company (Indiana, United States)


• AstraZeneca (Cambridge, United Kingdom)


• Sanofi (Paris, France)


• Bristol-Myers Squibb Company (New York, United States)


• GlaxoSmithKline plc. (Brentford, United Kingdom)


• Bayer AG (Leverkusen, Germany)


• Other Players

KEY INDUSTRY DEVELOPMENTS:

• March 2019- AbbVie Inc. announced that the Japanese Ministry of Health, Labour and Welfare (MHLW) has approved SKYRIZI (risankizumab), an interleukin-23 (IL-23) inhibitor, for the treatment of plaque psoriasis, generalized pustular psoriasis, erythrodermic psoriasis and psoriatic arthritis in adult patients who have an inadequate response to conventional therapies.


• October 2018- Novartis AG announced that the European Commission (EC) has approved a label update for Cosentyx (secukinumab).


• December 2017 Pfizer Inc. announced that USFDA has approved its product type called Infliximab, a chimeric human-murine monoclonal antibody (mAb) against tumor necrosis factor, as a biosimilar to Remicade as a treatment for patients with rheumatoid arthritis, Crohn's disease, pediatric Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis, and plaque psoriasis.

REPORT COVERAGE

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The report provides a detailed analysis of the market research and focuses on key aspects such as leading companies, drug class, route of administration, and distribution channels. Besides this, the report offers insights into the market, current trends, and highlights the key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market for Psoriatic Arthritis Treatment over the recent years.

Report Scope & Segmentation