Global Psoriatic Arthritis Market Is Anticipated To Witness High Growth Owing To Increasing Development Of Novel Drugs Such As Janus Kinase (JAK) Inhibitors And Rising Prevalence Of Psoriatic Arthritis

Psoriatic Arthritis Market

Overview:

Psoriatic Arthritis (PsA) is an inflammatory disease that can occur at any age and in both men and women. It may develop slowly, with few symptoms, or it can become very severe. It can affect one or more joints, causing pain and stiffness. It can also affect tendons, which connect muscles to bones. The tendons that are often affected in PsA include the Achilles tendon, plantar fascia, and the tendon sheath in the hand. Symptoms of PsA are very similar to the symptoms of rheumatoid arthritis.

The main difference is that the joint inflammation of psoriatic arthritis does not produce a specific autoimmune protein called rheumatoid factor in the blood. Scaly, inflamed patches of psoriasis typically appear on the scalp, elbows, and knees and sometimes on the lower back. They may be itchy or painful, and can be red, crusty and scaly. Other symptoms of PsA include eye Inflammation, especially in the middle layer of the eyes, known as uveitis. This inflammation can cause eye pain and redness, and may result in vision loss if not treated early.

Market Dynamics:

Growing product launches are estimated to augment growth of the global Psoriatic Arthritis Market during the forecast period. For instance, in January 2020, CIMZIA® was launched by UCB Company, for treating psoriatic arthritis, psoriatic erythroderma, and plaque psoriasis. This is a highly effective biological option that offers durable disease control. Moreover, growing availability of substitute treatments and rising cost of treatments are anticipated to restrain growth of the global psoriatic arthritis for market during the forecast period.

Impact of COVID-19:

The pandemic was first reported in China in 2019 and it led to shutting down of the entire country. Many other nations were impacted by the pandemic and in 2020 it was announced as a public health emergency by the World Health Organization. The pandemic had a severe impact on t eh global economy, as it changed the way people were spending money. Serval manufacturing units were shut down and various businesses had to shift to remote working.

The pandemics had a major impact on the healthcare sector. As the number of COVID-9 cases were rising there was a shortage of drugs, medical supplies and skilled healthcare professionals. This also impacted other treatments that were going on, as they had to be delayed or postponed due to the pandemic, so as to avoid transmission of the disease. Thus, the growth of the global psoriatic arthritis for market was restrained during the pandemic.

Key Takeaways:

The global Psoriatic Arthritis Market is expected to witness robust growth, exhibiting CAGR of 11.4 % over the forecast period, due to rising product approvals.

For instance, the United States Food and Drug Administration approved an oral, selective tyrosine kinase 2 inhibitor Deucravacitinib, in September 2022, for treating adults suffering with moderate to severe plaque psoriasis.

North America is anticipated to witness robust growth in the global Psoriatic Arthritis Market during the forecast period, due to growing prevalence of psoriatic arthritis and increasing incidences of obesity.

Key players active in the global psoriatic arthritis for market are Pfizer Inc., AbbVie Inc., Sanofi S.A., Johnson & Johnson, Abbvie Inc., Ampio Pharmaceuticals Inc., Novartis AG, AstraZeneca, Currax Pharmaceuticals LLC, Ampio Pharmaceuticals Inc, Sun Pharmaceutical Industries Ltd., Currax Pharmaceuticals LLC, Merck & Co Inc., Bayer AG, Teva Pharmaceuticals Industries Ltd., and Lilly.