Rheumatoid Arthritis Holds The Largest Share Due To High Prevalence Rate In The Rheumatology Therapeutics Market
Rheumatology diseases affects the supporting or connecting structures of the body mostly joints, ligaments, muscles, tendons, and rarely some organs of the body. This disease is characterized by inflammation of joints and it affects spine in some types of rheumatology disease. There are more than 100 types of rheumatic disease. It is caused by various genetic and environmental factors, such as unhealthy diet and changing lifestyle, which can lead to rheumatology diseases. Osteoarthritis, ankylosing spondylitis, rheumatoid arthritis, gout, psoriatic arthritis, reactive arthritis, fibromyalgia, and scleroderma are some of the common types of rheumatology diseases. Rheumatology treatment involves medications, exercises, and physical therapies with surgical treatment to cure joint damage. Early treatment can be beneficial for treatment of rheumatologic symptoms. Physicians prescribe disease-modifying antirheumatic drugs (DMARD’s) for the treatment of rheumatologic disease. Sufficient nutrition, proper exercise, and medications can help to cure rheumatology diseases.
Increasing burden of rheumatology diseases globally is propelling the growth of rheumatology therapeutics market
The increase in population with some sort of rheumatology arthritis globally is major driving factor for the rheumatology therapeutics market. According to data given by Centers for Disease Control and Prevention (CDC) in 2013, around 52.5 million of adults in the U.S. have suffered from rheumatology arthritis, which equals to 23% of the population with 1% being the prevalence rate of rheumatology diseases globally. According to the Global Burden of Disease 2010 study data, prevalence rate for knee arthritis globally was 3.8% and for hip osteoarthritis was 0.85% globally. Additionally, technological advancements in medical field, investments in the healthcare sector over research and development, and rising trend of fitness are important factors contributing to the growth of rheumatology therapeutics market. According to the World Health Organization (WHO) in 2014, government spent 15.5% on healthcare sector.
However, introduction of biosimilars is major restraint for rheumatology therapeutics market. Increasing demand for biosimilar may hinder the conventional drug commonly used for rheumatology diseases treatment. Patent expiry of some drugs used in the treatment of rheumatology diseases is also hampering the growth of rheumatology therapeutics market. For instance, patent expiry of Enbrels drug in 2012.
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Established healthcare sector of North America is contributing to the leading position of this region in rheumatology therapeutics market
Regional segmentation of rheumatology therapeutics market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America dominates rheumatology therapeutics market, owing to increasing population with rheumatology diseases, changing lifestyle, and established medical and healthcare sector. According to Centers for Disease Control and Prevention (CDC), around 27 million people are suffering with Clinical arthritis in the U.S, around 8 million people with Gout syndrome, and 78 million adults are at risk to suffer from clinical arthritis till 2040. Asia Pacific is expected to witness the growth in the rheumatology therapeutics market due to increase in patient population and developing healthcare sector.
The key players are involved in doing licensing agreement with other manufacturers to hold the major market share in rheumatology therapeutics market
Key industry players operating the rheumatology therapeutics market includes AstraZeneca, Rigel pharma, Abbott Laboratories, Pfizer, Amgen, Janssen Biotech, Merck Co. Inc., Eli Lily, and Alder Biopharmaceuticals. Key players are involved in the acquisitions and agreement with other companies to hold the maximum share. For instance, licensing agreement of Bri Stol-Myers Squibb with Alder Biopharmaceuticals Company and the major acquisition of Ardea Biosciences by AstraZeneca are one of the important agreements between 2007 and 2012.
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