Psoriatic Arthritis Therapeutics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Psoriatic Arthritis Therapeutics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The psoriatic arthritis therapeutic market is expected to register a CAGR of 6.65% over the forecast period.

The COVID-19 pandemic initially had an adverse impact on the psoriatic arthritis therapeutic market, mainly because of the guidelines published by various regulatory bodies suggesting that patients receiving psoriasis treatment are at a higher risk of getting infected by COVID-19. In March 2020, the International Psoriasis Council (IPC) recommended physicians discontinue or postpone the prescription of immunosuppressive medications. However, later in September 2020, researchers from the Perelman School of Medicine at the University of Pennsylvania and 16 other research institutions from the United States and Canada, in collaboration with the National Psoriasis Foundation, created guidelines to care for patients with psoriasis during the coronavirus pandemic. The scientists found no evidence that medical interventions to treat psoriasis and psoriatic arthritis should be interrupted or altered to minimize COVID-19 risks. Such guidelines are expected to augment the market's growth pace over the pandemic phase.

Psoriatic arthritis is a form of arthritis that affects some people who have psoriasis, which is a condition that develops red patches on the skin with silvery scales. Most people develop psoriasis first and are later diagnosed with psoriatic arthritis. However, joint problems can sometimes begin before skin patches appear. This condition develops when the immune system begins to attack healthy cells and tissue. The abnormal immune response causes inflammation in the joints as well as an overproduction of skin cells.

One of the major factors that can exacerbate the development of psoriatic arthritis is obesity. According to the World Health Organization’s report published in June 2021, 39 million children under the age of 5 years were overweight or obese in 2020. One in five children and adolescents globally is overweight. Incidences of obesity have been increasing fiercely over the past decades, and it is often described as a global endemic, especially in developed countries where lifestyle-related disorders, such as anxiety, stress, smoking, and drinking, are more prevalent. Other factors like an unhealthy lifestyle with indulgence in alcohol and smoking can also be attributed as risk factors for the development of psoriatic arthritis.

Moreover, the development of new therapeutic methods is also expected to drive the growth of this market. Novel drugs with oral administration are opening avenues for needle-averse patients. For instance, in November 2020, Bristol Myers Squibb presented Late-Breaking Phase 2 Data Demonstrating the Safety and Efficacy of Deucravacitinib (BMS-986165) in patients with psoriatic arthritis. It is a driving factor for better uptake among patients averse to injectables.

Moreover, the approvals of drugs by the regulatory authorities are also contributing to the growth of the market. For instance, in January 2022, AbbVie received United States Food and Drug Administration approval for SKYRIZI (risankizumab-rzaa), an interleukin-23 (IL-23) inhibitor for treating adults with active psoriatic arthritis.

Thus, due to the abovementioned factors, the market is expected to register a high growth rate during the forecast period. However, the high cost of treatment is expected to hamper the market’s growth.

Key Market TrendsImmunosuppressants Segment is Expected to Hold a Large Share in the Market

Immunosuppressants are anticipated to witness the fastest growth during the forecast period. The factors aiding immunosuppressants adoption among the patient population are their improved safety and efficacy compared to other classes of psoriasis drugs, consistently leading to increased patient adoption. Major approved antibodies targeting interleukins include Taltz (Ixekizumab), Cosentyx (Secukinumab), Siliq (Brodalumab), Tremfya (Guselkumab), Ilumya (Tildrakizumab), and SKYRIZI (Risankizumab) and others.

The approvals of drugs by the regulatory authorities are also contributing to the growth of the segment. For instance, in September 2022, Deucravacitinib, an oral, selective tyrosine kinase 2 (TYK2) inhibitor, was approved by the United States Food and Drug Administration (USFDA) for treating adults with moderate to severe plaque psoriasis who are candidates for systemic therapy or phototherapy. Similarly, in August 2022, the United States Food and Drug Administration (USFDA) approved the first and only biologic medication, ustekinumab (STELARA) for the treatment of pediatric patients aged 6 years or older with active psoriatic arthritis (PsA). Such approvals and launches are contributing to the growth of the market segment.

Thus, owing to the abovementioned factors, the market segment is expected to show significant growth over the forecast period.

North America is Expected to Dominate the Market During the Forecast Period

North America is expected to lead the psoriatic arthritis therapeutics market due to increased awareness and the growing prevalence of psoriatic arthritis and obesity in the region.

In September 2020, the Centers for Disease Control and Prevention (CDC) reported that adult obesity prevalence is increasing and racial and ethnic disparities persist owing to the current circumstances of working from home, less physical activity, and financial and other stress among the adult population. The CDC stated that obesity remains high, and currently, twelve states have an adult obesity prevalence at or above 35%, including Alabama, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Oklahoma, South Carolina, Tennessee, and West Virginia, which is high as compared to 2018, when nine states reported a 35% obese population. Moreover, developed countries like the United States and Canada have a structured healthcare system that has a fast adoption rate for newer drugs, therapies, and technologies. Hence, expenditure on psoriatic arthritis therapeutics is expected to increase with the increasing prevalence of the disease in the future.

An article titled "Incidence and prevalence of psoriatic arthritis in patients with psoriasis stratified by psoriasis disease severity: Retrospective analysis of an electronic health records database in the United States" published in the National Library of Medicine in April 2022 stated that individuals with the most severe psoriasis (PsO), the probability of acquiring psoriatic arthritis (PsA) was highest and increased with illness severity. The study evaluated the occurrence, prevalence, and determinants of PsA among PsO patients in the United States, divided by PsO severity and treatment modality. Utilizing the Optum electronic health records database, the incidence, and prevalence of PsA per 100 PsO patient-years (PY) were calculated and was found to be 2.9 events per 100 PY. Thus, the increasing prevalence of psoriatic arthritis is expected to boost the psoriatic arthritis therapeutics market over the forecast period.

As a result of the aforementioned factors, the market's growth in the region is expected to accelerate over the forecast period.

Competitive Landscape

The psoriatic arthritis therapeutic market is moderately fragmented and consists of a few key players. The majority of the key players involved in the research and manufacturing of psoriatic arthritis therapy drugs are established in developed countries. Market leaders with more funds for research and better distribution systems have established their position in the market. The presence of major market players, such as AbbVie Inc., Johnson & Johnson, Pfizer Inc., Sanofi S.A., and Celgene Corporation (Bristol-Myers Squibb), is increasing the overall competitive rivalry of the market.

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