Rheumatoid Arthritis Drugs Market to Expand with Significant CAGR by 2026
Posted by Rohini Chaudhari on February 7th, 2020
The global rheumatoid arthritis drugs market was valued at US$ 19597.4 Mn in 2016. It is anticipated to expand at a stable CAGR of more than 2.5% between 2018 and 2026, according to a new report published by Transparency Market Research (TMR) titled “Rheumatoid Arthritis Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”.
Expansion of the global rheumatoid arthritis drugs market is due to strong research & development and increasing awareness regarding usage of biologic drugs for rheumatoid arthritis treatment during the forecast period. The rheumatoid arthritis drugs market in Asia Pacific is expanding with a high potential to grow, registering a CAGR of more than 3.0% due to the high prevalence of diseases, development in health care sector, and increased focus on research and developmental activities in the region.
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Rise in geriatric population with increasing incidence of diseases that require drugs to drive market
The global population is aging rapidly, especially in some developed countries such as the U.S., most countries of Western Europe, and Japan. Developed countries witnessed high rates of aging as compared to the developing countries. This is attributed to improved health care infrastructure, reimbursement policies, and advancement in health care facilities in these countries. Moreover, easy access to various drugs treatment has improved in recent years, especially in developed countries. This, in turn, has boosted the life expectancy of the population. The geriatric population is a major end-user of rheumatoid arthritis drugs treatment for the improvement in the quality of their lives. Increase in number of geriatric people leads to high rate of ailments, which in turn is likely to propel the demand and consumption of various drugs.
Rise in investments in research & development
Demand for development of newer and biotechnologically enhanced products such as biologics and biosimilar is rising globally, owing to the treatment efficiency of drugs. Hence, major players operating in the rheumatoid arthritis drugs market are investing in research and development programs in order to develop new drugs. In 2015, Takeda Pharmaceuticals invested US$ 3.2 Bn in research and development activities. According to an annual report published by GlaxoSmithKline plc, in 2015, the company partnered with more than 1,500 companies and other academic organizations around the world for the development of new drugs. Rise in investment in research and development programs by key players of the market is likely to boost the market significantly during the forecast period.
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About the AuthorRohini Chaudhari
Joined: June 12th, 2019
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