Axial Spondylarthritis Drugs market size was USD 5.1 billion in 2022 and will grow at a CAGR of 7.2% from 2023-2030: Cognitive Market Research
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Introduction of?Axial Spondyloarthritis Market
With the increased adoption of digital technologies in the healthcare business, market estimation is projected to grow and expand considerably during the forecast period. The increase in studies and development conducted by prominent market players for generating innovative therapies for treating axial spondylarthritis may be attributed to the expansion of the worldwide axial spondylarthritis market. Furthermore, a rising general understanding of the ailment is anticcipate to drive market growth throughout the forecast period.?
Despite a better knowledge of axSpA, there are still unmet requirements, most notably improving the protracted period between the?onset of indications and proper therapy. Inflammation control is critical in the treatment of axial spondylarthritis.
Key Insights from Axial Spondyloarthritis Drugs Market Report
The global Axial Spondylarthritis market size was USD 5.1 billion in 2022 and will grow and expand at a compound annual growth rate (CAGR) or growth rate of 7.2% from 2023 to 2030.
An increase in R&D and Public Awareness of the Disease is Expected to Propel Market Growth
The increased emphasis of several biotechnological businesses on R&D activities is anticipated to propel the growth of the axial spondylarthritis (axSpA) industry. The development of innovative treatments, such as anti-Janus?kinase therapy, anti-interleukin treatment, and anti-tumor necrosis factor medical treatment, by major market participants is significantly influencing the development of the axial spondylarthritis industry.??
Similarly, an increase in the number of authorized biosimilars is expected to drive the Axial Spondylarthritis (axSpA) industry throughout the forecast period.
Factors Impacting on?Axial Spondyloarthritis Industry Growth
The primary limiting factors of prospective expansion for the axial spondyloarthritis treatment market during the anticipated period are a lack of treatment choices as well as the present high costs for these treatment solutions. The impact on adoption rates and increased diagnostic delay are restricting the growth of this market. The effectiveness of IL-17 inhibition is comparable to that of anti-TNF medications. Despite the treatment agents' equivalent efficacy, around half of the patients in clinical trials do not experience a meaningful change in primary outcomes. No oral alternatives are currently available, and?finally, the high expense and difficulty in obtaining contemporary treatment regimens continue to be a significant obstacle for many patients.
Impact of COVID-19 on the Axial Spondylarthritis Market
As the incidence of COVID-19 cases increased globally, healthcare facilities focused all of their efforts on treating those infected. Although COVID-19 has a major influence on the respiratory tract, it has generated various issues concerning rheumatic illnesses, therapies, and the vulnerability or degree of viral infection. Patients with inflammatory diseases, which include spondyloarthritis (SpA), have discovered the COVID-19 pandemic is particularly challenging. Numerous researches have been conducted to measure the impact of a COVID-19 infection on people with rheumatic illnesses, but the findings aren't always consistent. In accordance with a study released by The Journal of Rheumatology in 2022 that polled answers from 4723 individuals suffering from SpA and 450 of their family contacts, the COVID-19 pandemic established many ambiguities regarding rheumatic illnesses or their treatment regarding the susceptibility along with the severity of the viral disease.
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Top Companies Market Share in Axial Spondyloarthritis Drugs Industry:
强生公司 , AbbVie , 安进 , 诺华 , 礼来 , 优时比 , Kyowa Kirin International plc. , ACELYRIN, INC. , 辉瑞 , Janssen Inc. , 百时美施贵宝 , Merck Group , Takeda , 雅培 , 荷商葛蘭素史克藥廠 , Merz Dessau , Smith+Nephew , Sanofi , Teva Pharmaceuticals , LGM Pharma , Lannett Company, Inc. , Par Pharmaceutical , and Others
Competitive Landscape of Axial Spondylarthritis Market
The market for Axial Spondylarthritis is a highly dynamic and diversified competitive environment. It includes various suppliers, ranging from large multinational enterprises to smaller specialized organizations. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. Because of automation and technological advancement, businesses compete fiercely to deliver innovative products.
Axial Spondyloarthritis Drugs Market Analysis:
Types Segment Analysis:
According to Cognitive Market Research, Inflammation and bone formation characterized by ankylosing spondylitis, an uncommon form of AxSpA that?impacts the spine and sacroiliac joints & and may result in stiffness and chronic pain, are boosting the market share throughout the projection period. 90% of AxSpA sufferers are considered to have ankylosing spondylitis.
Novartis International AG got a favorable?CHMP opinion in March 2020, recommending approval of Cosentyx for the management of patients with active non-radiographic axial?spondylarthritis. BE MOBILE 1 is the first clinical trial to evaluate the efficacy and safety of bimekizumab in individuals with active non-radiographic axial spondylarthritis (nr-axSpA).
Drug Class Segment Analysis:
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North America Axial Spondyloarthritis Market dominates the Largest Market Share of Global Market in 2022!
According to Cognitive Market Research, North America dominated the market in 2022 and accounted for a share of more than 39% of the global revenue due to several variables. The North American region dominates the market for Axial Spondylarthritis. Because of growing prevalence, awareness, and improved diagnosis, North America is expected to account for a sizable percentage of the worldwide market for axial spondylarthritis. Furthermore, the growth of the AxSpA business has been aided by favorable reimbursement practices in the United States and Canada. Furthermore, demand for these therapies has surged due to patients' ability to purchase expensive biologic drugs due to the availability of insurance coverage. Axial spondylarthritis affects millions of Americans, with prevalence estimates ranging from 0.9% to 1.4%. Axial spondylarthritis often affects younger spondylarthritis patients, with an average age of symptom start of 28 years.
Due to the enormous increase in the elderly population in countries such as China and India, Asia Pacific is expected to develop significantly during the projection period. The region's revenue increase is mostly due to the establishment of generic drug manufacturers and the expansion of medical facilities. The country's rise in scientific and technological activity can be ascribed to the country's expansion. Furthermore, rising healthcare spending, particularly in the developing area, and greater illness awareness are driving the overall local marketplace to a considerable extent.
Frequently Asked Questions (FAQs)
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