Global Axial Spondyloarthritis Market to Reach USD 4.95 Billion by 2028
Published | 02 August 2022
The growth of the global axial spondyloarthritis market can be ascribed to the rise in research and development activities by the major market players for developing novel therapeutics for the treatment of axial spondyloarthritis market. Moreover, the increasing public awareness of the disease is likely to propel the market growth over the forecast period.
The global Axial Spondyloarthritis Market was worth USD 1,910.7 million in 2021, and it is further projected to reach USD 4,953.6 million by 2028, at a CAGR of 14.8% during 2022-2028 (forecast period). Solutions for Patient Engagement With the increasing implementation of digital technologies across the healthcare industry, market size is expected to expand significantly over the forecast period of 2022 to 2028. The growth of the global axial spondyloarthritis market can be ascribed to the rise in research and development activities by the major market players for developing novel therapeutics for the treatment of the axial spondyloarthritis market. Moreover, the increasing public awareness of the disease is likely to propel market growth over the forecast period.
The rise in Research and Development coupled with Increasing Public Awareness of the Disease is Likely to Propel the Market Growth
The rising focus of numerous biotechnological companies on R&D activities is likely to propel the axial spondyloarthritis (axSpA) market growth. Major market players are engaged in developing novel therapeutics, including anti-janus kinase therapy, anti-interleukin therapy, and anti-tumor necrosis factor therapy, which is substantially impacting the growth of the axial spondyloarthritis market. Moreover, the introduction of tumor necrosis factor inhibitors and interleukin 17 inhibitors has started a new era of drug therapy. Similarly, the increment in the number of approved biosimilars is also likely to boost the growth of the Axial Spondyloarthritis (axSpA) market over the forecast period.
On the other hand, axial spondyloarthritis is growing, particularly among the elderly population. As a result, the public is becoming more aware of the disease. Public awareness includes symptoms of the diseases, prevention of diseases, and early diagnosis of the diseases. Moreover, the camps conducted by the government about healthcare create awareness in public. Due to increased awareness in public, the high demand for drugs used in disease will also contribute to the growth of the global axial spondyloarthritis market. The increasing prevalence of Axial Spondyloarthritis (axSpA) is expected to drive the growth of the market.
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Global Axial Spondyloarthritis Market– By Potential Pipeline Products
On the basis of potential pipeline products, the global axial spondyloarthritis market has been segmented into anti-janus kinase therapy (JAK), anti-interleukin (IL)-17 therapy, and others. Amidst the segmentation, the anti-interleukin 17 segments dominated the global axial spondyloarthritis market in the potential pipeline products category in 2021. Anti-Granulocyte/macrophage colony-stimulating factor (GM-CSF) and anti-phosphodiesterase 4 (PDE4) therapy are two other options. Owing to a growing corpus of solid long-term evidence, Cosentyx (secukinumab), Novartis' first-to-market IL-17A inhibitor, is projected to observe significant acceptance and expansion. Likewise, the growing adoption of Eli Lilly's Taltz (ixekizumab), an IL-17A inhibitor, is expected to contribute to market growth during the forecast period.
Asia-Pacific Region Is Expected to Grow with The Highest CAGR In the Global Axial Spondyloarthritis Market.
In terms of regional analysis, the global axial Spondyloarthritis market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the global axial Spondyloarthritis market. This can be ascribed to the large population and the growing geriatric population in the region. According to UNFPA, the Asia and the Pacific region accounts for 60% of the world’s population, housing around 4.3 billion people, and comprises the world’s most populous countries, China and India. Moreover, the improving healthcare infrastructure in the countries of the region is driving the axial spondyloarthritis market in the region over the forecast period.
Impact Of COVID-19 On the Global Axial Spondyloarthritis Market
The COVID-19 pandemic has significantly burdened novel axial spondyloarthritis treatment research and development. Companies working in the field of axial spondyloarthritis had to change their focus to COVID-19 treatment pharmaceutical research and development in order to aid governments and communities throughout the world. This resulted in a delay in the distribution of new treatments and products. The sudden outbreak of the pandemic disrupted the manufacture and supply of axial spondyloarthritis medications. Governments worldwide implemented lockdowns, which severely hindered commercial operations due to the transit ban. This condition lasted until the second quarter of 2020, substantially impacting the global axial spondyloarthritis market and resulting in a drop in therapeutic commercialization revenue. Patients with axial spondyloarthritis have had limited access to new treatments as a result of these instances. Nevertheless, with the improving market circumstances in the post-covid era, the growth of the axial Spondyloarthritis market is likely to recover during the forecast period.
Competitive Landscape
The global axial spondyloarthritis Market is characterized by many local, regional, and global vendors. The key players operating in the global axial spondyloarthritis market are AbbVie Inc, Amgen Inc, Bristol- Myers Squibb Company, Eli Lilly and Company, Johnson & Johnson Services Inc, Kyowa Kirin Co, Merck & Co, Novartis International AG, Pfizer Inc, Takeda Pharmaceutical Company, USB S.A, FunPep Co Ltd, and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global axial spondyloarthritis market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global axial spondyloarthritis market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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