Drugs for Rheumatoid Arthritis Market Size, Share, Growth, Global Industry Analysis, By Product Type (Biopharmaceuticals and Pharmaceuticals) By Type (OTC and Prescription) By Applications (Hospital, Clinics, Other), Covid-19 Impact, Latest Trends, Regional Insights, and Forecast from 2024 To 2031

Updated On: 01 April 2024

DRUGS FOR RHEUMATOID ARTHRITIS MARKET REPORT OVERVIEW

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The global drugs for rheumatoid arthritis market size is estimated at US$ 21320 million in the year 2022 and is projected to reach a revised size of US$ 29310.6 million by 2031, growing at a CAGR of 3.6% during the forecast period.

Drugs for rheumatoid arthritis are used to cure rheumatoid arthritis effectively. The rising demand for advanced medication is expected to bolster product demand. The prevalence of arthritis diseases is expected to boost the demand for advanced medical services. Increasing preferences for advanced healthcare solutions are expected to bolster demand for the product drastically. The demand for advanced medication is expected to boost product sales. 

Increasing healthcare investments and demand for advanced treatment procedures are expected to bolster demand for the product. Increasing cases of arthritis are expected to bolster product demand. Evolving consumer preferences and demand for a healthy lifestyle are expected to boost demand. These factors are likely to influence the growth of the drugs for rheumatoid arthritis market development. 

COVID-19 Impact: Robust Demand for Medical Gear and Treatment Procedures to Bolster Market Progress

The COVID-19 pandemic negatively affected several markets globally. Increasing COVID-19 infections and demand for the product are expected to boost the market progress drastically. Increasing investments in healthcare infrastructure development are responsible for the adoption of medical procedures. The prevalence of arthritis among the geriatric population is expected to boost its demand. Adoption of part-time shifts, reduced capacities, and production machinery is expected to boost the medicines' sales. Increasing cases of arthritis and other disorders are expected to boost demand for medical gear, machines, professionals, and others. These factors are likely to boost market progress during the pandemic.

LATEST TRENDS

"Prevalence of Rheumatic Arthritis to Facilitate Industry Growth"

Drugs for rheumatoid arthritis are used to soothe joint pains and enable patients to recover faster. These drugs help patients to recover faster and function normally. The faster recovery speed and reduces costs incurred. They reduce pain and prevent permanent damage to organs, bones, joints, muscle tissues, and others. The drugs prevent fevers, weight loss, stiffness, and other symptoms caused by the disorders. As per the information provided by "Healthline" approximately 71 out of 10, 000 people suffer from the disease globally. Manufacturers focus on providing medication that reduces swelling and enables them to move properly. Further, the incorporation of online prescriptions and forums enables patients to take doses effectively. 

Methotrexate is an extensively used drug that is a combination of several drugs. It helps patients function effectively, reduces joint pain, and reduces swelling. It slows down disease progression and enables patients to perform normally. These factors are likely to boost the progress of the drug for rheumatoid arthritis market development. 

DRUGS FOR RHEUMATOID ARTHRITIS MARKET SEGMENTATION

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• By Product Type Analysis

By product type, the market is segmented into biopharmaceuticals and pharmaceuticals.

The biopharmaceuticals segment is expected to lead the market because of its ability to target specific areas of the body and effectively eliminate disorders. It improves treatment efficiency and improves the patient's recovery rate. These factors are likely to propel market progress. 

• By Type Analysis

As per type, the market is classified into OTC and prescription. 

The hospital segment is expected to lead the market because of the availability of advanced medical facilities. The emergence of several established hospitals and medical professionals is expected to boost drugs for rheumatoid arthritis demand. These factors are likely to facilitate industry growth. 

By Application Analysis

Based on application, the market is categorized into Hospital, Clinics, Other

The prescription segment is expected to lead because of drugs for rheumatoid arthritis consumption in the prescribed quantity. It is an extremely effective medication that reduces swelling, eliminates pain, and helps patients recover if consumed in specific doses, thereby fueling growth.

DRIVING FACTORS

"Adoption of Online Retail to Facilitate Market Development"

Adoption of online retail and digital consultation forums improves convenience and reduces hospital charges. Rapid digitization has enabled manufacturers to sell products online and improve their reach globally. This method helps in reducing hospital stays and costs incurred by medical professionals. The availability of several brands and types such as biopharmaceutical and pharmaceutical drugs for rheumatoid arthritis helps boost sales. It helps manufacturers to reduce physical contact and prevent losses during the pandemic. Rising spending capacity and evolving consumer preferences lead to the adoption of smartphone applications and online stores and websites to find the appropriate medicine for the disorder. These factors are likely to propel the drugs for rheumatoid arthritis market development. 

"Advantages of Bio-Pharmaceutical Drugs to Foster Industry Progress"

Biopharmaceutical drugs for rheumatoid arthritis are effective medications that are natural and cure specific tissues in the body. They are extremely efficient and boost patients' recovery rates. Biopharmaceutical drugs are extremely safe and have no side effects, which, in turn, boost their sales drastically. They possess an excellent lifespan and are highly efficient. Rising per-capita income and heavy investments in treatment procedures are expected to boost rheumatoid arthritis drugs' demand radically. Furthermore, increased government investment in the development of rheumatoid arthritis medicines is expected to bolster the product's demand. These factors are likely to drive the drug for rheumatoid arthritis market growth.

RESTRAINING FACTORS

"High Prices and Lack of Awareness to Hinder Market Progress "

High prices associated with rheumatoid arthritis drugs are expected to attract demand for alternative solutions. Further, the lack of awareness regarding the product's benefits is expected to reduce its sales drastically. Additionally, concerns regarding the bad effects of drugs on the immune system are expected to hamper market progress. 

DRUGS FOR RHEUMATOID ARTHRITIS MARKET REGIONAL INSIGHTS

"Developed Healthcare Facilities to Propel Market Progress in North America"

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Regionally, the market is clubbed into Europe, North America, Asia-Pacific, and the Middle East & Africa. 

North America is projected to dominate the drug for rheumatoid arthritis market share because of the presence of developed healthcare facilities. Evolving consumer preferences, increasing healthcare expenditures are likely to fuel the medicine's adoption. These factors are likely to foster market progress. 

Asia-Pacific is expected to hold the second-largest market shareholder because of increasing healthcare investments in the development of healthcare procedures. Changing lifestyle and rising spending capacity is responsible for the rising product demand. These factors are expected to fuel industry progress. 

In Europe, rapid urbanization and increasing healthcare investments are expected to foster market progress. Additionally, the adoption of effective medicines is expected to bolster drugs for rheumatoid arthritis' sales. These factors are expected to boost the growth of the market. 

KEY INDUSTRY PLAYERS

"Incorporation of Research and Development Strategies to Improve their Brand Image"

Prominent companies devise strategies such as research and development to improve their product's quality. It enables them to develop better services to meet consumer's requirements and improve effectiveness. This strategy enables companies to improve their services and improve their brand image. Further, the adoption of advanced production technologies by companies is expected to improve their operational efficiency, reduce labor costs, time consumption, and help the company achieve organizational goals. In addition, the incorporation of expansion strategies enables companies to set up their manufacturing facilities globally and boost their reach. 

List of Market Players Profiled

• AbbVie Inc

• Hoffman-La Roche AG

• Amgen Inc

• Pfizer Inc

• Bristol-Myers Squibb Co

• Johnson & Johnson

• UCB Biosciences Inc

• Mitsubishi Tanabe Pharma Corp

• Biogen Inc

• Merck & Co

INDUSTRY DEVELOPMENT

• August 2021: Zydus Cadila received a final USFDA approval for its rheumatoid arthritis drug named Tofacitinib. 

REPORT COVERAGE

The report highlights the top segments and the latest market trends. It comprehensively studies the impact of COVID-19 and the driving and restraining factors. This report observes the strategies devised by the major players and the regional developments. Additionally, it informs the readers regarding the factors that are responsible for the progress of the industry.