A rising elderly population and increasing allocations for research and development of new drugs is what is serving to drive growth in the global rheumatology therapeutics market. This has led to the emergence of many new drugs. Their swift approvals by the appropriate authorities has also led to the growth in the market.
A report by Transparency Market Research uncovers after in-depth study that the global rheumatology therapeutics market will rise at a lackluster CAGR of 2.7% from 2017 to 2025 to become worth US$ 52.96 bn by 2025 from US$41.88 bn in 2016.
Burgeoning Elderly Population Drives Growth
Rheumatology is the multidisciplinary approach towards the diagnosis and treatment of the various rheumatic disease which includes clinical problems in joints, soft tissues, heritable connective tissue disorders, vasculitis, and autoimmune diseases. Rheumatic disease is associated with inflammation that affects the bones, tendons, ligaments, and sometimes organs.
At the forefront of driving growth in the global rheumatology therapeutics market is the ever-increasing elderly population worldwide and swift approval of new drugs for treating various rheumatic diseases. In August 2017, for example, the FDA approved DUZALLO drug by Ironwood Pharmaceuticals, Inc. and AstraZeneca. It is the first and only therapy that leverages two types of mechanisms in gout with only one pill. Again, in 2017, Kevzara (Sanofi and Regeneron Pharmaceuticals, Inc.) got the FDA approval to treat adult patients with moderately to severely active rheumatoid arthritis (RA). In 2017, AbbVie Inc., a global leader in anti-rheumatic drugs, announced its four potential candidates, which are Upadacitinib, Risankizumab, ABBV-599, and ABT-981, that are in different phases of clinical trials to treat conditions such as rheumatoid arthritis, psoriatic arthritis, and osteoarthritis (OA).
Investment into Research and Development Benefits Market
Other factors positively influencing the market are rising knowledge among people about rheumatic diseases and emergence of cost-effective rheumatology therapeutics. Further, increasing investment in research and development is likely to bolster the growth of global rheumatology therapeutics market during the forecast period.
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