DUBLIN, June 15, 2023 /PRNewswire/ — The “Axial Spondyloarthritis Treatment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027” report has been added to ResearchAndMarkets.com’s offering.
The global axial spondyloarthritis treatment market is anticipated to observe impressive growth during the forecast period, 2023-2027.
The major factors, including the rising incidence of axial spondyloarthritis and increasing public awareness of the disease, are propelling the growth of the market. Axial spondyloarthritis is a chronic inflammatory condition that impacts the axial skeleton. The person undergoes severe discomfort, stiffness in the back area, and fatigue because of it.
The other factors supporting the market’s growth are the growing world population, increasing research activities, a surge in the number of patients, a large number of clinical trials, rising product innovation and development, significant investment in research and development, rising per capita health care expenditure, increasing prevalence of axial spondyloarthritis, growing number of mergers and acquisitions, and rising emphasis of several authorities on improving existing healthcare infrastructure.
A surge in Incidences of Axial Spondylarthritis
The increasing prevalence of axial spondylarthritis across the globe is bolstering the growth of the market. The cause of axial spondylarthritis is not known, but after several research, it is assumed that it is caused due to the exposure of genes to certain bacteria, viruses, or other triggers.
Patients undergo serious discomforts, such as stiffness in the affected part and fatigue. Not only the elderly population but the younger generation are also prone to the disease. Therefore, these factors are bolstering the growth of the market globally. According to a cited study, in the U.S., about 2.7 million Americans or more are affected by axial spondyloarthritis (axSpA).
Increase in the Number of Approved Biosimilars
According to the World Health Organization (WHO), Biosimilars refer to a biotherapeutic product that is similar in terms of safety, quality, and efficacy to an already licensed original biotherapeutic product. Biosimilars are biological drugs that help in treating diseases such as axial spondylarthritis.
They are very effective in patients and have replaced originator drugs due to their greater accessibility. In the past few years, there has been a surge in the number of approved biosimilars for the treatment of axial spondylarthritis, which is augmenting the growth of the market globally. For instance, in 2020 and 2021, the U.S. Food and Drug Administration approved three novel products, i.e., Xeljanz, Taltz, and Cosentyx, to treat individuals with axial spondyloarthritis.
Increasing R&D Activities
Rise in research and development (R&D) activities in the molecular and immunologic field are propelling the growth of the market. Owing to the increase in research activities, the advent of novel biologic agents such as tumor necrosis factor (TNF) inhibitors, IL-23, and interleukin (IL)-17 inhibitors are surging.
For instance, in 2022, UCB, a global biopharmaceutical company, announced positive top-line interim analysis results showing that the Phase 3 BE MOBILE 1 study met the primary and all ranked secondary endpoints. BE MOBILE 1 is the primary study to measure the effectiveness and safety of bimekizumab in adults suffering from active non-radiographic axial spondyloarthritis (nr-axSpA). Moreover, the rising investments in the research activities by the government are facilitating the growth of the market.
Companies Mentioned
- Novartis International, AG
- Eli Lilly and Company
- Johnson & Johnson
- UCB S.A.
- Pfizer, Inc.
- Kyowa Kirin Co., Ltd.
- Merck & Co., Inc.
- AbbVie Inc
- Bristol-Myers Squibb Company
- FunPep Co., Ltd.
Market Segmentation
Axial Spondyloarthritis Treatment Market, By Therapy:
- Anti-Tumor Necrosis Factor (TNF) Therapy
- Anti-Interleukin (IL) Therapy
- Anti-Janus Kinase (JAK) Therapy
Axial Spondyloarthritis Treatment Market, By Indication:
- Ankylosing Spondylitis
- Non-radiographic Axial Spondyloarthritis Treatment
Axial Spondyloarthritis Treatment Market, By End User:
- Hospitals & Clinics
- Academic & Research Institutions
- Others
Axial Spondyloarthritis Treatment Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Europe & CIS
- Germany
- France
- United Kingdom
- Spain
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/bcss5c
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