Dublin, Oct. 10, 2024 (GLOBE NEWSWIRE) — The “Rheumatology Therapeutics Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The global rheumatology therapeutics market has exhibited a robust growth pattern in recent history and is projected to continue this upward trajectory. From a substantial $40.45 billion valuation in 2023, the market is poised to climb to an estimated $42.4 billion in the year following, achieving a compound annual growth rate (CAGR) of 4.8%. Factors fueling this growth include a mounting incidence of rheumatologic diseases, an increasingly aged global demographic, heightened awareness surrounding treatment options, advancements in biological therapies, and broader healthcare access, particularly in developing economies.
Future Projections and Market Trends
By 2028, experts forecast the market will reach new heights of $51.42 billion at a CAGR of 4.9%. The anticipated growth during this period is largely credited to the shift towards personalized medicine, increased adoption of biosimilars, escalated research and development investment, the integration of digital health technologies, and approvals for new therapies. Emerging trends in the market emphasize the growth of telemedicine, advancement of targeted therapies, a focus on patient-centric care, the adoption of value-based pricing models, and the extension of biologic treatments.
Driving Forces Behind Market Expansion
A key driver behind the market expansion is the rising prevalence of autoimmune diseases, where the immune system incorrectly attacks the body’s tissues. This increase is connected to a combination of genetic, environmental, and lifestyle influences, coupled with better awareness and diagnostic accuracy. The importance of rheumatology therapeutics is underscored by their role in managing inflammation and preventing joint and tissue damage.
Innovations in Treatment and Market Dynamics
Leading entities in the market are innovating, notably with the introduction of intravenous (IV) formulations that bolster treatment efficacy and enhance patient convenience. Recent regulatory approvals such as Novartis AG’s Cosentyx for various autoimmune conditions exemplify this progress. The market also witnessed strategic movements like Alfasigma S.p.A.’s acquisition of the Jyseleca business from Galapagos NV, expanding Alfasigma’s portfolio and European market presence. Prominent players shaping the marketplace are Pfizer Inc., Johnson & Johnson, amongst others, demonstrating the competitive and dynamic nature of this industry.
Geographical Insights
North America has carved out its spot as the preeminent region in the market as of 2023, while Asia-Pacific is slated as the fastest-growing region moving forward. The market report spans a comprehensive geographical analysis covering regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, offering profound insights into the global landscape of rheumatology therapeutics.
Comprehensive Coverage
Rheumatology therapeutics encompass a broad span of treatments, targeting diseases such as arthritis and lupus by utilizing anti-inflammatory drugs, DMARDs, and biologics, among others. The aim is to ameliorate inflammation, mitigate pain, and ultimately improve patient quality of life across various global demographics and economic strata.
The information provided offers a condensed overview of the current state and anticipated future of the rheumatology therapeutics market, shedding light on the pivotal developments, industry innovators, and the intricacies of market dynamics. It enables stakeholders to acquire a holistic understanding of the factors that drive and shape this critical segment of the healthcare industry.
Key Attributes:
Report Attribute | Details |
No. of Pages | 175 |
Forecast Period | 2024 – 2028 |
Estimated Market Value (USD) in 2024 | $42.4 Billion |
Forecasted Market Value (USD) by 2028 | $51.42 Billion |
Compound Annual Growth Rate | 4.9% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/i6k0ek
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
- Rheumatology Therapeutics Market