The polymyalgia rheumatica drugs market has seen substantial growth in recent years owing to the increasing prevalence of polymyalgia rheumatica globally. Polymyalgia rheumatica is a medical condition characterized by muscle pain and stiffness, usually in the shoulders, neck, upper back and hips. Corticosteroids are commonly prescribed to relieve pain and stiffness. Some of the commonly prescribed drugs include prednisone, prednisolone, and methylprednisolone.
The polymyalgia rheumatica drugs market is estimated to be valued at USD 266 Mn in 2024 and is expected to reach USD 662 Mn by 2031, growing at a compound annual growth rate (CAGR) of 13.9% from 2024 to 2031.
Key players: Key players operating in the polymyalgia rheumatica drugs market are Pfizer, AbbVie, Novartis, Bristol-Myers Squibb. Pfizer is one of the leading players and offers corticosteroids like prednisone for polymyalgia rheumatica treatment.
Key opportunities: Increasing research focusing on developing novel drug targets for Polymyalgia Rheumatica Drugs Market is expected to present lucrative growth opportunities. Also, growing geriatric population who are more prone to the condition will drive market growth.
Global expansion: Major players are investing in clinical trials to expand the therapeutic applications of their drugs. Companies are also focusing on emerging markets in Asia Pacific and Latin America for sustained market share.
Market drivers
Rising research activities: Growing research funding for developing novel treatment options for polymyalgia rheumatica is expected to drive market revenues. Several clinical trials evaluating targeted therapies are currently ongoing.
Increasing prevalence: The global disease burden of polymyalgia rheumatica has been rising mainly due to rapid aging of population worldwide. According to some estimates, nearly 3-10 per 1000 people aged above 50 years are affected.
PEST Analysis
Political: The regulations and legislations regarding drugs development and approval process for diseases like polymyalgia rheumatica are decided and implemented by regulatory bodies in different countries and regions.
Economic: The treatment costs and ability of patients to afford prescribed drugs impacts the spending on polymyalgia rheumatica drugs market. Availability of healthcare reimbursement also plays a role.
Social: The increasing awareness and understanding about polymyalgia rheumatica as a disorder and available treatment options influences the social acceptance and adoption of prescribed drugs.
Technological: Advancements in drug research and development techniques as well as diagnostics tools help in developing more effective and safer treatment options for polymyalgia rheumatica. Technologies support smaller molecule drugs as well as biologics.
Geographical Regions of Concentration
The polymyalgia rheumatica drugs market in terms of value is highly concentrated in developed regions like North America and Western European countries. This is because these regions have advanced healthcare systems and high disposable incomes that allow for higher patient affordability and spending on treatment options. Countries like the United States and major Western European nations account for over 60% of the global market size currently.
Fastest Growing Geographical Region
The Asia Pacific region is expected to witness the fastest growth in the polymyalgia rheumatica drugs market over the forecast period. This is attributed to factors like rising healthcare expenditure, growing incidence of aged population susceptible to polymyalgia rheumatica, increasing awareness as well as focus on upgrading healthcare infrastructure in emerging countries of Asia Pacific. Nations like China, Japan and South Korea are anticipated to be the major contributors to the rapid expansion of this regional market in the coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
