Polymyalgia rheumatica (PMR) is a common form of inflammatory arthritis that mainly affects elderly adults and causes pain and stiffness in the shoulders, hip and neck. Drugs used for treatment of polymyalgia rheumatica help reduce inflammation and relieve symptoms. Corticosteroids are commonly used as the first line treatment for polymyalgia rheumatica.
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 operating in the polymyalgia rheumatica drugs market are Pfizer Inc., AbbVie Inc., Novartis AG and Bristol-Myers Squibb Company.
Rising geriatric population experiencing health issues like polymyalgia rheumatica globally is expected to drive the expansion of Polymyalgia Rheumatica Drugs Market in regions like Asia Pacific and Latin America.
Market Drivers
Increasing prevalence of polymyalgia rheumatica disease globally due to aging population is a major factor driving the growth of polymyalgia rheumatica drugs market. It is estimated that 1 in 100 individuals over 50 years of age is affected by PMR annually.
Lack of appropriate treatment options coupled with rising healthcare expenditure on management of rheumatoid conditions further boost the demand for effective polymyalgia rheumatica drugs.
PEST Analysis
Political: Regulations around drug approval and clinical trials will impact how quickly new drugs enter this market. Government policies on healthcare spending and affordability of specialty drugs also affect market dynamics.
Economic: The economic growth and disposable incomes influence spending on healthcare and specialty drugs. Changes in the overall economy, especially during recessions, play a role in market performance.
Social: An aging population and higher incidence of age-related conditions drive the need for treatment options. Changing lifestyle factors and attitudes towards managing chronic diseases impact this market.
Technological: Advancements in drug development, including novel targets and mechanisms of action, allow for more effective and specialized treatments. Biologics and personalized medicines present new opportunities for market growth.
The North American region currently accounts for the largest share of the global polymyalgia rheumatica drugs market in terms of value. This can be attributed to factors such as the presence of major pharmaceutical companies, high healthcare expenditure, growing geriatric population susceptible to age-related conditions, and fast adoption of newer treatment options.
The Asia Pacific region is expected to witness the highest growth over the forecast period owing to rapidly developing healthcare infrastructure, rising medical tourism, increasing focus on rare and specialty diseases, and growing patient affordability in emerging countries.
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