The polymyalgia rheumatica drugs market involves drugs that help relieve symptoms of polymyalgia rheumatica such as pain and stiffness in the shoulders, hip and neck muscles. Polymyalgia rheumatica (PMR) is a common inflammatory disorder that occurs in older adults and causes aching and tenderness in the shoulder, hip and neck muscles. Corticosteroids are currently the standard treatment to alleviate symptoms of PMR. However, newer targeted biologic therapeutics hold promise in safely and effectively treating PMR without major side effects associated with corticosteroids.
The Polymyalgia Rheumatica Drugs Market is estimated to be valued at US$ 266 Mn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the polymyalgia rheumatica drugs market are Sparrow Pharmaceuticals, Novartis Pharmaceuticals, Roche Chugai, Chugai Pharmaceutical, Genentech Inc.
The rise in geriatric population who are prone to conditions like PMR presents lucrative market opportunities. Additionally, advances in targeted biologic therapies with improved safety profiles compared to corticosteroids will drive their adoption.
Targeted biologics aim to specifically block the inflammatory pathways involved in PMR like interleukin-6 (IL-6) and tumor necrosis factor alpha (TNF-α). Drugs like sarilumab and tocilizumab target the IL-6 pathway and hold promise as safer alternatives to corticosteroids.
Market Drivers
The increasing geriatric population globally is a major market driver. People aged 65 years and above are more prone to develop PMR. According to the United Nations, the population aged 60 years or over is expected to more than double by 2050 and reach nearly 2.1 billion people. Secondly, advances in targeted therapeutic areas and development of novel biologic therapies with improved safety will boost the market during the forecast period.
Current Challenges In Polymyalgia Rheumatica Drugs Market
Polymyalgia rheumatica drugs market faces several challenges currently. Due to lack of clear understanding about the exact causes of polymyalgia rheumatica, drug development has proven difficult. Wide variation also exists in signs and symptoms between patients, making treatment even more complex. Elderly patients are also more likely to have polymyalgia rheumatica, often along with other medical conditions, posing treatment compliance challenges. High costs of drugs further act as a treatment barrier. Existing drugs like corticosteroids have adverse effect issues with long term use needed for polymyalgia rheumatica.
SWOT Analysis
Strength: Drugs like corticosteroids provide quick and effective symptomatic relief. Increase in elderly population drives market growth.
Weakness: Unclear disease etiology hampers new drug development. High treatment costs and drug side effects.
Opportunity: Scope for developing more effective and affordable targeted therapies. Rising disease awareness can boost early diagnosis rates.
Threats: Generics erosion affecting branded drugs. Stringent regulations for drug approvals.
Geographical Regions
North America has the largest share of the polymyalgia rheumatica drugs market currently in terms of value due to developed healthcare infrastructure and large elderly population in United States and Canada prone to the condition. Developed markets of Europe also contribute significantly due to high per capita healthcare spending.
Asia Pacific region is poised to be the fastest growing market for polymyalgia rheumatica drugs during the forecast period 2024-2031. This is attributed to rising disposable incomes, increasing medical tourism and gradual improvement in healthcare access across major Asian countries like China and India which are home to large base of geriatric population.
What Are The Key Data Covered In This Polymyalgia Rheumatica Drugs Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Polymyalgia Rheumatica Drugs Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Polymyalgia Rheumatica Drugs Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Polymyalgia Rheumatica Drugs Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Polymyalgia Rheumatica Drugs Market vendors
FAQ’s
Q.1 What are the main factors influencing the Polymyalgia Rheumatica Drugs Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Polymyalgia Rheumatica Drugs Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Polymyalgia Rheumatica Drugs Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn