New Delhi: Rapid emergence of biologics presents new commercial opportunities for players in the arthritis therapeutics market. The adoption of biologic drugs is high, especially in developed countries of North America, Europe, and Asia Pacific, given the influence of favorable reimbursement scenarios that cushion the high cost.
In North America and Europe, the presence of public and private medical insurance plans encourages patients to avail quality healthcare. However, in developing countries of Asia Pacific, the out-of-pocket payment model is dominant in the healthcare industry, which is leading to sluggish growth of the arthritis therapeutics market in India and China. In addition, the penetration of generic drugs is high in developing countries of Asia Pacific, owing to their competitive prices.
A study projects that the arthritis therapeutics market to register 7.3% growth in 2020, over 2019.
Key Takeaways of Arthritis Therapeutics Market Study
Constant rise in the prices of popular drugs such as Humira and Enbrel could shift the focus of patients towards complementary and alternative therapies, thereby narrowing the growth of the arthritis therapeutics market. The impact of this trend will be relatively high in developing countries of Asia Pacific such as India and China, as these regions are characterized by high inclination towards natural and herbal therapies.
Patent expiration of blockbuster drugs in the arthritis therapeutics market are pushing manufacturers to increase investments towards the development of effective drugs, which is projected to fuel the advancements of biosimilar products.
High precision of drugs offered by arthritis therapeutics is projected to maintain patients’ inclination towards parenteral route of administration during the forecast period.
In 2020, retail pharmacies are projected to account for 79% of the total sales of arthritis therapeutics, as the high concentration of this channels across key locations makes it convenient for patients to purchase the required drugs. However, sales through online pharmacies will gain traction, owing to attractive discounts and convenience offered.