Newark, July 05, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global ankylosing spondylitis drugs market is expected to grow from USD 4.93 billion in 2020 to USD 9.82 billion by 2028, at a CAGR of 9.14% during the forecast period 2021-2028.
Increasing investment in Research & Development activities for the development of novel drugs to treat the ankylosing spondylitis are propelling the growth of the market in upcoming years. Many companies are heavily investing in and focusing on the development of unique drugs and new therapies. The pharmaceutical companies are also adopting the merger and acquisition strategies for the development of the drug. Thus, rising investment in the R&D to innovate new medicines, positively influencing the market growth.
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Ankylosing spondylitis (AS) is a kind of inflammatory disease that, over time, can cause some of the small bones spine (vertebrae) to fuse, which makes the spine less flexible and can result in a hunched-forward posture. The optimal treatment of ankylosing spondylitis involves medications that suppress immunity or reduce inflammation as well as physical therapy. Though the condition is not curable, exercise and medications can help in coping up with the disease. The medication prescribed to a patient of AS is basically to managing the pain and controlling the symptoms. There are a number of different classes and types of medications used in the treatment of ankylosing spondylitis. Biologics are the newest treatment for ankylosing spondylitis, which effectively helps to reduce the pain.
Increasing incidence of ankylosing spondylitis and high prevalence across the globe are propelling the growth of ankylosing spondylitis drugs market. Also, the increasing number of female patients suffering from ankylosing spondylitis is also fuelling the growth of the market. Limited awareness about ankylosing spondylitis and adverse side effects of the various medication taken, may limit the market growth over the forecast past.
Major players in the global ankylosing spondylitis drugs market are Johnson & Johnson, Abbvie, Hetero, Merck & Co., BoehringerIngelheim, UCB, Amgen, Janssen Biotech, Inc., ZydusCadila and Izana Bioscience among others. Developing and developed countries are facilitating more significant opportunities and significant players are continuously focused on new developments, strategic partnerships, acquisitions and venture capital investments to obtain high growth in the market.
• In August 2017, BoehringerIngelheim Pharmaceuticals, Inc. announced FDA approval for Cyltezo (adalimumab-adbm), a biosimilar for the treatment of multiple chronic inflammatory diseases including ankylosing spondylitis and rheumatoid arthritis.
• In December 2019, Amgen announced that The U.S. Food and Drug Administration (FDA) had approved Avsola (infliximab-axxq), a biosimilar to Remicade (infliximab), to treat active ankylosing spondylitis.
• In January 2019, ZydusCadila announced the launch of its biosimilarAdalimumab, and to be marketed under the brand name Exemptia, to treat autoimmune disorders such as rheumatoid arthritis, juvenile idiopathic arthritis, and Ankylosing Spondylitis.
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The small molecules segment held the major market share of 48.25% in the year 2020
The molecule type segment is divided into small molecules, biologics, and biosimilars. The small molecules segment held the major market share of 48.25% in the year 2020. It is one of the widely used drugs for the treatment, thus, boosting the growth of the market.
The oral segment accounted for the major market share and valued at USD 3.15 billion in the year 2020
The route of administration segment includes oral and parental. The oral segment accounted for the major market share and valued at USD 3.15 billion in the year 2020. This is mainly due to major drugs for these conditions are given by oral route of administration. In addition to this, ease of administration and patient preference for oral medications, fueling the growth of this segment.
The hospital's pharmacy held the major market share and valued at USD 2.26 billion in 2020
The hospital's pharmacy held the major market share and valued at USD 2.26 billion in 2020. This is attributed to a larger stock of medications, including more specialized and investigational medications for the treatment of ankylosing spondylitis.
Regional Segment Analysis of the Ankylosing Spondylitis Drugs Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region is accounted for the highest market value of USD 1.97 billion in 2020. This is mainly attributed to the increasing incidence and higher prevalence of ankylosing spondylitis in countries such as the U.S. and Canada. Apart from this, high expenditure on healthcare and availability of advanced diagnostics tools, further boosting the growth of the market in the North America region. Furthermore, the presence of key pharmaceutical companies in the region, driving the growth of the market. Asia Pacific is an emerging region in the ankylosing spondylitis drugs market, owing to increasing awareness about ankylosing spondylitis disease in the region. Furthermore, increasing healthcare expenditure across the region, positively influencing the growth of the market in the region. The emerging economies in the region like India, China etc. are focusing on improving the healthcare infrastructure. Furthermore, Latin America is growing at the healthy growth rate in the global ankylosing spondylitis drugs market, owing to increasing awareness about this condition across the region.
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About the report:
The global ankylosing spondylitis drugs market is analysed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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