The Anti-Inflammatory Drugs Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Inflammatory Diseases
Market Overview:
Anti-inflammatory drugs are used to treat conditions such as arthritis, fever, pain, and swelling. These include non-steroidal anti-inflammatory drugs (NSAIDs) such as ibuprofen and naproxen, corticosteroids such as prednisone, and biologics. They work by reducing substances in the body that cause inflammation. Major application areas of anti-inflammatory drugs include arthritis, injuries, back pain, headaches, and other musculoskeletal disorders.
Market Dynamics:
The rising prevalence of arthritis and other inflammatory conditions drive the market growth. Arthritis Foundation estimates that by 2040, 78 million adults in the US will have doctor-diagnosed arthritis. Another key driver is the approval and launch of novel biologics. For instance, in September 2019, the FDA approved Rinvoq (upadacitinib) by AbbVie for rheumatoid arthritis. It inhibits Janus kinase (JAK) enzymes that play a role in the inflammatory disease process. The growing geriatric population prone to joint and muscle disorders also fuels the demand for anti-inflammatory drugs. However, side effects associated with long-term use of steroids and NSAIDs such as liver damage hamper the market growth.
The global Anti-Inflammatory Drugs Market Size is estimated to be valued at US$ 102248.44 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The anti-inflammatory drugs market has strong presence of key players like Pfizer, GlaxoSmithKline, Johnson & Johnson etc. These companies have huge investments in R&D and new product launches. The market has wide range of drugs to treat different inflammatory conditions. Wide acceptance of generics and biosimilars in the market provide cost effective treatment options.
Weakness: Side effects of long term usage of certain anti-inflammatory drugs like gastric irritations is a concern. Patent expiries of blockbuster drugs is reducing revenues of companies. High R&D and clinical trial costs for new drug development increases overall costs.
Opportunity: Rising geriatric population globally increases demand for anti-inflammatory treatment. Growing prevalence of arthritis and other lifestyle diseases drives the market. Emerging economies provide huge untapped growth opportunities.
Threats: Price erosion due to increased competition affects revenues. Regulatory issues and compliance requirements increases compliance costs. Reimbursement issues in certain regions restrict market growth.
Key Takeaways
The global anti-inflammatory drugs market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing prevalence of arthritis and other inflammatory diseases. According to WHO, by 2050 over 130 million people in the U.S are expected to suffer from arthritis.
Regional analysis: North America dominates the anti-inflammatory drugs market owing to rising arthritis patient pool and availability of advanced treatment options. U.S accounts for the largest market share. Asia Pacific region is expected to exhibit fastest growth during the forecast period owing to rising healthcare infrastructure, increasing affordability and growing medical tourism in the region.
Key players operating in the anti-inflammatory drugs market are Pfizer, Inc., GlaxoSmithKline plc, Johnson & Johnson Services Inc., Merck & Company, Inc., Novartis AG, Amgen, Inc., AstraZeneca plc, Eli Lily and Company, AbbVie Inc., F. Hoffmann-La Roche AG, Bristol Myers Squibb Company, Biogen Inc., Sun Pharmaceutical Industries Ltd, Mylan, Inc., Aurobindo Pharma Limited, and Dr. Reddy's Laboratories. These companies have strong brand presence with diverse product portfolio. New product launches, mergers and acquisitions are key strategies adopted by these players.
Read More: https://blogger-veritas.blogspot.com/2023/12/biologics-is-fastest-growing-segment.html
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