Polymyalgia Rheumatica Drugs Market Driven By Growing Geriatric Population

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The polymyalgia rheumatica drugs market comprises drugs that are used for the treatment of polymyalgia rheumatica. Polymyalgia rheumatica is a chronic condition that leads to aching and stiffness in the shoulders, hips, neck and upper arms. The symptoms occur in patients aged 50 years and older and are triggered by the immune system attacking the muscles and joints. Some of the commonly prescribed medications for polymyalgia rheumatica include steroidal anti-inflammatory drugs such as prednisone and methylprednisolone which help reduce inflammation and relieve pain. Biologics drugs are also used for persistent symptoms. The Polymyalgia Rheumatica Drugs Market is driven by the rising geriatric population that is highly susceptible to developing autoimmune disorders.

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, and Genentech ...
... Inc. Sparrow Pharmaceuticals's Otezla is one of the leading drugs for polymyalgia rheumatica treatment.

There is a growing demand for polymyalgia rheumatica drugs owing to the increasing incidence of polymyalgia rheumatica globally. According to estimates, around 1.5 per 1000 adults aged 50 years and older suffer from polymyalgia rheumatica each year.

Major pharmaceutical companies are expanding their presence globally to increase access to polymyalgia rheumatica drugs in international markets. For instance, Novartis Pharmaceuticals acquired all the rights to polymyalgia rheumatica drug Xolair from Roche Chugai and Genentech Inc. in 2021.

Market Drivers

The growing geriatric population is a major driver for the polymyalgia rheumatica drugs market. As age is one of the biggest risk factors, the rising lifespan has led to a surge in the number of elderly patients diagnosed with polymyalgia rheumatica. Those aged 65 years and above are four times more likely to develop the condition as compared to younger individuals. This has significantly boosted demand for targeted polymyalgia rheumatica drugs.

Geographical Regions With Highest Polymyalgia Rheumatica Drugs Market Value

North America currently dominates the Polymyalgia Rheumatica Drugs Market and holds over 30% market share in terms of value. This is attributed to the rising elderly population, growing awareness about the disease, rapid adoption of novel therapies and relatively faster regulatory approval pathways. Within the region, the US contributes significantly owing to the high healthcare expenditure and spending power of patients. Europe is another lucrative market accounting for around 25% value share globally. Countries like Germany, France, Italy and the UK have a sizeable geriatric demographic susceptible to polymyalgia rheumatica.

Fastest Growing Region For Polymyalgia Rheumatica Drugs Market

Asia Pacific is expected to witness the fastest growth during the forecast period in the Polymyalgia Rheumatica Drugs Market driven by increasing healthcare investments, rising medical tourism, growing middle-class population and economic prosperity of nations. Rapidly expanding Pharma industry in India and China offer enormous opportunities. Additionally, lower manufacturing and R&D costs aid market participants to introduce affordable drugs. Awareness initiatives by governments and NGOs also enhance diagnosis rates. All these factors will propel the Asia Pacific polymyalgia rheumatica drugs market to expand at a CAGR of over 16% until 2031.

Get more insights on this topic: https://colinwilson11.hashnode.dev/polymyalgia-rheumatica-drugs-market-will-grow-at-highest-pace-owing-to-increasing-demand-for-effective-treatments

Author Bio

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: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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