by Polymyalgia rheumatica (PMR) is a medical condition that causes muscle pains and stiffness, especially around the neck, shoulder and pelvic areas. The condition commonly affects older adults aged over 50 years. Drugs used for treatment of PMR aim to reduce inflammation and relieve symptoms. Steroids are primarily used for PMR treatment as they effectively suppress the immune system and reduce inflammation.
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 market provides opportunities for companies engaged in development of novel treatment options such as targeted biological therapies for PMR. The rising geriatric population globally susceptible to age-related conditions like PMR will augment the demand for treatment drugs. With increasing awareness about polymyalgia rheumatic and its management, pharmaceutical companies are investing in R&D to expand their drug portfolios and global presence especially in developing regions.
Market Drivers
The Polymyalgia Rheumatica Drugs Market is primarily driven by the rising geriatric population worldwide which forms the majority of patients affected by PMR. As per UN estimates, the population aged over 60 years will double from 12% to 22% between 2015 and 2050 globally. The increasing life expectancy has led to surge in age-associated diseases boosting the demand for PMR drugs. Secondly, improved diagnostic methods help in early detection and treatment of PMR before it progresses to debilitating stages, thereby supporting market growth.
PEST Analysis
Political: Regulations around drug safety and approval processes may impact the development and sales of new drugs. Regulations differ in various parts of the world.
Economic: Overall economic growth impacts healthcare spending. Recessions may reduce formulary access to expensive newer drugs.
Social: An aging population and increased life expectancy is driving the need for treatments for age-related diseases. Greater awareness of diseases like polymyalgia rheumatica is helping diagnose and treat more patients.
Technological: Advances in biologic therapies, targeted delivery, and personalized medicine approaches can help develop more effective and safer treatment options.
The North American region currently holds the largest market share in terms of value. Increased awareness among physicians and patients, growing geriatric population, and rapid adoption of novel drugs have boosted the market in the US and Canada. The Asia Pacific region excluding Japan is projected to be the fastest growing market during the forecast period. Rising healthcare expenditures, large patient population base especially in China and India, and increased focus on rare and orphan drugs are driving robust growth.
The European region also captures a significant share of the global market value. High disease prevalence along with well-established healthcare systems and favorable reimbursement policies support early diagnosis and management of polymyalgia rheumatica. Improved affordability of specialty drugs has also propelled market growth. Additionally, activities by research institutes and investments in pharmaceutical R&D are allowing faster development of new treatment options.
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
