Increasing Prevalence of Ankylosing Spondylitis and Rise in Initiatives by Market Players Drive the Growth of the Ankylosing Spondylitis Market
Ankylosing spondylitis (AS) is an unusual type of inflammation that mostly affects spine and can harm large joints of body. It causes inflammation in the spinal joints (vertebrae), thus causing severe pain and discomfort. Over time, ankylosing spondylitis can cause some bones in the spine to fuse together, as a result of which the spine becomes less stretchy. Symptoms of ankylosing spondylitis include pain and rigidity in the hips and lower back.
The marketing of new products and growing collaborations between corporations are projected to hasten market growth. For instance, in August 2019, Eli Lilly and Company got U.S. FDA approval for its product, Taltz injection 80 mg/mL, for the cure of active ankylosing spondylitis. Preceding to this approval, the product was accepted for active psoriatic arthritis and modest to severe plaque psoriasis in March 2016 and December 2017 respectively. Additionally, in September 2018, Gilead Sciences, Inc. and Galapagos NV co-developed a product, Filgotinib, which has finished a phase 2 clinical trial for the sign of moderately to adversely active ankylosing spondylitis. The patent cliff has directed the entry of biosimilars into the market. These may expand patient access and fuel the market growth. In November 2019, the U.S. FDA permitted Humira’s biosimilar, Abrilada, for the management of certain indications including ankylosing spondylitis.
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The global demand for Ankylosing spondylitis market was predicted to be about USD 6 billion in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 11 billion. The industry players and analysts predict the global Ankylosing spondylitis market growth of around 9.0% in terms of CAGR. During the forthcoming years, development of new products, as well as the entrance of biosimilars are expected to upsurge the market growth. Moreover, the rising prevalence of the disease is also predicted to boost the market. As per the study published in Oxford University Press, the number of incidences in Europe was 1.30 to 1.56 million and 4.63 to 4.98 million in the Asia Pacific. However, high cost of ankylosing spondylitis treatment and severe effects of drugs used for cure of ankylosing spondylitis is hampering the growth of the market in the forecasted period.
Some of the leading and top ankylosing spondylitis companies in the global ankylosing spondylitis market include Amgen Inc., AbbVie Inc., Pfizer Inc., Novartis AG, Bristol-Myers Squibb Company, CELGENE CORPORATION, Eli Lilly and Company, Cipla Inc., Emcure Pharmaceuticals, Torrent Pharmaceuticals Ltd., UCB S.A., Suzhou Zelgen Biopharmaceuticals Co., Ltd., HENGRUI USA, Johnson & Johnson Services, Inc. among others. The leading five players such as Amgen Inc., AbbVie Inc., Pfizer Inc., Novartis AG, Johnson & Johnson Services, Inc. hold around 40% market share of the global ankylosing spondylitis market.
On the basis of drug type, the global ankylosing spondylitis market can be segmented into Cosentyx, Humira, Simponi, Remicade, Enbrel, Cimzia, and Others, with the ‘Humira’ category having the leading market share of about 25 percent, closely followed by the “Simponi” category at about 20 percent of the global ankylosing spondylitis market share.
On the basis of route of administration, the market can be segmented into oral and parenteral. On the basis of distribution channel, the market can be segmented into hospital pharmacies, retail pharmacies, and online pharmacies. In terms of geography, North America region held the leading market share of around 30% among other regions such as Asia Pacific, Europe, Latin America, and Middle East & Africa in the global Ankylosing spondylitis market.
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