The global market for axial spondyloarthritis (AxSpA), a chronic and potentially debilitating inflammatory disease primarily affecting the spine and sacroiliac joints, is set to expand notably. According to the latest market analysis, the AxSpA market size is projected to increase from an estimated $5.07 billion in 2022 to $5.54 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 9.3%. This growth trajectory is forecast to continue, with expectations for the market to reach $7.55 billion by the year 2027 at a CAGR of 8.1%.
The market expansion is being fueled by a rising incidence of the disease, attributed to factors such as an aging population and an increase in spine-related injuries. The need for effective pain management and improved treatment options for those living with AxSpA is, therefore, intensifying. Recent findings by the Versus Arthritis Musculoskeletal Health Report indicated that approximately 60,000 individuals were affected by AxSpA, with around 2,200 new diagnoses each year in the UK alone.
In response to this growing demand, the AxSpA market is witnessing significant product innovation. Pharmaceutical companies are actively developing new drugs to better manage the disease. For instance, European Commission approval was granted in June 2023 to a Belgium-based company for a new medication targeting various forms of AxSpA, reflecting the industry’s commitment to addressing the unmet needs of individuals affected.
Geographically, North America has emerged as the dominant region within the AxSpA market for 2022, while the Asia-Pacific region is anticipated to experience the fastest growth in the coming years. This expansion can be attributed to increasing awareness and diagnosis of AxSpA in these regions, in addition to advancements in treatment options and healthcare infrastructure.
A substantial number of key players in the pharmaceutical industry are active in the AxSpA market, delivering a wide range of therapeutic options and contributing to the overall market growth. Companies cited in the report’s comprehensive analysis include Johnson & Johnson, Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., AbbVie Inc., Novartis AG, Sanofi SA, and numerous others. These major participants are engaged in continual research and development to offer innovative treatments that promise to improve the quality of life for patients dealing with AxSpA.
For a detailed understanding of current market dynamics, industry trends, and future projections, interested parties are encouraged to refer to the latest market report titled “Global Axial Spondyloarthritis (AxSpA) Market Report 2023” available for review.