iCrowd Newswire – Jul 21, 2020
Gouty Arthritis Market size is $2.89Bn in 2019, growing at a CAGR of 6.4% during the forecast period 2020-2025. It is a form of inflammatory arthritis which can cause extreme pain, joint swelling, warmth and redness in the foot, knee, elbow, wrist and fingertips. Gouty arthritis is caused by a condition known as hyperuricemia. It is caused owing to a combination of genetic factor and diet. Uric acid found in foods (containing purine metabolism) in the form of crystals in a joint collected in the soft tissue of the joint, causing swelling, redness and warmth. Low-dose aspirin (acetylsalicylic acid) precipitates gout attacks in people who have high levels of urate in the blood.
By Drugs Type – Segment Analysis
In 2019, Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) segment dominated the Gouty Arthritis Market in terms of revenue is estimated to grow at a CAGR of 5.8%. Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) are the drugs most widely used to treat the pain and inflammation of acute gout attacks in patients. It helps in reducing the inflammation and the severe pain caused owing to joint swelling. It works by work by preventing an enzyme called cyclooxygenase (COX) from making hormone-like chemicals prostaglandins abetting towards the market’s growth.
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Geography – Segment Analysis
In 2019, the North America region dominated Gouty Arthritis Market in terms of revenue with a market share of 39% owing towards owing to the presence of established payers and an increase in the number of Gouty Arthritis patients in the region. This growth can be attributed towards the increasing research & development initiatives and government support for the improvement of the healthcare sector. U.S holds the biggest market for gout disease treatment, followed by Canada in North America. The increasing awareness about the health and availability of new treatment methods drives the market in this region is key factors in the growth of the Gouty Arthritis market. Europe is estimated to record the fastest growth rate during the forecast period 2020-2025.
Drivers – Gouty Arthritis Market
Increasing Prevalence Of Obesity
According to the World Health Organization (WHO), the estimated frequency occurrence of Gouty Arthritis is approximately 1 in 60,000 people in the US and in the year 2016 there were 650 million gouty arthritis patients worldwide. Increasing disposable income of the population is the other major factor driving growth of the Gouty Arthritis market.
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Challenges – Gouty Arthritis Market
The risk of gouty arthritis is increased by the frequent consumption of foods high in purines, including meats, seafood, certain vegetables and beans and foods containing fructose is hampering the market’s growth. Strict regulations and patent expiry of various drugs is set to act as key restraining factors for the Gouty Arthritis Market.
Gouty Arthritis Industry Outlook
Product Launches was the key strategy of the players in the Gouty Arthritis Industry. Gouty Arthritis top 10 companies include AstraZeneca plc., Takeda Pharmaceutical Company Ltd., Novartis AG, Savient Pharmaceuticals, GlaxoSmithKline plc., Merck& Co. Inc., Teijin Pharma Ltd., Regeneron Pharmaceuticals, JW Pharmaceutical Corporation, and Nippon Chemiphar Co. Ltd.
In January 2020, Merck& Co. Inc acquired ArQule, Inc. This acquisition helped the company in increasing the product production.
In January 2019, Takeda Pharmaceutical Company Ltd acquired Shire plc. This acquisition helped the company in accelerating transformation journey to deliver highly-innovative medicines to patients around the world with expanded scale and geographical footprint.
Increasing awareness amongst people for early treatment of disease is set to propel the growth of the market.
Increasing prevalence of obesity is the driving factors for the growth of Gouty Arthritis market.
Increased geriatric population with modernized routine disorders aiding growth towards the market.
Europe region is estimated to record the fastest growth rate during the forecast period 2020-2025.
Musculoskeletal Diseases Market
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