In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
June, 2021: Novartis AG, the leading pharmaceutical company for global drug distribution, announced to collaborate with Hewlett Packard Enterprise to expand its portfolio in medical devices production.
September, 2020: Kezar Life Sciences is conducting phase-2 study and trial of KZR-616, to evaluate the safety and efficacy in patients with polymyositis and dermatomyositis, at the Myositis Association international annual patient conference.
May, 2018: The Myositis Association (TMA) announced May as Myositis Awareness Month, to spread awareness regarding the autosomal muscular disease.
The global myositis treatment market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. Myositis is a chronic condition of muscles, causing progressive inflammation in certain muscles, which can even lead to morbidity, complete loss of movement, and even death. The growth of the market can be attributed to the poor muscle health, prevalent globally due to lack of proper physical activities. Moreover, myositis is more common amongst the older population, or people with underlying musculoskeletal disorders. In turn, the growing prevalence of muscle-related diseases is estimated to boost the market growth. According to the data by the World Health Organization (WHO), 1.71 billion people globally suffer with some kind of musculoskeletal conditions. Moreover, the rising geriatric population across the globe is further projected to boost the market growth. According to the World Bank, 9.318% of the total global population aged above 65 years, in 2020.
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Furthermore, there is no cure for myositis, and treatments are basically aimed towards relieving the symptoms. The symptoms include skin rashes, difficulty in walking or rising from seated position, tripping and loss of balance, weakened hand grip, difficulty swallowing, and muscle weakness and pain. As a result, there is a surge in demand for developing an effective treatment method for curing myositis. In addition to this, the growing investment in the R&D activities is estimated to boost the market growth. According to the World Bank data, 2.204% of the global GDP was spent for R&D activities in 2018.
The market is segmented by type into dermatomyositis, inclusion-body myositis, juvenile myositis, polymyositis, and toxic myositis, out of which, the inclusion-body myositis segment is anticipated to hold the notable share in the global myositis treatment market over the forecast period on account of high prevalence of this type of myositis amongst the older population. According to the data by the National Organization of Rare Diseases (NORD), 51-139 out of every 1 million individuals over 50 years of age suffer from inclusion-body myositis globally.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global myositis treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high prevalence of musculoskeletal diseases in the region, backed by high geriatric population. According to a report by the WHO, more than 369 million people suffer from muscle-related diseases in the South-East Asia region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high health awareness amongst the population, along with easy access of quality healthcare in the developed nations.
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The global myositis treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global myositis treatment market includes the following segments:
Ans: Growing geriatric population and increasing cases of myositis amongst the older population are estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of notable over the forecast period, i.e., 2022 – 2030.
Ans: The North America region is estimated to gain the largest market share owing to the high investment in R&D activities, and presence of major market players in the region.
Ans: The major players in the market are Eli Lilly and Company, Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Johnson & Johnson Services, Inc., Merck & Co., Inc., Siemens Healthcare GmbH, Pfizer Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, treatment, end-user, and by region.
Ans: The inclusion-body myositis segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: The complicated and difficult diagnosis of myositis is estimated to hamper the market growth.