Psoriasis Treatment Market Overview
Global demand for psoriasis treatment is on the rise owing to increased prevalence. Market Research Future (MRFR) in its latest study finds that the global psoriasis treatment market is set to grow to in excess of USD 10 Bn by the years 2022 up from USD 7 Bn, reflecting 7.3% CAGR between 2016 and 2022.
Psoriasis is a common chronic skin condition, which mostly affects scalp, elbow and knee areas. At times, the condition can have a severe impact on self-confidence leading to chronic depression. Patients often become victims of social stigma. Psoriasis can occur in all age groups but more common among the elderly population. The exact cause of disease is yet to be determined but sometimes associated with genetics, auto-immunity or environmental factors. The condition is also linked with a host of co-morbidities such as ophthalmologic pathologies, psoriatic arthritis, inflammatory bowel disease and diabetes, etc. A data released by World Health Organization (WHO) revealed that .3% to 34.7% of all psoriasis patients develop chronic arthritis. From 4.2% to 69% of all individual having psoriasis develop nail changes. As per WHO’s projection close to 100 Mn people are affected by psoriasis with occurrence rate ranging from 0.09% to 11.43% in different countries.
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Among all the types of psoriasis treatment, plaque psoriasis is the most common accounting for nearly 90% of all cases. On account of improving screening technologies and awareness levels, higher number of cases are being registered. Several new medicines have come up in recent years. Development of novel acting biologics like IL-17 inhibitors and TNF-α inhibitors has brought new hopes for patients. Companies with strong R&D pipelines are expected to gain higher ground in the future. Product development will remain a key area of focus for market players. Currently, most of the treatment options available are either temporary of symptomatic in nature.
For small-sized companies, fund limitations remain a major barrier for R&D. Moreover, patent expiry of drugs such as humira, Enbrel and remicade is expected to influence the margins for companies.
Global Psoriasis Treatment Market: Segmental Analysis
Segmental analysis of the market has been conducted on the basis of route of administration, mechanism of action, and drug types.
Based on route of administration, the market has been segmented into topical, injectable and oral. The oral treatment segment is expected to remain highly profitable during the forecast period. The segment currently represents close to 40% share of the global psoriasis market. On the basis of mechanism of action, the market has been segmented into TNF inhibitors, phosphodiesterase inhibitors, interleukin blockers and other. On the basis of drug type, the market has been segmented into small molecules and biologic.
Global Psoriasis Treatment Market: Regional Analysis
North America is the largest market for psoriasis treatment in the world. High healthcare spending, robust healthcare systems and widespread consumer awareness are some of the factors that supports the market growth. Moreover, presence of several leading healthcare organization in the region has elevated the quality of care. A relatively faster adoption of latest psoriasis therapeutics and drugs in advanced countries such as the U.S. and Canada, makes North America an important destination for market players. In addition, the healthier R&D capacity of American pharmaceutical companies cannot be overlooked.
The market in Asia Pacific is expected to register a healthy growth during the forecast period. Rising standard of healthcare in countries such as India and China is reflecting favourably for the psoriasis treatment market in the region. At the same time, a large patient pool is influencing the demand for psoriasis treatment in the region.
Global Psoriasis Treatment Market: Competition Analysis
Eli Lilly, Johnson & Johnson, Merck and Co Inc., Novartis International AG, AbbVie, Pfizer Inc. and Amgen are some of the top-notch players mentioned in MRFR’s report.
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