Psoriasis Treatment Market Opportunities, Outlook, Growth Prospects, Product types and Competitive Analysis by 2022
Psoriasis is a highly common chronic skin condition. Market Research Future’s (MRFR) in-depth market report on the global psoriasis treatment market has disclosed that the market is anticipated to witness a promising CAGR of 7.3% during the forecast period of 2016 to 2022. The social stigma and discomfort that is associated with psoriasis is expected to promote swift market growth. Valued at USD 7 Bn at the beginning of 2016, the global market is expected to witness increased revenue which results in an approximate evaluation of over USD 10 bn by the end of the assessment period.
Rising awareness and screening for psoriasis is the leading factor driving growth in the demand for psoriasis treatment. This chronic condition is exacerbated by several factors which can vary from patient to patient, thus further increasing the demand for appropriate and effective treatment options. Increasing exposure to chemicals and polluted environments have resulted in an increase in the diagnosis of psoriasis. Presently, all treatment options are temporary in nature or need ongoing patient involvement with no concrete cure. Drugs for psoriasis treatment carry a high cost which will hamper market growth. However, increasing adoptions of alternative psoriasis treatments, and the race among market players to develop an effective psoriasis treatment solution will lead to market opportunities.
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The global psoriasis treatment market is segmented in MRFR’s competitive analysis on the basis of mechanism of action, route of administration, drug types, and region. Based on mechanism of action, the market is segmented into interleukin blockers, phosphodiesterase inhibitors, TNF inhibitors, and others.
By route of administration, the market is divided between oral, injectable, and topical. Oral treatment options are highly popular and capture around 40% of the global market.
On the basis of drug types, the market is segmented into biologics and small molecules.
Globally, the market is divided into the Americas, Europe, Asia-Pacific (APAC), and the Middle East and Africa.
Due to the presence of North America, the Americas account for the largest share of the global market. The presence of several market players and a high patient population afflicted with psoriasis is expected to lead to increased revenue generated for market growth. Moreover, the awareness about this condition is quite high in the region and has led to an increased demand for effective treatment options. Increasing R&D activities to develop a long-term solution for psoriasis is expected to facilitate market expansion opportunities.
Meanwhile, the Asia Pacific is the fastest growing region due to the swiftly developing healthcare sector and the growing awareness regarding conditions like psoriasis which has resulted in increased demand. The affinity for natural skin care methods is expected to reveal effective alternate treatment strategies that may assist future market growth.
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Market leaders who participate in the competitive landscape of the global psoriasis treatment market include Eli Lilly, Novartis International AG, Johnson & Johnson, Pfizer Inc., Merck and Co Inc., Amgen and AbbVie.
Latest Industry News
Eli Lilly & Company in Korea has received government approval from the Ministry of Health & Welfare for the reimbursement for its psoriasis treatment drug Taltz.