11 Sep Growing Demand Of Psoriasis Treatment Market Due To Key Driving Factors Ensuring Healthy Outcomes
Precision Business Insights (PBI) in its report titled “Global Psoriasis Treatment Market : Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2017 and Forecast 2018-2027” assesses the market performance over 2018-2027. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
Global Psoriasis Treatment Market
Psoriasis is a chronic autoimmune disease characterized by abnormal growth of the skin cells. It forms skin patches above the skin and it is not contagious. Psoriasis skin patches are red and itchy. There are different types of psoriasis namely guttate psoriasis, plaque psoriasis, pustular psoriasis, erythrodermic psoriasis and inverse psoriasis. The diagnosis of psoriasis is typically made by obtaining information from the physical examination of the skin, medical history, and relevant family health history. Currently, there was no cure for psoriasis. However, treatment is focused on curing the symptoms. Treatment may include steroid creams, vitamin D3 cream, UV light, and Immunosuppressant.
Global psoriasis drugs market is driven by increase in smoking and alcohol consumption trends globally. Increased spending on medicines and escalating health care expenditure are the key growth drivers of the market. Psoriasis treatment mainly treated by topical agents only. The recent launch of systemic products into the market expected to drive the growth of the psoriasis medication market. However, high cost of the drugs and side-effects associated with the existing medication for psoriasis are expected to hamper the psoriasis drugs market.
The global Psoriasis treatment market is divided into following categories:
- Drug class
- TNF Inhibitors
- Vitamin D Analogues
- Interleukin Blockers
- Topical Corticosteroids
- Monoclonal Antibodies
- Type of Psoriasis
- Plaque Psoriasis
- Guttate Psoriasis
- Flexural Psoriasis
- Inverse Psoriasis
- Psoriatic Psoriasis
- Route of administration
Hospital pharmacies, retail pharmacies and online pharmacies
And lastly, on the basis of geographical regions, global psoriasis treatment market has been segmented into following regions viz. North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America holds the largest market in the global psoriasis treatment market due to high prevalence of the disease. According to American Academy of Dermatology, approximately 7.5 million people in the United States have Psoriasis. In Europe, the psoriasis medication market is expected to grow at significant rate due to factors such as increased prevalence and growing awareness about skin diseases and recent launch of biosimilars such as elerzi, amzevita, etc. In Asia-Pacific region, India and China are expected to be fastest growing market due to developing infrastructure and rapid growth in awareness and available treatment options for psoriasis.
Some of the key market players in global psoriasis medication market include Amgen Inc. (U.S), Eli Lilly and Company(U.S), Novartis AG (Switzerland), Merck & Co., Inc. (U.S), Johnson & Johnson Services, Inc., (U.S) Pfizer, Inc. (U.S), AstraZeneca (U.K), AbbVie Inc. (U.S), LEO Pharma A/S (Denmark) and Biogen (U.S) to name a few. In 2017, Janssen Biotech, Inc.’s Tremfya (Guselkumab) approved by USFDA for the treatment of adults living with moderate to severe plaque psoriasis. Also in 2017, USFDA approved Siliq (Brodalumab) injection for the treatment of adult patients with moderate-to-severe plaque psoriasis. This drug was developed by Valeant Pharmaceuticals by partnering with AstraZeneca.
Psoriasis treatment market size is expected to show significant growth rate owing to prevalence rates and severity of the disease. According to World Health Organization (WHO), 1.3%-34.7% of psoriasis patients develop chronic psoriatic arthritis, which may lead to joint deformations and disability. World Health Organization (WHO) also predicts that psoriasis affects about 100 million people with prevalence rates of 0.09% to 11.43% in different countries. The most common type of psoriasis is plaque psoriasis, affecting 90% of all psoriasis cases. Market players are focusing on R&D to develop new drugs and treatments for psoriasis. The market has a handful of drugs and dominated by generics and biologics. Market players heavily influencing the treatment decisions. Due to the entry of biosimilar into the market, there is availability of cheaper drugs to treat psoriasis and it leading to increased availability and increase market size.