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Market Snapshot:Psoriasis is associated with a lifelong stigma due to its chronic nature. Psoriasis results when the immune system directs skin cells to grow too quickly resulting in piles of skin flakes on the surface. Apart from skin Psoriasis also affects fingers, nails, knees, elbows, and scalp causing painful disfiguration and even disability. The global psoriasis treatment market was estimated to generate USD 7.0 billion in 2016 which is anticipated to reach USD 10.68 billion by 2022 with a CAGR of 7.3%.
Market Dynamics:
Drivers
The heavy negative quality of life, the large unmet needs and others are the prime drivers of the market. The growing geriatric populations is a risk factor indirectly driving the market as Psoriasis mostly occurs in during the age of 50–70. Psoriasis is also a cause of numerous comorbidities such as diabetes, psoriatic arthritis, inflammatory bowel disease, ophthalmologic pathologies, etc.
According to the World Health Organization (WHO) estimates about 1.3% to 34.7% of psoriasis cases develop into chronic psoriatic arthritis leading to joint deformations while about 4.2% to 69% of all cases develop nail changes. Psoriasis affects approximately 100 million people with 0.09% to 11.43% prevalence rates. Plaque psoriasis accounts for approximately 90% of all cases of psoriasis. Thus a large market is well evident from the figures.
Other drivers of the market are growing screening resulting in an upward trend. The national health and nutrition examination survey of U.S. records increases in prevalence of psoriasis from 1.62% to 3.10% from 2004 to 2010. Growing awareness, rise in risk factors such as autoimmune diseases, diabetes, and others, greater exposure to environmental triggers such as chemicals, allergens etc. are further charging the market. The stronger research pipeline of psoriasis which includes the novel acting biologics such as TNF-α inhibitors, IL-17 inhibitors etc. are a cause of high expectations. Product development strategies especially the biologics are expected to result in high market equity for the global psoriasis treatment market.
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Restraints
Lack of effective, and permanent treatment is a critical restraint on the market. The symptomatic treatment is also associated with side effects including hypertension, liver and kidney damage and others. The high cost of drugs with their low efficiency and efficacy is hampered the growth of the market. Research has been hampered by lack of knowledge about the exact cause and etiology of psoriasis.
Global Psoriasis Treatment Market: Segmental Analysis
MRFR’s report also offer a detailed segmental analysis of the market based on drugs type, route of administration, and mechanism of action. By drug type, the market has been segmented into biologics and small molecules. Based on route of administration, the market has been segmented into injectable, tropical and oral. By mechanism of action, the market has been segmented into interleukin blockers, phosphodiesterase inhibitors and TNT inhibitors.
Global Psoriasis Treatment Market: Regional Analysis
The market has been covered across North America, South America, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA). Among these, North America is identified as the most attractive market for psoriasis treatment. North America is followed by Europe. Europe psoriasis market is expected to witness a healthy growth over the next couple of year. Meanwhile, the market in APAC is also witness a surge, demand for psoriasis treatment has increased on the region owing to improvement in healthcare system and increased healthcare expenditure.
Global Psoriasis Treatment Market: Competitive Landscape
MRFR’s in its report has profiled some of the top-notch companies that are currently operating in the global psoriasis treatment market, which include Amgen, Johnson & Johnson, AbbVie, Novartis International AG, Merck and Co. Inc, Eli Lilly and Pfizer Inc.
Industry News
Indian multinational pharmaceutical Sun Pharmaceutical Industrieshas recently introduced it latest plaque psoriasis treatment drug Ilumya also known as tildrakizumab-asmn in the US market.
Canada-based multi specialist pharmaceutical company Bausch Health Companies Inc. is reportedly gearing up to distribution of its BRYHALI™ Lotion to the wholesale pharmaceutical distributors in the U.S in coming days.
Eli Lilly & Company in Korea has received government approval from the Ministry of Health & Welfare for the reimbursement for its psoriasis treatment drug Taltz.
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