Psoriasis Treatment Market Analysis
As per the latest report published by Market Research Future (MRFR), Psoriasis Treatment Market is expected to register 7.3% CAGR during the forecast period of 2019 to 2025 and is expected to reach USD 13.1 Billion in 2025. Psoriasis is a common skin disorder and is linked with the immune system. Stress, cold and skin infection can trigger the condition.
Psoriasis usually effect the skin on the scalp, knees and elbows. The condition may have an effect on patient’s psychology, leading to depression and social stigma. Most number of cases are found in individuals aged between 50 and 70. The exact cause of the condition is yet to be confirmed. However, some suggestions point towards environmental factors, genetics and auto-immunity as possible root cause of psoriasis. The condition is also associated with a slew of co-morbidities such as diabetes, ophthalmologic pathologies, psoriatic arthritis, inflammatory bowel disease. A report from WHO suggests that the prevalence rate differs from county to country ranging between 0.09% and 11.43%. Plaque psoriasis the most common type of psoriasis, accounting for nearly 90% of all psoriasis cases. The prevalence rate has increase in recent years, which is fuelling the demand for psoriasis treatment.
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Sales of psoriasis medication, therapeutics and drugs have also increased owing the increased penetration of psoriasis treatment in rural and remote areas in fast developing countries. Also, the risk factors associated with psoriasis are becoming more prominent, which is likely to reflect favourably on the market during the forecast period. The condition has a chronic nature, through the psoriasis treatment reduces the effect substantially but does not assures complete cure. The treatment options that are currently available are either offer temporary relief or of symptomatic nature. At the same time, risk of side-effects from psoriasis drugs continues to be a major challenge for pharmaceutical companies. The focus remains on developing novel biologic drugs, the arrival of blockbuster drugs such as IL-17 inhibitors and TNF-α inhibitors can be accredited to the increased R&D efforts. During the forecast period, drug development is expected to remain a key focus area for market players.
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 treatment 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.
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.
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Indian multinational pharmaceutical Sun Pharmaceutical Industries has 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.