-- Psoriasis Treatment 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%.
Psoriasis Treatment 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.
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Other drivers of the market are growing screening resulting in upward trend. The national health and nutrition examination survey of U.S. records increase in prevalence of psoriasis from 1.62% to 3.10% during 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 include 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.
Restraints
Lack of effective and permanent treatment is the 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 hampers the growth of the market. Research has been hampered by lack of knowledge about the exact cause and etiology of psoriasis.
Psoriasis Treatment Market Key Players:
Some of the key players of the global psoriasis treatment market are Novartis International AG, Johnson & Johnson, Pfizer Inc, Merck and Co. Inc, AbbVie and Amgen and Eli Lilly.
Psoriasis Treatment Market: Segmental Analysis
The global psoriasis treatment market has been segmented on the basis of route of administration, mechanism of action, and by drug types.
By mode of mechanism of action, the global psoriasis treatment market has been segmented into phosphodiesterase inhibitors, interleukin blockers, TNF inhibitors, and others. Among these, TNF inhibitors are likely to gain prominence in the psoriasis treatment market.
By mode of administration, the global psoriasis treatment market has been segmented into injectable, oral, and topical. Among these, oral treatment extensively popular and occupies a share of 40% in the global market.
By mode of drugs type, the global psoriasis treatment market has been segmented into biologics and small molecules. Among these, the biologics segment is likely to gain prominence in the coming years owing to their targeted actions.
Psoriasis Treatment Market Regional Insights
Geographically, the psoriasis treatment market span across regions namely, North America, Asia Pacific, Europe, and the Middle East & Africa.
North America is presumed to witness the largest share in the global market. The growth can be ascribed to the presence of several market giants coupled with a large patient population affected by psoriasis. This is in turn likely to generate more revenue for the market growth. People in this region are highly aware regarding the condition has resulted in an increased demand for effective treatment. Moreover, the surging R&D activities in order to develop a long-term solution for psoriasis is anticipated to encourage the market growth across the globe.
The Asia Pacific region is considered to expand at the fastest growth rate owing to the swiftly developing healthcare infrastructure coupled with the surging awareness regarding conditions like psoriasis. Moreover, with the affinity for natural skin care methods, effective alternative treatments can develop in order to treat such conditions.
Psoriasis Treatment Industry Updates
April 24, 2019: The FDA officials have recently approved risankizumab-rzaa which can effectively treat moderate-to-severe plaque psoriasis. The treatment has been specifically targeted for adults undergoing phototherapy or systemic therapy.
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