The global psoriasis treatment market size is anticipated to touch USD 37,634.2 million by 2026owing to the increasing number of psoriasis cases. Some studies say that psoriasis may further develop other chronic diseases that cause harm to the immune system of the body. These include non-melanoma skin cancer, psoriatic arthritis, lung cancer, depression, metabolic syndrome, cardiac disorders, COPD (chronic obstructive pulmonary disease), and others. It may also cause polycystic ovarian syndrome and pregnancy complications in women. A recent report by Fortune Business Insights offers a qualitative and quantitative analysis of this market and its growth parameters. As per this report titled, “Psoriasis Treatment Market Size, Share and Industry Analysis By Drug Class (TNF Inhibitors, Interleukins, Others), By Type (Plaque Psoriasis, Psoriatic Arthritis, Others), By Route of Administration (Oral, Parenteral, Topical), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online pharmacies), and Regional Forecast 2019-2026,”According to this report, the market value stood at USD 18,378.0 million in 2018 and will exhibit a CAGR of 9.4% between 2019 to 2026.
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The report answers the following Questions:
- What is the nature of the market competition?
- How will major investment in novel development and clinical trials positively impact the psoriasis treatment market?
- Which strategies are acquired by vendors to earn the lion’s share in the market?
- Which are the significant industrial trends of the market?
Drivers & Restraints-
Increasing Investment on Development of Biologicals for Treatment will Augment Growth
The World Health Organization predicts the frequency of psoriasis to vary from 0.09% to 11.0% throughout all nations, thereby making it a serious problem worldwide. The increasing prevalence of this disease is a major psoriasis treatment market growth driver. Besides this, the advent of novel biologicals for treating various diseases is also expected to add impetus to the market. Product development, clinical trials, and innovation to cure this non-communicable disease are expected to bode well for the market.
On the negative side, the lack of consensus for treatment outcomes, expensive products, and delays in diagnostic procedures may cause major hindrance to the market in the forecast years. This, coupled with the delays associated with clinical management may also hamper the overall market size.
Nevertheless, heavy investments in research and development for treating psoriasis and a rise in penetration of innovative products will create better growth opportunities in the near future.
TNF Inhibitors Segment to be Overpowered in Forecast Years Due to Declining Prices of Branded Products
Based on segmentation by drug class, the TNF inhibitors segment was dominating the market in the past. In 2018, this segment earned a 46.3% psoriasis treatment market share. However, the advent of biosimilar and increasing prescription volume for interleukin inhibitors resulted in a decline in the rate of branded products. Owing to the factor stated above, the interleukin inhibitors segment is likely to overpower the TNF inhibitors segment in the coming years.
North America to Dominate Market on Account of Presence of Strong Healthcare Facilities
The National Psoriasis Foundation states an estimate of 8 million Americans who are suffering from psoriasis. The increasing number of people suffering from this disease in America and Canada is responsible for the dominance of the North American market. Besides this, the presence of strong healthcare facilities, the adoption of biological therapies ata high rate, and the heavy investments in research and development, and clinical trials are also boosting the regional market.
Europe emerged as the second largest market and Asia Pacific is likely to register faster growth rates in the coming years on account of the rise in geriatric population, improving healthcare and medical facilities, and the adoption of high tech medical equipment for various diagnostic procedures.
FDA Approvals for Clinical Trails – Key Objective of Players
Companies are engaging in clinical trials, research and development, and other innovative ideas and massively investing in the same to make their mark in the competition. They are also focused on gaining clinical approvals from the Food and Drug Administration (FDA) which will further add more revenue to the market.
Major Industry Developments of the Psoriasis Treatment Market include:
February 2019 – FDA approved the use of TREMFYA, an injector that can be controlled by the patient single-handedly by Janssen Pharmaceuticals, a part of Johnson & Johnson Services Inc., for treating both severe and moderate cases of Psoriasis.
April 2019 – Duobrii the first and only lotion for adults suffering from psoriasis manufactured by Ortho Dermatologics received FDA approval.
Fortune Business Insights™ lists out the names of players operating in this market. They are as follows:
- Amgen Inc.
- Sun Pharmaceutical Industries Ltd.
- Merck & Co., Inc.
- Eli Lilly and Company
- UCB S.A.
- Novartis AG
- LEO Pharma A/S
- CELGENE CORPORATION
- AbbVie Inc.
- Johnson & Johnson Services, Inc.
- Pfizer Inc.
- Other players
Related Reports :
- Medical Tourism Market
- Population Health Management (PHM) Market
- Psoriasis Treatment Market
- Sharps Containers Market
- Veterinary Animal Vaccines Market
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Name- Raginee Sarkar
Raginee currently works as a content writer at Fortune Business Insights™. She comes with extensive experience in writing advertising and marketing content, blogging, film scripting, and news reporting. She strongly believes in quality content and thus prefers to write in a simple, elegant, yet impactful way.
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