Psoriasis Treatment Market Synopsis
Psoriasis can be referred to as a chronic non-contagious disease in which an individual’s immune system sends faulty signals which directs the skin cells to develop too quickly. New skin cells thus get formed in days rather than weeks which results in the skin to pile up on the surface, thereby causing patches of psoriasis.
Market Research Future (MRFR) proclaims that the psoriasis treatment market is estimated to garner USD 10.68 billion, grabbing a CAGR of 7.3% during the forecast period (2016-2022).
The rising risk factors like the autoimmune disease is likely to contribute to the market growth. It can also affect the nails and fingers which leads to partial disability and painful disfiguration. The disease mainly affects the elbows, knees, and scalp. It can occur at any age, but persons from 50-70 years of age are most affected.
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The prominent players operating in the global psoriasis treatment market comprises,
- Johnson & Johnson
- Novartis International AG
- Merck and Co. Inc
- Pfizer Inc
- AbbVie and Amgen
- and Eli Lilly.
Psoriasis Treatment Market Potential and Pitfalls
The fact that the exact etiology and cause of psoriasis is still unknown, genetics, auto-immunity, and environmental factors are the root causes. It is related to a host of co-morbidities like ophthalmologic pathologies, psoriatic arthritis, inﬂammatory bowel disease, and diabetes. As per WHO, 1.3% to 34.7% of the individuals suffering from psoriasis tend to develop chronic psoriatic arthritis which results in the deformation and disability of the joints. The rising screening and surging incidences of psoriasis are considered the top factors are propelling the psoriasis treatment market. With the growing risk factors like diabetes and autoimmune diseases coupled with the exposure to environmental factors like allergens and chemicals, the market is likely to evolve in the coming years.
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Several treatments are available in the market which helps to control the symptoms of psoriasis, thereby inflating the growth over the years. The treatment methods include administering vitamin D3, steroid, immunosuppressive like methotrexate, and exposure to ultraviolet B (UVB) light. Ointments and creams of calcipotriol and corticosteroid are known to treat mild-to-moderate psoriasis effectively.
On the contrary, the dearth of permanent and effective treatment for psoriasis is considered to dampen the market growth across the globe. As there is as such no cure for psoriasis, most of the treatments are either temporary or symptomatic. Moreover, the patent expiry of blockbuster drugs like Enbrel, Humira, and Remicade, high cost of drug development, and side effects related to medications like liver and kidney damage and hypertension are considered to vitiate the market growth.
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.
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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.
- Global psoriasis drugs manufacturers
- Research and development laboratories
- Market research and consulting service providers
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In 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.