Psoriasis Treatment Market Overview
The Global Psoriasis Treatment Market is growing rapidly. The market growth attributes o the availability of several breakthrough therapeutics and drugs to treat symptoms of psoriasis. Over recent years, technological advancements have brought notable innovations in psoriasis treatments, offering phenomenal relief and benefitting results. These improvements increase the psoriasis market size, proving to be a boon to the patients by improving their quality of life.
According to Market Research Future (MRFR), the global psoriasis treatment market size is expected to reach USD 13.1 Billion by 2025, growing at 7.3% CAGR during the review period (2019-2025). Rising prevalence rate of psoriasis is one of the prime factors propelling market growth. Besides, the availability of breakthrough psoriasis drugs on the market fosters the growth of the market. Valuation of the market is anticipated to progress massively in the near future, witnessing the emergence of many new treatments.
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The increasing demand for effective psoriasis treatments pushes the market growth of the market to the ascended level. Conversely, the lack of awareness and unmet medical needs are the major factors expected to obstruct the market growth. Nevertheless, growing technology upgrades would support market growth throughout the assessment period. Furthermore, the increased funding for research and development from the public and private sectors would provide impetus to the market growth.
Psoriasis Treatment Market Segmentations
By Drug Class : Tumour Necrosis Factor Inhibitors (Adalimumab, Infliximab, Etanercept), K.in-Inhibitors (Ustekinumab, K.inumab, Ixekizumab, Brodalumab), Vitamin D Analogues (Calcitriol, Calcipotriol, Tacalcitol), and others.
By Treatment Type: Topicals (Over the Counter (OTC) Topicals, Topical Non-Steroids, Topical Steroids), Systemic (Retinoid, Cyclosporine, Methotrexate), Biologics (Tumour Necrosis Factor Alpha (TNF-a) Inhibitors, K.in 12 and 23 (IL-12/23) Inhibitors, K.in 17 (IL-17) Inhibitor, T Cell Inhibitor), and others.
Psoriasis Treatment Market Regional Outlook
North America dominates the global psoriasis treatments market. The largest market share attributes to the rising prevalence of psoriasis among children as well as adults. Besides, the strong presence of notable players and well-established treatment centers in the region impact the market growth positively. Moreover, high per capita healthcare expenditures and early adoption of new technology in the region substantiate the regional market growth. High cases of psoriasis in the US and Canada is expected to drive the market growth. The North American psoriasis treatments market is projected to retain its dominance over the global market throughout the forecast period.
Europe stands second in the global psoriasis treatment market. Positive amendments in the reimbursement policies drive the market. Furthermore, increasing expenses in research by healthcare bodies fuel the growth of the market in this region. Also, rising healthcare expenses allow the market to showcase a considerable amount of growth.
Additionally, the presence of a well-established healthcare system and key industry players, alongside technology upgrades in medical devices and therapeutics, drives the regional market growth. The European psoriasis treatments market is expected to create a substantial revenue pocket over the assessment period.
The Asia Pacific psoriasis treatments market is growing rapidly. Factors such as the increasing demand for spine surgeries and increasing government initiatives for healthcare reforms boost the regional market growth. Besides, a large patient pool and expansion of healthcare in the region drive the growth of the market. Furthermore, growing per capita healthcare expenditures and developing economies provide an impetus to the regional market. The APAC psoriasis treatments market is projected to have a steady growth rate during the forecast period.
Psoriasis Treatment Market Competitive Analysis
Highly competitive, the global psoriasis treatment appears fragmented due to the presence of several well-established industry players. These players adopt strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology launch to gain a larger competitive advantage. Psoriasis pharmaceutical companies invest substantially in R&D and clinical trials to develop effective drugs and therapeutics.
Psoriasis pharmaceutical companies collaborate with a number of partners from academia to the biotech industry who contribute specialized knowledge and cutting-edge technologies to accelerate pharmaceutical innovations and gain a better understanding of the condition. These collaborations form one of the pillars of the company’s innovation strategy. Through partnerships, companies can leverage scientific know-how and use it for innovative medicines. Partnerships can leverage innovative impulses that advance medicine and benefit patients and partners.
Players leading the psoriasis treatment market include UCB (Belgium), Novartis International AG (Switzerland), AstraZeneca (UK), Johnson & Johnson (US), Celgene Corporation (US), Pfizer Inc (US), AbbVie (US), Merck and Co. Inc (US), Eli Lilly and Company (US), and Amgen (US), among others.
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Industry/Innovation/ Related News:
A team of researchers at John A. Paulson School of Engineering and Applied Sciences (SEAS) and Harvard’s Wyss Institute for Biologically Inspired Engineering published their study, stating that siRNA-based treatment can reduce psoriasis symptoms significantly.
Scientists circumvented limitations by using an ionic liquid (IL) combination to deliver a small interfering RNA (siRNA)-based treatment successfully to the skin in a mouse model of psoriasis, significantly reducing levels of inflammatory cytokines and symptoms of psoriasis without systemic side effects.
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