Market Insights:
Psoriasis is a highly common chronic skin condition. Market Research Future's (MRFR) in-depth market report on the global psoriasis treatment market has disclosed that the market is anticipated to witness a promising CAGR of 7.3% during the forecast period.
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.
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.
Market Segmentation:
Drug class and treatment are the key categories based on which the global market has been studied extensively in the MRFR research report.
With respect to drug class, the market for psoriasis treatment has been considered for interleukin inhibitors, vitamin D analogs, and tumor necrosis factor inhibitors. The tumor necrosis factor inhibitors-based segments that have been covered are infliximab, etanercept, and adalimumab. The segments in terms of interleukin- inhibitors include secukinumab, ustekinumab, brodalumab, and ixekizumab. Types of vitamin D analogues listed are calcipotriol, tacalcitol, as well as calcitriol.
Treatment-based segments are systemic, biologics, and topical. Topical treatment type comprises topical non-steroid, counter OTC topicals, along with topical steroids. Systemic type treatment includes cyclosporine, methotrexate, and retinoid. Biologics have been dissected into Interleukin-17, IL-17 inhibitors, T-cell inhibitors, as well as tumor necrosis factor-alpha TNF-a.
Regional Analysis:
The Americas will most likely procure the leading position, thanks to the surging demand for non-invasive surgical procedures and the heavy burden of psoriasis treatment cost that affects a large portion of the population in the region. With leading manufacturers primarily focused on exhaustive research & development activities, in line with the rising cases of the skin condition, the United States market will emerge as the clear winner in the ensuing years.
The APAC market for psoriasis treatment will be racing forward at the fastest pace, as a result of the surge in psychological issues such as anxiety and depression caused by the skin condition. Mounting interest of global companies in setting up business in the region, especially in China and India, coupled with the advances in the healthcare infrastructure will also ensure higher growth in the following period.
Key Players:
Market leaders who participate in the competitive landscape of the global psoriasis treatment market include Eli Lilly, Novartis International AG, Johnson & Johnson, Pfizer Inc., Merck and Co Inc., Amgen and AbbVie.
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