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(Health-NewsWire.Net, May 06, 2022 ) Psoriasis Drugs Market 2022
The global Psoriasis Drugs Market is expected to witness a CAGR of 6.5% and reach US$ 21.48 Bn by the year 2021-2031. With how healthcare data gets accumulated these days (which could be inclusive of medical IoT solutions, DICOM files, and patient records), ultra-modern platforms like data fabrics are in the offing, so that distributed and structured data could be well-managed. This would be the healthcare industry’s situation in the upcoming period.
Psoriasis is a chronic inflammatory skin disease that occurs due to genetic disposition and environmental factors. Psoriasis is a systemic disease associated with psychological, metabolic, arthritic, and cardiovascular comorbidities. On an average, psoriasis affects around 2 – 3% of the population globally.
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Plaque psoriasis, being the number one and most common indication, held nearly 85% share of the US$ 11.37 Bn psoriasis drugs market in 2021, with the market estimated to expand at a CAGR of nearly 6.5% over the next ten years.
An array of agents exist for the symptomatic treatment of psoriasis. Patients with mild-to-moderate psoriasis typically receive topical treatments that modulate gene transcription, promote keratinocyte differentiation, and inhibit cell proliferation.
A number of innovative and advanced therapies for the treatment and management of psoriasis are under development, many of which have novel targets and mechanisms of action. Psoriasis is linked with a number of medical conditions inclusive of psoriatic arthritis, depression, and cardio metabolic syndrome. The most commonly occurring form of psoriasis is chronic plaque.
Common treatment methods of psoriasis include topical administration of vitamin D analogues, glucocorticoids, and phototherapy. Moderate to severe psoriasis often calls for systemic treatment.
Prevalence of psoriasis has displayed a growing trend over the past decade. Rising awareness initiatives regarding psoriasis disease and its management & treatment options, increasing reimbursement support, and growing research & development with the adoption of biologics and biosimilars are some of the factors responsible for impacting the psoriasis drugs market and aiding sales growth.
Company Profiles:
Janssen Biotech, Inc.
Novartis International Ltd.
Amgen Inc
Pfizer Inc.
Takeda Pharmaceutical Company Ltd.
Merck & Co, Inc.
Abb Vie Inc.
Eli Lilly and Company
Boehringer Ingelheim GmbH
Sun Pharmaceutical Industries Ltd
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Key Takeaways from Market Study
Topical products are expected to continue holding over one-third market value share through 2031, primarily because of clinically approved topical ointments, foams, and creams available for the management of inflammation and rash due to psoriasis.
Efficiency of corticosteroids for skin irritability and inflammation makes corticosteroid the leading segment with over 34% of revenue share in 2021.
Easy availability of psoriasis drugs in hospital pharmacies and large distribution networks of hospital chains make it the largest segment, with more than 39% market share.
Plaque psoriasis is the most commonly occurring autoimmune disease, accounting for a revenue share of around 85% in 2021.
Presence of a large number of manufacturers, rising public awareness, and easy availability of psoriasis drugs and treatment options make North America the leading regional market with over 27% market share in 2021.
“Growing adoption of combination therapy and favourable reimbursement support for psoriasis to drive market growth,” says an analyst of Persistence Market Research.
Market Competition
Companies such as Amgen and Sun Pharma have been strongly working toward the development of an extensive clinical pipeline and manufacturing of new product lines for the treatment of psoriasis.
In December 2021, Amgen announced positive top-line results from the Otezla® (apremilast) Phase 3 DISCREET study in moderate to severe genital psoriasis.
In September 2020, Sun Pharma announced the launch of ILUMYA® (tildrakizumab) for the treatment of plaque psoriasis, in Japan.
Similarly, other psoriasis drug manufacturers are also trying to maintain and strengthen their portfolios through collaborations with local players or distribution partners. All such recent developments related to companies manufacturing psoriasis drugs have been tracked by the team at Persistence Market Research, which are available in the full report.
Key companies operating in the psoriasis drugs market include Janssen Biotech Inc, Novartis International Ltd., Amgen Inc, Pfizer Inc., Takeda Pharmaceutical Company Ltd. Merck & Co, Inc., Abb Vie Inc., Eli Lilly and Company, Boehringer Ingelheim GmbH, and Sun Pharmaceutical Industries Ltd.
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Key Questions Answered in the Psoriasis Drugs Market Report
How is the Psoriasis Drugs Market expected to grow over the projected period?
What direction is the Psoriasis Drugs Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Psoriasis Drugs Market in future?
What are the key market drivers in the Psoriasis Drugs Market?
What are significant opportunities and improvement areas for Psoriasis Drugs Market manufacturers?
What are the key developments and trends taking over the Psoriasis Drugs Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Psoriasis Drugs Market?
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