The global psoriasis treatment market show a highly competitive market landscape. With growing investments in the field of research and development for treating psoriasis, the rivalry among the established players in the market such as LEO Pharma, Biogen, Pfizer, AstraZeneca, and AbbVie is expected to intensify even more in the coming years of the given forecast period.
The global market for psoriasis treatment stood at an overall market valuation of US$7.8 bn in the year 2015. This valuation of the market is projected to grow and reach a figure worth US$12.1 bn by the end of 2024. This overall growth of the market is expected to be achieved with the help of an impressive CAGR of 5.10% over the course of the given forecast period of 2016 to 2024. The TNF inhibitors have come up as one of the most popular product in the market. Market analysts believe that the demand will grow furthers and will result into the segment taking hold of over 47% of the overall market by the fall of 2024.
The global market for psoriasis treatment can be segmented into key regions such as Europe, North America, Latin America, Middle East and Africa, and Asia Pacific. Of these, the global market is expected to be dominated by North America in the coming years owing to an increasing demand for psoriasis treatment products.
Access to New Treatments in Emerging Countries Driving Market Growth
There are multiple factors responsible for driving the overall growth of the market in the coming years of the forecast period. One of the key driving factors for the growth of global psoriasis treatment market is the increasing number of patients suffering from psoriasis. According to the World Health Organization, between the period of 1970 to 2008, the prevalence of psoriasis across the globe has risen to 11.4% from 4.8%. This period looks to continue to grow in the coming years and thus is motivating the key players in the global market to expand their capacities of drug production. This is also expected to drive the overall development of the global market over the course of the given forecast period. The approval of FDA for the new biological drugs is also motivating investors to put in heavy capital in the market for research and development activities.
In addition to this, the increasing access to new treatments in developing economies and the existence of strong distribution pipeline points towards a flourishing future of the global market for psoriasis treatment in the coming years of the given forecast period of 2016 to 2024.
High Prices of Biologics Hamper Market Growth
However, there are some factors that might impede the growth of the market and may stop it from reaching its full potential in the coming future. One of the key restraining factor for the growth of the global market for psoriasis treatment is the loss of response to the current therapies. It can turn out to be a major blow for market development in the coming years. Another important factor that may impede the overall growth of the market can be pointed as the high prices of the biologics. These high prices may hamper its uptake and thus, curtail the market development in some manner.
This review is based on the recent research report by Transparency Market Research titled, “Psoriasis Treatment Market (Product - TNF Inhibitors, Vitamin D Analogues or Combinations, and Interleukin Blockers; Therapy - Topical Therapeutic Drugs, Systemic Therapeutic Drugs, and Combinations; Distribution Channel - Hospital Pharmacy, Retail Pharmacy, and Online Sales) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”
Psoriasis Treatment Market, by Product
- TNF Inhibitors
- Vitamin D Analogues or Combinations
- Interleukin Blockers
Psoriasis Treatment Market, by Therapy
- Topical Therapeutic Drugs
- Systemic Therapeutic Drugs
Psoriasis Treatment Market, by Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
Psoriasis Treatment Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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