Psoriasis Drugs Market to Surpass US$ 90.52 Billion by 2028, Says The Brainy Insights
NEWARK, N.J., March 10, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global psoriasis drugs market is anticipated to grow from USD 34.56 billion in 2020 to USD 90.52 billion by 2028, at a CAGR of 12.31% during the forecast period 2021-2028.
The awareness regarding the treatment, the increasing cases of psoriasis, and improved healthcare infrastructure are some of the factors fuelling the psoriasis drugs market.
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Psoriasis is not a contagious disease, it does not pass from person to person, but there are chances to happen in members of the same family. Psoriasis usually occurs in early adulthood and affects a few areas of the body. Sometimes in severe cases, it could cover a large area of the body. The few common symptoms are plaques of red skin. These are itchy and painful and covered with silver colour scales. They sometimes grow and can cover a large area of the body. They also sometimes crack and start bleeding. According to the National Psoriasis Foundation report, there are around 10% to 30% of people, who are suffering from psoriasis and then develop psoriatic arthritis.
In recent years with the advancement of technologies, the medicines which were one-drugs-fits-all solutions are now moving towards a tailored made plan, which is mostly possible because of the rise in availability of predictive biomarkers. This scenario is creating an opportunity for the psoriasis treatment market. Further, people who are suffering from psoriasis are now aware of the medicines and therapies available to cure it. Additionally, the improvement in the healthcare infrastructure allows people to take quality treatment in the area closest to them. These factors are driving the psoriasis drugs market.
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Some of the medications have severe side effects like retinoid creams, pills, lotions, and gels can cause side effects like birth defects, hence are not recommended to the pregnant women. Similarly, methotrexate can lead to bone marrow and liver-related diseases. The drugs that are taken to cure it may damage the kidney and raise blood pressure. Also, the high cost of psoriasis drugs is acting as a restraint for the market.
Key players for the global Psoriasis Drugs market include AbbVie Inc., Amgen Inc., Johnson & Johnson, Novartis AG, Eli Lilly & Company, AstraZeneca, Celgene Corporation, UCB, Merck, Boehringer Ingelheim, and LEO Pharma among others. The major players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global psoriasis drugs industry.
- In August 2019, Amgen announced that it had acquired the Otzela rights. This innovative therapy would strengthen the organization's portfolio and is likely to expand its market share around the world.
- In January 2020, Novartis announced the completion of the acquisition of The Medicines Company. This acquisition has increased the organization's product portfolio.
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Tumour Necrosis Factor Inhibitor accounted for the highest market value of USD 14.42 billion in 2020
The therapeutic class segment is divided into Tumor Necrosis Factor Inhibitor, Interleukin Inhibitors, and others. Tumour Necrosis Factor Inhibitor accounted for the highest market value of USD 14.42 billion in 2020. The Interleukin inhibitors are expected to grow at the highest CAGR in the forecasting period as it is safer to use and deliver a promising result.
The biologics account for USD 16.36 billion of market share in 2020
The treatment segment includes topicals, systemic, and biologics. The biologics accounted for USD 16.36 billion of market value in 2020. Topicals are also popular and are considered as the first line of treatment, and they can be combined with other therapies for better results.
Regional Segment Analysis of the Psoriasis Drugs Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East & Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the psoriasis drugs market include North America, Europe, South America, Asia Pacific, and the Middle East & Africa. North America region is accounted for the highest market value of USD 13.27 billion in 2020. This is because this region has established healthcare infrastructure and the prevalence of psoriasis. The Asia Pacific had the second-largest market value of USD 9.72 billion in 2020. The unmet clinical requirement is expected to propel this market in the region.
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About the report:
The global Psoriasis drugs market is analysed on the basis of value (USD Billion). All the segments have been analysed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining a key insight into the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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