According to the latest market report published by Acute Market Reports “Psoriasis Treatment Market - Growth, Future Prospects, and Competitive Analysis, 2023 - 2030,” the global Psoriasis Treatment market is expected to reach US$ 16.25 Bn by 2030, expanding at a CAGR of 5.4% from 2023 to 2030.
Browse the full report Psoriasis Treatment Market at https://www.acutemarketreports.com/report/psoriasis-treatment-market
Market Insights
Psoriasis is a chronic, inflammatory, painful skin disease for which there is no cure with great negative impact on patient’s quality of life. Primary goal of treatment is to reduce inflammation and to stop the skin cells from growing so quickly. Psoriasis treatment market is rapidly growing due to factors such as growing prevalence in some countries, significant unmet needs, promising pipeline molecules would drive the growth of psoriasis market worldwide. For the purpose of study, global psoriasis treatment market is segmented on the basis of drug class such as TNF Inhibitors, Vitamin D analogues, interleukin blockers and other psoriasis medications. It is observed that, in the base year 2016, interleukin blockers is major revenue contributing segment due to its long-term safety with lower risk of infection and malignancy, furthermore newly approved Siliq (brodalumab) and Tremfya (Guselkumab) expected to drive significant market growth during forecast period. Psoriasis treatment market is categorized on the basis of type such plaque, guttate, flexural or inverse, psoriatic arthritis and others type, however it is observed that plaque psoriasis is major revenue generating segment because it affects more than 70% of psoriasis patients. Psoriasis treatment market is currently dominated by North America, factors such as higher cost of therapy, higher number of psoriasis patient, government reimbursement policies fueling the growth of psoriasis treatment market in North America. However, developing economic condition and rising healthcare awareness would drive the market growth during forecast period.
Market Competition Assessment:
The psoriasis treatment market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as AbbVie Inc., Amgen Inc., AstraZeneca, Biogen, Boehringer Ingelheim, Celgene, Eli Lilly and Company, Johnson & Johnson, LEO Pharma A/S, Merck & Co., Inc., Novartis AG, Pfizer, Inc., Stiefel Laboratories Inc. (GlaxoSmithKline plc.), Sun Pharmaceutical Industries and other.
Key Market Movements:
- Factors such as higher prevalence psoriasis disease, increasing treatment awareness, higher treatment compliance and favorable reimbursement policies in some countries are driving the market growth of psoriasis treatment worldwide.
- Due to the high unmet needs, vendors in the market are focusing in development of ideal treatment, promising pipeline molecule, rising access for the treatment medication in some developing countries, increase in incidence of psoriasis and skin disorders would fuel the growth of psoriasis treatment market during forecast period.
- However, patent expiry of blockbuster drugs leads to generic erosion and adverse effects associated with the use of medication which would negatively impact the growth of psoriasis treatment market.
