Psoriasis Market Overview
The global Psoriasis Market is estimated to grow at a CAGR of 11.53% during the forecast period 2019–2025. The market is projected to grow from $30.71m in 2018 to $65.11m by 2025. Psoriasis is an autoimmune caused due to an abnormal multiplication of skin cells. This leads to skin build up and form red patches covered with white scales. It usually grows on elbows, scalp, knees, lower back and parts of the body. Psoriasis can sometime be mistaken for koebner phenomenon which is very similar to psoriasis but is caused due to linear exposure, tattoo and others. In kids, Atopic dermatitis (eczema) often caused in children is also mistaken for symptoms of psoriasis.
- In the coming years, growing interest in Psoriasis drugs is due to the rising prevalence of the medical condition. The current lifestyle also adds to the cause.
- Product launch was a key sustainability strategy adopted by the market players to ensure the growth of Psoriasis Market.
- North America region dominated the Psoriasis Market for the year 2018.
Psoriasis Type - Segment Analysis
In 2018, Plaque Psoriasis segment dominated the Psoriasis Market in terms of revenue. Plaque Psoriasis is the most common form of psoriasis. Plaque psoriasis results in dry, elevated, red skin plaques concealed with white scales. The plaques that form turn out to be itchy or painful.
Drug Type - Segment Analysis
In 2018, Tumor Necrosis Factor (TNF) Inhibitors segment dominated the Psoriasis Market in terms of revenue. It is forecast to grow at a CAGR of 5.87% during the period under consideration. TNF Inhibitor is a prescription drug that reduces inflammation by suppressing the tumor necrosis factor that is responsible for inflammatory response. In the coming years, Interleukin Inhibitors is expected to dominate the market due to its less side effects and enhanced ingredients. Cyclosporine is a promising medication that decelerates skin cell growth and helps in reducing cell build up.
Route of Application - Segment Analysis
The Injectable route of application segment dominated the Psoriasis Market in 2018. TNF inhibitors are generally injected into the blood stream that aids the growth of the injectable route of application segment. Oral route of application is expected to be a fast growing segment in the coming years.
Geography - Segment Analysis
In 2018, the North America region occupied 42% of the global Psoriasis Market in terms of revenue. The World Health Organization recorded in 2016 that in the U.S., approximately 7.5 million diagnosed every year and there are about 150,000 new cases every year. APAC region is estimated to record the fastest growth rate during the forecast period.
Drivers – Psoriasis Market
- Growing Prevalence of The Condition
Psoriasis is a serious condition that affects 100 million individuals worldwide every year due to family history of the disease, low immunity, stress, smoking, obesity and other factors. The growth of the condition is said to aid the market’s overall growth.
Challenges – Psoriasis Market
- No Full Cure for Psoriasis
It is quite evident that there is no full cure for Psoriasis disease. The medications available in the market are only suppressors that reduces the urge to itch and eases symptoms. This fact has dissuaded patient’s interest and they find alternate methods in Ayurveda and other medical fields to cure the disease.
Psoriasis industry outlook
Product Launches along with mergers were the key strategies of the players in the Psoriasis Industry. Psoriasis top 10 companies include UCB, Novartis AG, Merck, Johnson & Johnson, Eli Lilly & Company, Celgene Corporation, Boehringer Ingelheim, AstraZeneca, Amgen Inc, AbbVie Inc.
Psoriasis Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Psoriasis Market. The assessment includes the forecast, an overview of the competitive structure, the psoriasis market share of the competitors, as well as the psoriasis market size market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This psoriasis market report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include psoriasis type, drug type, route of administration, and geographic analysis.