Global Psoriasis Treatment Market is projected to grow at a decent rate of 8.5% by 2026 - Improving the Quality of Care for People suffering from Psoriasis

Psoriasis is a complex, chronic, multifactorial, inflammatory disease that involves hyperproliferation of the keratinocytes in the epidermis, with an increase in the epidermal cell turnover rate. Currently, topical, systemic therapies, and phototherapy are available for treatment.

Growing Adoption of New Biologics Drugs for the Treatment of Plaque Psoriasis Drives the Global Psoriasis Treatment Market

Biologics drugs launched a new era of psoriasis treatment. These drugs are made from substances found in living things and target a specific part of the immune system. Recently, several biological drugs have been approved by the FDA to treat plaque psoriasis. For instance, in May 2022, Dermavant Sciences received US FDA approval for VTAMA (tapinarof) cream, 1%, an aryl hydrocarbon receptor agonist, indicated for the topical treatment of plaque psoriasis in adults.

Increase in Usage of Interleukins (IL) Inhibitors in Psoriasis Treatment Fuels the Market Demand

The preference for IL inhibitors over other classes of psoriasis drugs includes several factors such as improved safety and efficacy, more targeted mechanism of action, fewer warnings & side effects, faster onset of effect, and more durable responses. Recently, several drugs have been approved by the FDA for treatment. For instance, in January 2022, AbbVie received US FDA approval for SKYRIZI® (risankizumab-rzaa) for the treatment of adults with active psoriatic arthritis (PsA).

Rising Usage of Combination Therapies for Psoriasis Treatment Boosts the Psoriasis Treatment Market

Combination therapy is the most common way to treat psoriasis. It involves the combination of two drugs to achieve improved therapeutic results for patients who inadequately respond to a single drug. Moreover, combination therapy may reduce safety concerns and cumulative toxicity, as a lower dose of two single agents may offer a better safety and efficacy profile when used in combination. The wide range of combination therapies prescribed may reflect increased attention to individualization of treatment to match patients' diverse preferences.

Key Market Challenges: Psoriasis Treatment Market

The treatment used for psoriasis can be expensive, life-long, and often not financed by universal health coverage schemes. Lack of standard tools for the diagnosis and treatment, stringent regulatory policies, and adverse side effects associated with the existing medications are some of the key factors that are likely to hamper the growth of the psoriasis treatment market in the upcoming years.

North America Expected to Continue to Hold a Major Share in the Psoriasis Treatment Market

From a geographical perspective, North America holds a major share of the psoriasis treatment market. This can be mainly attributed to the growing prevalence of plaque psoriasis & psoriatic arthritis, the rising prescription volume of biological products, and growing awareness regarding the diagnosis and treatment of psoriasis in the region.

Competitive Landscape Analysis: Psoriasis Treatment Market

Some of the established players operating in the psoriasis treatment market are Eli Lilly & Company, Pfizer Inc., Novartis International AG, Amgen Inc., Biogen Inc., Abbvie Inc., AstraZeneca, among others.

Increasing Emphasis on Developing New Biological Products

Players operating in the global psoriasis treatment market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a higher market share.

For instance,

 In July 2022, Arcutis Biotherapeutics, Inc. received FDA approval for the new drug application (NDA) for ZORYVE (roflumilast) cream 0.3% for the treatment of plaque psoriasis, including intertriginous areas, in patients 12 years of age or older.

 In December 2021, AbbVie received FDA approval for RINVOQ® for the treatment of adults with active psoriatic arthritis (PsA).

The growing prevalence of psoriasis, increased demand for psoriasis medicines in emerging economies, growing approval of new biologics drugs for psoriasis treatment, increased activity for psoriasis research, a strong pipeline of drugs, and increased usage of combined therapies for psoriasis treatment are some of the key factors driving the global psoriasis treatment market.

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Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.