Psoriasis Treatment Market is Expected to Grow at a CAGR of 5.1% from 2016 to 2024
The alarming rise in the number of psoriasis patients is having the most prominent impact on the global market for psoriasis treatment. With the increasing FDA approval for novel drugs and therapies for psoriasis treatment, the market is likely to surge remarkably over the next few years. Apart from this, the presence of a strong product pipeline and the growing awareness regarding psoriasis and its treatment among people in emerging economies are also projected to propel this market in the near future.
According to Transparency Market Research (TMR), the global market for psoriasis treatment offered an opportunity worth US$7.8 bn in 2015. Researchers estimate this market to rise at a CAGR of 5.10% between 2016 and 2024 and reach US$12.1 bn by 2024.
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TNF Inhibitors Report Higher Demand
TNF Inhibitors, interleukin blockers, and vitamin D analogues or combination have emerged as the key products available in the worldwide market for psoriasis treatment. Driven by superior efficiency and safety, TNF inhibitors are reporting a higher demand than other products in this market. By 2024, the segment is expected to remain on top with an estimated share of more than 47% in the overall market. However, the introduction of biosimilars may limit this demand to some extent in the years to come.
Interleukin blockers, on the flip side, is projected to present a lucrative growth opportunity to market players over the coming years due to their augmenting usage and their ability to act selectively by targeting the proteins.
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Increasing Pool of Psoriasis Patients to Ensure North America’s Dominance
On the basis of geography, Latin America, North America, Europe, Middle East and Africa, and Asia Pacific are considered as the prime regional market for psoriasis treatment. North America has surfaced as the key contributor to this market and is likely to retain this position in the near future. The remarkable rise in the patient pool suffering from psoriasis is projected to boost this regional market over the coming years. The presence of well-established drugmakers is also expected to have positive influence on the North America market for psoriasis treatment in the years to come.
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Europe, although currently having a strong position in the overall market, is likely to experience a decline in the demand psoriasis treatment, following an intense competition from biosimilars over the next few years. Latin America and Asia Pacific, on the other hand, are anticipated to witness a significant rise in their respective markets over the next few years. The increasing awareness regarding psoriasis and its treatment among people in emerging economies, such as China and India, through various government and NGO campaigns is projected to stimulate the Asia Pacific market for psoriasis treatment considerably in the near future.
Biogen, LEO Pharma A/S, AbbVie Inc., AstraZeneca, Pfizer Inc., Johnson & Johnson, Merck & Co. Inc., Novartis AG, Eli Lilly & Co., and Amgen Inc. are some of the prominent players in the global market for psoriasis treatment.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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