Psoriasis Drugs Market Expected to Be Valued CAGR 7.1% by 2018-2028
The growth of the psoriasis drugs market is attributed to the growing use of topical corticosteroids products and psoriasis treatment across the globe. According to a latest research by the company, the global corticosteroid psoriasis drugs treatment market is expected to account for over US$ 6,509 Mn in terms of value by 2028 end. The report projects that the psoriasis drugs treatment market will witness significant growth with average year-on-year growth rate pegged at 7.1% through 2028. The report lists out the key points being considered by the manufacturers of psoriasis drugs to emerge and gain profit in the long run in psoriasis drugs market. The North America psoriasis drugs market is expected to expand at significant CAGR and to be the dominant revenue-generating psoriasis drugs market due to large presence of dermatology clinics and facilities. Europe is also expected to be one of the leading regional markets for psoriasis drugs as most of the major academic research institutes are located in the region.
Psoriasis Drugs Market: Analysis
Combination therapeutics and product innovations and are factors expected to drive the need for easy and non-invasive treatment for patients undergoing psoriasis treatment and thus, will lead to greater product penetration in the psoriasis drugs treatment market. In this regard, the National Psoriasis Foundation reported that in 2016, around 1,200 patients in the U.S. opted for new combinational therapies. The use of psoriasis drugs in combination with other therapies for treating psoriasis is far more effective in the long run. To minimize side effects associated with psoriasis drugs, such as hypertension, swelling, rashes, and inflammatory bowel disease caused by traditional drugs, physicians often suggest the use of combination therapies along with psoriasis drugs. Using the treatment has a positive impact on the patient. This factor is expected to fuel the demand for psoriasis drugs used in combination and consequently boost the growth of the psoriasis drugs market.
Plaque psoriasis is the first most prominent type of segment in the global psoriasis drugs market. Approximately 90% of psoriasis types are chronic plaque psoriasis, which are characterized by red patches covered with a whitish buildup of dead cells, and are well-demarcated, thick, often symmetrically distributed scaly red plaques. Although the plaques can affect any part of the skin, they are majorly found on the surface of the elbows, knees and scalp. According to the WHO, 92% patients with psoriasis suffer from severe scaling of skin, especially found in plaque psoriasis.
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The global psoriasis drugs market is segmented based on product type, drug class, disease indication, and distribution channel. Based on product type, the psoriasis drugs market has been segmented into topical, oral, and injectable. The topical product type segment in psoriasis drugs market is expected to be the dominant segment holding maximum share in the global psoriasis drugs market as they are mostly preferred by the patients. Topical psoriasis drugs are applied to the skin in an easy way and are generally the first line of defense in treating psoriasis. Topicals normalize excessive cell reproduction and reduce psoriasis inflammation. Topicals are lotions, creams, gels, ointments and shampoos. Patients with mild psoriasis are able to tackle their skin complaint with topical treatment. Moderate to severe psoriasis mainly needs additional therapy or oral psoriasis drugs.
Based on distribution channel, the psoriasis drugs market has been segmented into retail pharmacies, hospital pharmacies and e-commerce. In terms of revenue, the retail pharmacies segment dominated the global psoriasis drugs market in 2017 and is projected to continue to do so throughout the forecast period. The retail pharmacies segment in psoriasis drugs market is expected to hold a large share in the psoriasis drugs treatment market.
In terms of revenue, the drug class segment in the global psoriasis drugs market is expected to hold significant share over the forecast period. Besides, the segment is expected to exhibit large investment opportunities for companies operating in psoriasis drugs market throughout the forecast period.
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Examples of some of the key companies operating in the psoriasis drugs market are Merck & Co, Inc., Amgen Inc., Pfizer Inc., Novartis International Ltd, Janssen Biotech Inc.,Abb Vie Inc., Sun Pharmaceutical Industries LTD., Eli Lilly & Company, and Boehringer Ingelheim GmbH, among others.