Rapid adoption of advanced technology and increasing research & development activities are spurring sales
Rapid adoption of advanced technology and increasing research & development activities are spurring sales
Fact.MR, Rockville MD: Fact.MR’s research study on the palmoplantar pustulosis market examines growth trajectory exhibited by the market during 2020-2030. According to the study, the market is expected to have a steady growth, which is attributable to the factors such as increasing incidence of chronic diseases, rising cases of drug addiction, and lack of proper lifestyle.
Increasing government initiatives aimed at encouraging research and development of novel drugs are expected to propel the demand in the market. Low availability of proper treatment for PPP is providing growth opportunities for the manufacturers. Increasing adoption of advanced technologies to find the proper treatment for PPP has escalated the demand in North America followed by Europe, bolstering the growth.
Some of the leading players are entering into collaborative tie-ups to bolster their research initiatives. For instance, in 2019, a leading manufacturer Novartis AG signed a collaborative agreement with Microsoft using Artificial Intelligence for drug development procedure. This agreement aided the company to develop novel drugs by using several software that allowed designing drug to offer an effective treatment approach. Therefore such strategic collaborations are expected to bode well for the market.
“Increasing research and development activities by private and public organization to develop new drug and proper treatment for acute GPP and PPP is accelerating the growth of the market,” says the Fact.MR analyst.
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Key Takeaways
- Growing research activities and rapid adoption of advanced technology to propel the demand in U.S.
- UK and Italy expected to lead the European palmoplantar pustulosis market through 2021
- Rising cases of skin disease and favorable reimbursement policies for biological therapies to aid the sales of PPP in China
- India and Brazil expected to emerge as potential market owing to the rising prevalence of infectious and chronic disease
- Based on medication, light treatment segment expected to prevail over steroids and other drug type
- Topical and Oral route of administration is expected to be the most preferred over injection routes
Prominent Drivers
- Rising cases of skin infection and blisters among adults is a key driver for the growth of the market
- Development of noble biologics and immunomodulatory therapies for successful treatment of PPP to bolster the growth
- R&D activities for novel drugs and government initiatives to increase the awareness about PPP is boosting the demand
Key Restraints
- Lack of cure for palmoplantar pustulosis and high cost for the treatment is likely to limit the growth of the market
- Physical discomfort and functional disability caused by the treatment may hamper the growth of market
Discover more about the Palmoplantar pustulosis market with figures, data tables and the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/5268/palmoplantar-pustulosis-market
Competitive Landscape
Fact.MR has profiled some of the key players for global Palmoplantar pustulosis market that includes GlaxoSmithKline PLC., Aristea Therapeutics, Inc., AnaptysBio, Inc., Pfizer Inc., AstraZeneca, ALLERGAN, Novartis AG, Almirall, LLC, Merck Sharp & Dohme Corp., Sandoz International GmbH and Sanofi among others. Key players are focusing on R&D activities to develop the vaccine and collaborations with other players as their key strategies.
For instance, in October 2020, Janssen Pharmaceuticals Inc., obtained positive data regarding for TREMFYA in order to treat palmoplantar pustulosis in adults.
Also, in 2020, Anaptysbio announced the launch of Orphan Drug Designation of Imsidolimab for treatment of generalized pustular psoriasis.
More Insights on the Palmoplantar pustulosis Market
Fact.MR offers a detailed segmentation on global palmoplantar pustulosis market. In order to understand the scope of the market, drivers and challenges, the market is segmented on the basis of disease type (generalized pustular psoriasis (GPP), and localized pustular psoriasis (LPP)), medication (drug type, and light treatment), route of administration (oral, topical, and injection route), end-user (hospital, dermatology clinics, homecare and others), distribution channel (hospital pharmacies, pharmacy stores, online pharmacies, and others), and regions (North America, Latin America, South Asia, East Asia, Oceania and Middle East & Africa)
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Source: Fact.MR