Changing lifestyle, rising awareness about the condition, and advancements in genetic medicine have resulted in boosting the Psoriasis Drugs market.
Changing lifestyle, rising awareness about the condition, and advancements in genetic medicine have resulted in boosting the Psoriasis Drugs market.
The global psoriasis drugs market is forecast to reach USD 42.12 Billion by 2028, according to a new report by Reports and Data. Psoriasis can be defined as a skin condition, which accelerates the life cycle of skin cells. It results in cells to develop on the surface. It is usually considered to be a chronic condition. The condition has an unpredictable course of symptoms, significant comorbidities, and various external triggers impacting the condition that includes metabolic syndrome, arthritis, and cardiovascular diseases, among others. The immune system is considered to play an integral role in the condition. The condition also affects nails apart from skin. When a particular area on the skin is affected by the disease, the skin lesion is usually localized, which are sharply demarcated by plaques and red papules that are covered by silver or white scales. These lesions are generally symmetrical and cause stinging, itching, and pain. Herein the main aim of the treatment is to prevent the skin cells from growing quickly. There is no cure to the disease; however, these drugs help in managing the symptoms.
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In context to region, Europe can be seen to occupy a prominent market share. The market share held by the region is attributed to continuously developing healthcare sector, rising focus on management of not just the condition but comorbidities as well, which are supporting the market growth in this region.
Further key findings from the report suggest:
- The Psoriasis Drugs market held a market share of USD 16.21 Billion in the year 2018 that is forecasted to grow at a rate of 9.6% during the forecast period.
- In context to Treatment Type, the Biologics segment generated the highest revenue of USD 6.32 Billion in the year 2018, with a growth rate of 9.9% during the forecast period. The ability of these drugs to treat the condition by targeting particular areas of the immune system thereby treating the condition form the base, results in its high acceptance among care providers that contributes to the revenue generated by this segment.
- In context to Therapeutic Class, the Interleukin Inhibitors segment is projected to witness the fastest growth rate of 10.3% during the forecast period, which is expected to occupy 27.5% of the market by 2027. The growth rate witnessed by the segment is attributed to the significant role it plays in the pathogenesis of plaque psoriasis, one of the most common form of psoriasis, which results in its elevated demand among care providers.
- In context to distribution channel, it is mentionable here that the E-commerce segment is projected to witness the fastest growth rate of 11.6% during the forecast period, which is expected to generate USD 7.80 Billion by 2027. The growth rate witnessed by the segment is resultant of continuous growth in the online medicine store and associated upsurge in online medicine shopping culture.
- In context to Application, the Plaque Psoriasis segment held the largest market share of 53.0% in 2018, with a CAGR of 9.7% during the forecast period. The high occurrence rate of the condition and associated increased demand for drugs and medications for treating the disease contributes to the market share occupied by this segment.
- In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 10.3% during the forecast, which is expected to hold 4% of the market by 2027. The growth rate witnessed by the region is resultant of rising awareness about the importance of early diagnosis of the condition and unmet healthcare needs of care users that are opening new avenues for the market in this region.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Amgen, Inc., AbbVie Inc., Novartis AG, Johnson & Johnson, AstraZeneca, Eli Lilly and Company, UCB, Celgene Corporation, Merck, and Sun Pharmaceutical Industries Ltd.
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Psoriasis Drugs Market Segmentation:
Treatment Type Outlook (Revenue, USD Billion; 2018-2028)
- Topicals
- Systemic
- Biologics
Therapeutic Class Outlook (Revenue, USD Billion; 2018-2028)
- Tumor Necrosis Factor Inhibitor
- Interleukin Inhibitors
- Anti-Inflammatory
- Corticosteroids
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals and Clinics
- E-commerce
- Retail Pharmacies
Application Outlook (Revenue, USD Billion; 2018-2028)
- Plaque Psoriasis
- Guttate Psoriasis
- Nail Psoriasis
- Erythrodermic Psoriasis
- Pustular Psoriasis
- Intertriginous psoriasis
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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