Pune, July 09, 2020 (GLOBE NEWSWIRE) -- The global psoriasis treatment market size is projected to reach USD 40.58 billion by the end of 2027. Increasing focus on development of biologics for psoriasis treatment will aid the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Psoriasis Treatment Market Size, Share & Covid-19 Impact Analysis, By Drug Class (TNF inhibitors, Interleukins, and Others), By Type (Plaque Psoriasis, Psoriatic Arthritis, and Others), By Route of Administration (Oral, Parenteral/Systemic, and Topical) By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027,” the market was worth USD 20.09 billion in 2019 and will exhibit a CAGR of 9.2% during the forecast period, 2020-2027.
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Psoriasis is a medical condition that directly affects the human skin. The condition is a long term disease that currently has very few or no treatment options. The severity of the disease and inadequate treatment methods will lead to a high emphasis on early detection and treatment of the disease across the world. The increasing research and development activities and high investments in these activities will create several growth opportunities for the companies operating in the market.
The symptoms of psoriasis include red patches, itchiness, rashes, and irritation. The increasing medical activities associated with the condition and the growing emphasis on the development of efficient treatment options will emerge in favor of the growth of the overall psoriasis treatment market in the foreseeable future.
Market to Remain Unaffected by Ongoing Covid-19 Pandemic
The recent coronavirus outbreak has questioned the performance of various business sectors across the world. Several debates are being conducted; with regard to the effect of the outbreak and predictions are being set out at a rapid pace. Despite the severity of the pandemic, it is unlikely that this outbreak will restrict the performance of the companies in the psoriasis treatment market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Increasing Number of Regulatory Approvals will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall psoriasis treatment market in recent years. Among all factors, the increasing number of regulatory usage approvals by leading organizations such as the Food and Drug Administration has had the highest impact on the growth of the market. The report highlights a few of the major FDA approvals of recent times and discusses their impact on the growth of the overall market.
In April 2019, Ortho Dermatologics announced that it has received approval from the FDA for a lotion in treatment of patients suffering from psoriasis. The company received approval for use of ‘Duobrii’ for treatment of plaque psoriasis. The product will be used in adults suffering from plaque psoriasis. Several efforts are being made for the development of newer products, in tandem with Duobrii for the treatment of other serious psoriasis conditions.
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North America to Emerge Dominant; Increasing Prevalence of Psoriasis will Aid Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing prevalence of psoriasis and several conditions associated with this disease.
The growing demand for novel treatment options for this disease will aid the growth of the regional market. As of 2019, the market in North America was worth 8.48 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific is projected to exhibit the highest CAGR in the coming years driven by the presence of several large scale companies in several countries across this region.
List of the Leading Companies Operating in the Psoriasis Treatment Market are:
- AbbVie Inc. (Illinois, United States)
- Novartis AG (Basel, Switzerland)
- Johnson & Johnson Services, Inc. (New Jersey, United States)
- Pfizer Inc., (New York, United States)
- LEO Pharma A/S (Ballerup, Denmark)
- Merck & Co., Inc. (New Jersey, United States)
- Amgen Inc. (California, United States)
- Eli Lilly and Company (Indiana, United States)
- CELGENE CORPORATION (New Jersey, United States)
- UCB S.A. (Brussels, Belgium)
- Sun Pharmaceutical Industries Ltd. (Mumbai, India)
- Other prominent players
Industry Developments:
May 2019 –Mayne Pharma Group Limited announced that it has received FDA approval for the use of SORILUX Foam for the treatment of plaque psoriasis. The product is used in treatment of psoriasis of the body & scalp in patients aged 12 years and older.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Psoriasis and Psoriatic Arthritis for Key Countries/Region
- Recent Industry Developments Such as Partnerships, Mergers & Acquisitions, New Product Launches Etc.
- Pipeline Analysis for Key Companies
- Regulatory Framework by Key Countries
- Global Reimbursement Scenario
- Global Psoriasis Treatment Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drug Class
- TNF Inhibitors
- Interleukins
- Others
- Market Analysis, Insights and Forecast – By Type
- Plaque Psoriasis
- Psoriatic Arthritis
- Others
- Market Analysis, Insights and Forecast – By Route of Administration
- Oral
- Parenteral
- Topical
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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