Wilmington, Delaware, United States, July 03, 2023 (GLOBE NEWSWIRE) -- The global psoriasis treatment market is estimated to flourish at a CAGR of 8.7% from 2022 to 2031. According to Transparency Market Research, sales of Psoriasis Treatment are slated to total US$ 44 billion by the end of the aforementioned period of assessment.
With advancements in genetic research, understanding the genetic basis of psoriasis has become crucial. Identifying specific genetic markers can help predict the severity of the condition and aid in developing personalized treatment options. While biologic drugs have already made their mark in psoriasis treatment, ongoing research is focusing on developing newer biologic therapies with improved efficacy and safety profiles. Novel biologics targeting specific pathways and molecules hold promise for better disease management.
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The rise of telemedicine and digital health platforms has opened up new avenues for remote patient monitoring, consultation, and treatment adherence. These technologies provide convenience, accessibility, and personalized care options for patients, particularly those in underserved areas.
Combining different treatment modalities, such as topical treatments, phototherapy, systemic medications, and biologics, can offer synergistic effects and improved outcomes. The development of combination therapies tailored to individual patient needs presents significant opportunities for enhanced efficacy and reduced side effects.
Precision medicine approaches are gaining traction in the psoriasis treatment landscape. Biomarker identification, genetic profiling, and advanced diagnostic tools enable customized treatment plans based on a patient's unique characteristics, leading to optimized outcomes.
Key Findings of the Market Report
- Among the mentioned drug classes, Interleukin Inhibitors have emerged as the most dominating segment in the psoriasis treatment market due to their high efficacy and targeted approach in managing the disease.
- Among the three segments, topical treatments are the most dominating in the psoriasis treatment market, providing convenience, targeted application, and effective management of localized psoriasis symptoms.
- Among the distribution channels in the psoriasis treatment market, retail pharmacies are the most dominating segment. They provide convenient access to medications, offer a wide range of treatment options, and serve a larger patient population compared to hospital pharmacies or other channels.
Psoriasis Treatment Market Growth Drivers & Trends
- The growing prevalence of psoriasis worldwide is a significant growth driver for the treatment market. Improved diagnostic capabilities, increased awareness among patients and healthcare providers, and better understanding of the disease contribute to the rising demand for effective treatments.
- Biologic treatments have brought about a transformative change in the way psoriasis is managed. Ongoing research and development efforts focus on introducing novel biologics with improved efficacy and safety profiles. The introduction of biosimilars also enhances treatment accessibility and affordability, further driving market growth.
- The shift towards personalized medicine and precision therapies is a significant trend in the psoriasis treatment market. Advancements in genetic profiling, biomarker identification and diagnostic tools enable tailored treatment approaches based on individual patient characteristics. Precision therapies enhance treatment outcomes, minimize side effects, and improve patient satisfaction.
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Global Psoriasis Treatment Market: Regional Profile
- North America holds a significant share in the global psoriasis treatment market. The region's well-developed healthcare infrastructure, high awareness about psoriasis, and robust research activities contribute to market growth. The United States dominates the North American market, driven by the presence of major pharmaceutical companies, strong reimbursement policies, and a large patient population.
- Europe is a prominent region in the psoriasis treatment market. Countries like Germany, the United Kingdom, and France have advanced healthcare systems and extensive research initiatives. The European market is characterized by the adoption of biologics, phototherapy, and topical treatments. Government support, favorable reimbursement policies, and active patient advocacy groups contribute to the growth of the market in this region.
- The Asia Pacific region is witnessing rapid growth in the psoriasis treatment market. Increasing awareness, rising healthcare expenditure, and improving healthcare infrastructure are driving market expansion. Countries like China and India have a large patient pool, creating significant opportunities for market players. Additionally, the market is witnessing a shift towards biologic therapies and the adoption of advanced treatment options in developed economies like Japan, South Korea, and Australia.
Psoriasis Treatment Market: Competitive Landscape
The competitive landscape of the psoriasis treatment market is characterized by the presence of several key players striving for market dominance. Pharmaceutical companies such as Johnson & Johnson, AbbVie Inc., Novartis AG, and Eli Lilly and Company are leading the market with their established biologic therapies.
Emerging companies are also making their mark by focusing on novel drug development, technological advancements, and strategic collaborations. The intense competition drives innovation, leading to a dynamic and evolving market with a wide range of treatment options for psoriasis patients. Some prominent manufacturers are as follows:
- Amgen, Inc.
- Eli Lilly and Company
- Novartis AG
- Merck & Co., Inc.
- Johnson & Johnson
- Pfizer, Inc.
- AstraZeneca plc
- AbbVie, Inc.
- LEO Pharma A/S
- Biogen, Inc.
Some important developments with regard to psoriasis treatment are as follows:
- In May 2023, Amgen presented new research on Otezla® for psoriatic arthritis, including the Phase 4 MOSAIC study and an analysis of cardiometabolic risk factors at the 2023 EULAR Congress in Milan, Italy.
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Psoriasis Treatment Market: Key Segments
Drug Class
- TNF Inhibitors
- Interleukin Inhibitors
- Vitamin D Analogs
- Corticosteroids
- Others
Route of Administration
- Oral
- Parenteral
- Topical
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Others
Region
- North America
- Latin America
- Europe
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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