Pune, India, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global psoriasis treatment market size was valued at USD 26.37 billion in 2022 and market is projected to reach USD 51.48 billion by 2030 recording CAGR of 8.8% during the forecast period. North America Takes the Helm in Global Share amid Escalating Incidence Rates, Rising Prevalence of Psoriasis to Accelerate Market Growth
Psoriasis refers to an autoimmune inflammatory disease that occurs due to the excess production of skin cells, resulting in an itchy and painful skin condition that causes inflammation, plaque formation, and red lesions. Many patients can also develop psoriatic arthritis, which is inflammation of the joints. Some of the factors contributing to the growth of the psoriasis treatment market include a strong rise in the geriatric population, growing introduction of biosimilar and biologic products, a rising prevalence of plaque and psoriatic arthritis, and favorable reimbursement policies.
Fortune Business Insights™ displays this information in a report titled, "Psoriasis Treatment Market, 2023-2030."
Request a Sample PDF : https://www.fortunebusinessinsights.com/enquiry/sample/psoriasis-treatment-market-100600
Key Industry Development:
- October 2021 - Sun Pharmaceutical Industries Ltd. announced the availability of ILUMYA in Canada to treat moderate-to-severe plaque psoriasis to strengthen its presence in the country.
Key Takeaways :
- Higher Demand for Psoriasis Treatment amid Pandemic Positively Impacted Market Growth
- Strong Emphasis on Development of Biologics by Key Players to Spur Market Growth
- Growing Prevalence of Psoriasis to Boost Treatment Demand
- Surge in Biological Therapy Approval to Augment Market Expansion
- High Medication Costs to Restrict Market Growth in Emerging Countries
List of Key Companies Profiled in the Report:
- AbbVie Inc. (U.S.)
- Novartis AG (Switzerland)
- Johnson & Johnson Services, Inc. (U.S.)
- Pfizer Inc. (U.S.)
- LEO Pharma A/S (Denmark)
- Merck & Co., Inc. (U.S.)
- Amgen Inc. (U.S.)
- Eli Lilly and Company (U.S.)
- Evelo Biosciences, Inc. (U.S.)
- UCB S.A. (Belgium)
- Sun Pharmaceutical Industries Ltd. (India)
COVID-19 Impact:
COVID-19 Positively Influenced Market Due to Rising Demand to Treat Psoriasis
The COVID-19 pandemic had a positive influence on market growth and recorded a high growth rate in 2020. This was due to factors such as higher demand for psoriasis treatment, a rise in key players’ profits, and increasing investments in research and development of novel medicines. Moreover, a few clinical studies found a link between psoriasis and COVID-19, further fueling the demand for psoriasis treatment during this period.
To know more about the short-term and long-term impact of COVID-19 on this market, please visit:
https://www.fortunebusinessinsights.com/industry-reports/psoriasis-treatment-market-100600
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2021 to 2028 CAGR | 8.8% |
| 2030 Value Projection | USD 51.48 Billion |
| Base Year | 2022 |
| Psoriasis Treatment Market Size in 2022 | USD 26.37 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 166 |
| Segments covered | By Drug Class, By Type, By Route of Administration, By Distribution Channel |
Drivers and Restraints:
Rising Prevalence of Psoriasis to Accelerate Market Growth
The rising prevalence of psoriasis is expected to accelerate market growth. The prevalence of psoriasis is rising across the world, boosting the demand for safe and effective treatment options to manage the symptoms of this ailment. Many medical studies have shown that a delay in the diagnosis of psoriatic arthritis, even by six months, can increase the risks of joint damage, erosions, and disability. This factor is anticipated to accelerate the development of effective psoriasis treatments, further fueling market growth.
However, the high costs of medicines may restrict psoriasis treatment market growth in emerging countries.
Segmentation:
Interleukin Inhibitors Segment Gearing Up for Exponential Growth, Fueled by Expansive Global Research Trials
Based on drug class, the market is segmented into TNF inhibitors, interleukin inhibitors, and others. The interleukin inhibitors segment is set for a higher CAGR due to ongoing global research trials evaluating their effectiveness in disease treatment.
Plaque Psoriasis Segment Leads Market with Innovative Treatment Offerings
Based on type, the market is segmented into plaque psoriasis, psoriatic arthritis, and others. The plaque psoriasis segment dominated the market as key companies in the market are introducing a wide range of innovative and novel psoriasis treatments.
Biologics Surge Propels Parenteral Segment to Market Dominance, Accelerating Growth
Based on route of administration, the market is categorized into oral, parenteral/systemic, and topical. The parenteral segment is anticipated to account for a dominant share of the market during the forecast period due to the growing adoption of biologics and an increase in their approval rate.
Retail Pharmacies Spearhead Growth with Expanding Networks
In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment held a dominant share of the global market in 2022 as the network of these pharmacies is rising in developing countries.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Quick Buy - Psoriasis Treatment Market Research Report:
https://www.fortunebusinessinsights.com/checkout-page/100600
Report Coverage:
The report analyzes the market in detail and highlights various critical aspects, such as leading drug class, distribution channel, and route of administration. It also provides information on the latest market trends and key industry developments. Apart from the abovementioned factors, the report analyzes many other factors that have contributed to the market’s growth in recent years.
Regional Insights:
North America Takes the Helm in Global Share amid Escalating Incidence Rates
North America is anticipated to dominate the global psoriasis treatment market share as the region is witnessing a worrying rise in the incidence of psoriasis, and governments are taking various initiatives to increase awareness about this ailment.
Europe held the second-largest share of the market due to the growing prevalence of this ailment, which has boosted the demand for therapeutic drugs.
Competitive Landscape:
Johnson & Johnson and AbbVie Inc. Maintain Market Dominance through Strategic Maneuvers
While the market’s competitive landscape is quite consolidated and competitive, Johnson & Johnson Services Inc. and AbbVie Inc. have held a dominant position in the global market for quite some time. This is due to their vast network of distribution channels, rising focus on strategic partnerships and mergers to cement their market positions, and robust product portfolios.
Ask for Customization of this Report:
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Psoriasis, By Key Countries, 2022
- Key Industry Developments
- Pipeline Analysis For Key Companies
- Regulatory & Reimbursement Scenario – U.S., Europe & Japan
- Impact of Covid-19 on the Market
- Global Psoriasis Treatment Market Analysis, Insights and Forecast, 2019-2030
- 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/Systemic
- 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
- Market Analysis, Insights and Forecast – By Drug Class
- North America Psoriasis Treatment Market Analysis, Insights and Forecast, 2019-2030
- 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/Systemic
- Topical
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Type
- Canada
- By Type
- U.S.
- Market Analysis, Insights and Forecast – By Drug Class
- Europe Psoriasis Treatment Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Drug Class
- TNF Inhibitors
- Interleukins
- Others
- Market Analysis, Insights and Forecast – By Type
- Plaque Psoriasis
- Psoriatic Arthritis
- Others
- Others Market Analysis, Insights and Forecast – By Route of Administration
- Oral
- Parenteral/Systemic
- Topical
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany
- By Type
- U.K.
- By Type
- France
- By Type
- Italy
- By Type
- Spain
- By Type
- Scandinavia
- By Type
- Rest of Europe
- By Type
- Germany
- Market Analysis, Insights and Forecast – By Drug Class
Toc Continue…
FAQs :
How big is the psoriasis treatment market?
- The global psoriasis treatment market size was valued at USD 26.37 billion in 2022 and market is projected to reach USD 51.48 billion by 2030 recording CAGR of 8.8% during the forecast period.
What are the top psoriasis companies?
- AbbVie Inc. (U.S.), Novartis AG (Switzerland), Johnson & Johnson Services Inc.(U.S.), Pfizer Inc. (U.S.), LEO Pharma A/S (Denmark), Merck & Co. Inc. (U.S.), Amgen Inc. (U.S.), Eli Lilly and Company (U.S.), Evelo Biosciences Inc. (U.S.), UCB S.A. (Belgium), Sun Pharmaceutical Industries Ltd. (India)
Related Reports:
Diabetic Foot Ulcer Treatment Market Size, Share, Revenue Forecast and Opportunities
Continuous Renal Replacement Therapy Market Overview, Industry Share and Forecast
Flow Cytometry Market Analysis, Global Size and Industry Share Forecast
Disposable Medical Gloves Market Overview, Industry Share and Forecast
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Attachment
