(PharmaNewsWire.Com, August 03, 2018 ) According to the report Global Psoriasis Drugs Market is expected to reach USD 12.45 billion by 2023 from USD 8.75 billion in 2018, growing at a CAGR of 7.30 % during the forecast period 2018-2023.
Psoriasis is a chronic skin condition. It causes cells to build up quickly on your skin’s surface. This leads to raised patches of skin that develop silver scales. Psoriasis causes itchiness and irritation and may be painful. There is no cure for psoriasis, but treatment can ease symptoms. In its typical form, psoriasis results in patches of thick, red (inflamed) skin covered with silvery scales. They most often occur on the elbows, knees, other parts of the legs, scalp, lower back, face, palms, and soles of the feet, but they can occur on skin anywhere on the body. The disease may also affect the fingernails, the toenails, and the soft tissues of the genitals, and inside the mouth.
Psoriasis Drugs Market: Drivers & Restraints The growth of Psoriasis Drugs market is majorly driven by factors such as rising healthcare expenditure, boost in psoriasis Research and Development investment, introduction of novel and more efficient drug, and increasing demand of psoriasis medicines in emerging economies. Additionally, psoriasis requires long term treatment as it can reoccur after the first line treatment, thereby increasing sales revenue. Also, with the availability of better diagnostic devices will result in building confidence in people, thereby resulting in increasing treatment-seeking population. People seeking treatment for Psoriasis are also showing interest in combination therapies. The key restraints of the market are high cost involved in drug development, patent expiry of brand name drugs, increasing availability of generic products, side effects from the systemic and biologics medication (high blood pressure, liver and kidney damage, infection, and cancer of the lymph nodes), lack of access to healthcare, health insurance issues, and low efficacy of the product.
Psoriasis Drugs Market: Segmentation By Drug type • Pharmaceuticals • Biopharmaceuticals . By Route of Administration • Topical • Systemic o Oral o Intravenous o Others. By Target • Tumour Necrosis Factor (TNF) • Phosphodiesterase Type 4 (PDE4) • Interleukin • Others.
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Psoriasis Drugs Market: Overview The report details several factors driving and restraining the market. Some of these are discussed below. There is a huge competition in drugs for psoriasis. Amgen biosimilar matches AbbVie's Humira in psoriasis trial. Humira, one of the leading drugs in psoriasis, earns almost two-thirds of the revenue for AbbVie.
Psoriasis affects between 1% and 5% of the global population. About 30% of people with psoriasis have a family history of the condition, and certain genes have been linked to psoriasis. According to the Arthritis Foundation, the prevalence of psoriatic arthritis in patients suffering from psoriasis is approximately between 7% and 48%. Genetic factors explain that 40% of the psoriatic arthritis patients have a family history of skin and joint diseases.
Psoriasis Drugs Market: Region-wise Outlook From a regional perspective, the North America market for Psoriasis Drugs is predicted to experience a high growth throughout the forecast period. This segment is expected to be followed by Europe in the near future. The rapid growth of these two regions can be ascribed to the growing awareness among consumers regarding the availability of effective therapeutics in the next few years. In addition to this, the advancements in technology and the favorable government policies and initiatives are projected to bolster Psoriasis Drugs Market in North America and Europe in the near future.
Furthermore, the development of the healthcare infrastructure in emerging economies is considered to generate promising development prospects for the market players in Asia Pacific. The increasing contribution from China, India, and Japan and the rising investments for research and development activities are projected to encourage the growth of the Psoriasis Drugs Market in Asia Pacific in the near future.
Key Questions Answered • What is the competitive landscape and market share of major players in the North America region? • What are the key, high growth markets that Psoriasis Drugs manufacturers should expand into? Which market segments are growing the fastest? • What are the unmet needs with the Psoriasis Drugs currently on the market? How will emerging technologies fulfil these unmet needs? • What is physician perception and market outlook of Psoriasis Drugs systems? • What are the challenges and barriers that have hindered widespread adoption of Psoriasis Drugs drugs?
Psoriasis Drugs Market: Key Players The major companies dominating the global Psoriasis Drugs market are Johnson & Johnson (USA), Novartis International AG (Switzerland), Pfizer Inc (USA), Merck and Co. Inc (USA), Celgene Corporation (USA), Janssen Biotech Inc (USA), Stiefel Laboratories Inc (USA), Takeda Pharmaceutical Company Limited (Japan), Amgen (USA), and AbbVie (USA). Reasons to buy Psoriasis Drugs Market Report: • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering • Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics • Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses • A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies • Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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