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Global psoriasis drugs market to reach $10.8 billion by 2021

Global psoriasis drugs market to reach $10.8 billion by 2021

The Global Psoriasis Drugs Market is expected to reach USD 10.8 billion by 2021 from USD 7.6 billion in 2016, growing at a CAGR of 7.30 % during the forecast period 2016-2021.

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Psoriasis is noncommunicable, inflammatory skin condition that alter the life cycle of skin cells by speeding up the cell building process on the surface of the skin. Rapid development of cells produces thick, silver scales, and makes the skin red, dry, flaky, and itchy.

The various types of psoriasis are vulgaris, guttate, inverse, pustular, palmoplantar, erythrodermic, nail, and scalp psoriasis.

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According to International Federation of Psoriasis Association, approximately 3% or more than 125 million of the world’s population are living with psoriasis.

Additionally, approximately 10% of the population have severe form of psoriasis, among diagnosed population, and 90% of the people fall under moderate to mild category of psoriasis. Currently, no permanent cure is available for the disease, however preventative measures can be adopted to slow down the growth of cells on the surface of the skin.

Psoriasis can be treated either with pharmaceuticals or biopharmaceuticals therapies through topical and systemic process. These medications when administered, either by applying on the skin, or consumed orally, or through injections, specifically block parts of immune system process by targeting Tumour Necrosis Factor, Phosphodiesterase Type 4, Interleukin, among others.

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.

A combination therapy of Topical and Systemic (Alefacept, etanercept, and others taken with methotrexate) have shown better results in patient. Expected entry of late-stage pipeline products (Xeljanz and the biosimilar adalimumab by Pfizer) are anticipated to accelerate the growth of the product.

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.

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The global Psoriasis Drugs Market is segmented on the basis of Drug Type, Route of Administration, and Target. Based on Drug Type, the market is classified into Pharmaceuticals and Biopharmaceuticals.

On the basis of Route of Administration, the market is classified into Topical and Systemic (Oral, Intravenous, and Others). On the basis of Target, the market is classified into Tumour Necrosis Factor (TNF), Phosphodiesterase Type 4 (PDE4), Interleukin, and Others

The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Middle-East and Africa. North America is expected to command the major market share of 41% in 2016 followed by Europe.

Asia Pacific is anticipated to be the fastest growing region for the product with a CAGR of 8.24% during the forecast period 2016-2021.

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).

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