Major players in the psoriasis drugs market are AbbVie Inc. , Pfizer Inc. , Novartis, Eli Lilly and Company and Celgene Corporation. The global psoriasis market is expected to grow from $15. 06 billion in 2020 to $15.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Psoriasis Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067846/?utm_source=GNW
86 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $21.97 billion in 2025 at a CAGR of 8.5%.
The psoriasis drugs market consists of sales of psoriasis drugs.Psoriasis is a persistent skin disorder which causes distress and pain through patches of abnormal skin.
Psoriasis can be caused due to injuries to skin, medications, genetics, infection, diet, weather, etc.The drugs vary depending on the severity of the infection and provide relief from infections.
Examples of drugs in the psoriasis market include clobetasol (Temovate), triamcinolone (Aristocort), fluocinolone (Synalar), and betamethasone (Diprolene).
The process of approval of psoriasis drugs is becoming easier globally.This is evident from the increasing approvals of drugs for psoriasis in the recent years.
Some of the examples include the first regulatory approval of SKYRIZI™ (risankizumab) for the treatment of plaque psoriasis in Japan in 2019, and the approval of a new treatment for plaque psoriasis in Europe in 2018. Hence, the increasing ease of drug approvals is expected to drive the psoriasis drugs market in the coming years.
The high cost of psoriasis therapy is a restraint for the psoriasis market.According to a study conducted by JAMA Dermatology in 2019, the typical psoriasis treatments with biologics are very costly, ranging between $10,000 and $25,000 per year.
The high cost is because patent protections are preventing many alternative drugs.
Combination therapy is an emerging trend in the psoriasis market.Combination therapy is an f treatment that combines two different psoriasis treatments at the same time.
When two drugs with different mechanisms of action are combined (combination therapy), the effect is greater than that obtained by monotherapy (treatment with a single drug).Studies suggest that combination therapy eases psoriasis symptoms more effectively than a single therapy and has lesser side effects.
An example of combination therapy for the treatment of active psoriatic arthritis (PsA) is taltz (ixekizumab) with methotrexate developed by Eli Lilly and Company.
The rise in the prevalence of psoriasis patients is driving the Psoriasis market.Psoriasis is caused due to immune system, genetics and environment.
The rise in psoriasis patients in the past few years can be mainly attributed to climate change, stress and unhealthy lifestyle. According to the World Psoriasis Day consortium, 125 million people globally - 2 to 3 percent of the total population have psoriasis .
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