Psoriasis Global Market Report 2023
Major players in the psoriasis market are AbbVie Inc., Pfizer Inc., Novartis, Eli Lilly and Company, Celgene Corporation, Johnson & Johnson, Amgen Inc., Boehringer Ingelheim GmbH, Merck & Co Inc. and Janssen Biotech.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Psoriasis Global Market Report 2023" - https://www.reportlinker.com/p06245013/?utm_source=GNW
The global psoriasis market will grow from $20.31 billion in 2022 to $22.80 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The psoriasis market is expected to grow to $34.50 billion in 2027 at a CAGR of 10.9%.
The psoriasis market consists of sales of Methotrexate, Ciclosporin, and Acitretin.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Psoriasis refers to a skin condition that typically affects the knees, elbows, trunk, and scalp and results with a rash with itchy, scaly spots. The primary contributing factor may be an immune system issue wherein infection-fighting cells unintentionally kill healthy skin cells.
North America is the largest region in the psoriasis market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the psoriasis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main classes of drugs in psoriasis are interleukin inhibitors, corticosteroids, anti-inflammatory, and tumor necrosis factor inhibitors.Corticosteroids are a group of steroid hormones generated by vertebrates’ adrenal cortex and are also synthetic equivalents of these hormones.
The different types of drugs include small molecules and biologics and involve various disease indications such as plaque psoriasis, nail psoriasis, guttate psoriasis, pustular psoriasis, and erythrodermic psoriasis. The several routes of administration include oral, topical, injectable, and distributed through hospitals, retail pharmacies, and e-commerce.
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 an unhealthy lifestyle.According to the World Psoriasis Day consortium, 125 million people globally - 2 to 3 percent of the total population have psoriasis.
Therefore, the rise in the prevalence of psoriasis patients is expected to propel the growth of the psoriasis over coming years.
The high cost of psoriasis therapy is expected to restrain the growth of the psoriasis market over the coming years.For instance, according to a report published by WebMD, a US-based publication agency, disease-modifying antirheumatic medication (DMARD) used to treat PsA can cost between $1,500 and $2,000 per year.
In the US, a dermatologist office visit typically costs $150 to $200.The high cost is because patent protections are preventing many alternative drugs.
Therefore, the high cost of psoriasis therapy hampers the growth of the psoriasis market.
Combination therapy is an emerging trend in the psoriasis market.Combination therapy is an f treatment that combines two different psoriasis treatments at the same time.
When two drugs with different mechanisms of action are combined (combination therapy), the effect is greater than that obtained by monotherapy (treatment with a single drug).Studies suggest that combination therapy eases psoriasis symptoms more effectively than a single therapy and has lesser side effects.
An example of combination therapy for the treatment of active psoriatic arthritis (PsA) is taltz (ixekizumab) with methotrexate developed by Eli Lilly and Company.
The process of approval of psoriasis drugs is becoming easier globally.This is evident from the increasing approvals of drugs for psoriasis in recent years.
Some of the examples include the first regulatory approval of SKYRIZI (risankizumab) for the treatment of plaque psoriasis in Japan, and the Center for Drug Evaluation and Research approved Avsola (infliximab-axxq) for the treatment of plaque psoriasis. Hence, the increasing ease of drug approvals is expected to drive the psoriasis drugs market in the coming years.
The countries covered in the psoriasis market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The psoriasis market research report is one of a series of new reports that provides psoriasis market statistics, including psoriasis industry global market size, regional shares, competitors with a psoriasis market share, detailed psoriasis market segments, market trends, and opportunities, and any further data you may need to thrive in the psoriasis industry. This psoriasis market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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