SAN FRANCISCO, April 16, 2019 /PRNewswire/ -- The global psoriasis drugs market size is expected to be valued at USD 21.11 billion by 2022, as per a new report by Grand View Research, Inc., experiencing a CAGR of 9.4% during the forecast period. Rising disease awareness, increasing number of reimbursement strategies for biologics, and advanced diagnostic and technological tools are likely to increase the adoption of psoriasis therapeutics.
Key suggestions from the report:
Tumor Necrosis Factor-inhibitors dominated the market in 2016 owing to its higher usage by healthcare practitioners and easy availability
TNF-inhibitors are likely to lose market shares over the forecast period due to increasing preference for IL-inhibitor therapy to conventional TNF-inhibitors
Interleukin-inhibitors is expected to register a lucrative CAGR of over 21.0% during the forecast period owing to improved safety and efficacy profiles of Interleukin-inhibiting drugs
The U.S is the dominant region in the psoriasis market in terms of revenue in 2016 due to increasing number of patients seeking treatment and presence of well-established healthcare services
Japan is expected to be the fastest growing region during the same period due to growing awareness about the disease among the populace
Some of the key players in this industry are AbbVie Inc.; Amgen Inc.; Johnson & Johnson; Novartis AG; Eli Lilly & Company; AstraZeneca; Celgene Corporation; UCB; and Merck.
Additionally, expanding base of patients suffering from psoriasis is anticipated to fuel growth prospects. The exact causative factors for psoriasis are undetermined; however, certain genetic and environmental factors may trigger the disease onset. Most available treatments aim to decelerate disease progression by stopping hyperproliferation of keratinocyte.
Psoriasis can be classified into five types: plaque, guttate, inverse, pustular, and erythrodermic. The types vary in terms of site of disease and characterization of lesions. Erythrodermic psoriasis is the rarest and plaque psoriasis is the most prevalent type affecting patients all over the world.
Incidence rate of psoriasis has witnessed a gradual rise over the years across various geographical locations. This increase can be attributed to genetic and environmental triggers as well as lifestyle changes. Rise in prevalence rates could also be associated with declining response or developing resistance to therapies for disease control.
Grand View Research has segmented the global psoriasis drugs market based on therapeutic class, treatment, and region:
Therapeutic Class Outlook (Revenue, USD Million, 2016 - 2022)
Tumor Necrosis Factor Inhibitor
Treatment Outlook (Revenue, USD Million, 2016 - 2022)
Regional Outlook (Revenue, USD Million, 2016 - 2022)
Anti-Tumor Drugs Market– The market growth may be attributed to increasing demand and continuous development in the field of medicine. However, high cost and the side effects associated with these drugs may act as a challenge to the companies.
Skeletal Dysplasia Market – Skeletal dysplasia market encompasses a broad number of genetic and rare disorders that affect mainly the cartilage and bone.
Actinic Keratosis Treatment Market – The global actinic keratosis (AK) treatment market is projected to exhibit strong growth through the forecast period, driven by the broad availability and rising adoption of generic drugs.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.