Market Insights:
Psoriasis is a highly common chronic skin condition. Market Research Future's (MRFR) in-depth market report on the global psoriasis treatment market Growth has disclosed that the market is anticipated to witness a promising CAGR of 7.3% during the forecast period The notable spike in psoriasis cases in developing as well as developed nations has raised the need for efficient treatment options. Widespread popularity of broad band (UVB) as well as narrow band ultraviolet (UVB) phototherapy for treating the skin condition is touted to be a huge business opportunity for the major players in the market. Another factor fostering the market growth can be the surging adoption of handheld devices and light boxes for the treatment of the skin ailment.
The light therapy has emerged as one of the top treatment methods for the treatment of psoriasis, as it ensures low side-effects and non-invasive procedures. The most popular light therapy techniques include UVB phototherapy, psoralen, and ultraviolet A, which help reduce the symptoms associated with psoriasis. In some cases, the light therapy, combined with topical tablets bring down inflammation while curtailing the production of skin cells. Several firms are coming up with new equipment and devices while also focusing on innovating the existing product rages to foster their profit margins.
Favorable reimbursement schemes available in developed nations encourage more and more people to seek treatment, which helps enhance the market size. Emerging regions are brimming with a series of lucrative opportunities, given the surge in disease awareness, rising focus on biologics, and the emergence of advanced diagnostic tools.
Market Segmentation:
Drug class and treatment are the key categories based on which the global market has been studied extensively in the MRFR research report.
With respect to drug class, the market for psoriasis treatment has been considered for interleukin inhibitors, vitamin D analogs, and tumor necrosis factor inhibitors. The tumor necrosis factor inhibitors-based segments that have been covered are infliximab, etanercept, and adalimumab. The segments in terms of interleukin- inhibitors include secukinumab, ustekinumab, brodalumab, and ixekizumab. Types of vitamin D analogues listed are calcipotriol, tacalcitol, as well as calcitriol.
Treatment-based segments are systemic, biologics, and topical. Topical treatment type comprises topical non-steroid, counter OTC topicals, along with topical steroids. Systemic type treatment includes cyclosporine, methotrexate, and retinoid. Biologics have been dissected into Interleukin-17, IL-17 inhibitors, T-cell inhibitors, as well as tumor necrosis factor-alpha TNF-a.
Regional Analysis:
The Americas will most likely procure the leading position, thanks to the surging demand for non-invasive surgical procedures and the heavy burden of psoriasis treatment cost that affects a large portion of the population in the region. With leading manufacturers primarily focused on exhaustive research & development activities, in line with the rising cases of the skin condition, the United States market will emerge as the clear winner in the ensuing years.
The APAC market for psoriasis treatment will be racing forward at the fastest pace, as a result of the surge in psychological issues such as anxiety and depression caused by the skin condition. Mounting interest of global companies in setting up business in the region, especially in China and India, coupled with the advances in the healthcare infrastructure will also ensure higher growth in the following period.
Key Players:
Market leaders who participate in the competitive landscape of the global psoriasis treatment market include Eli Lilly, Novartis International AG, Johnson & Johnson, Pfizer Inc., Merck and Co Inc., Amgen and AbbVie.
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