Psoriasis Market Is Driven By The Widespread Presence Of Psoriasis Patients
LONDON, GREATER LONDON, UK: 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.
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.
The global psoriasis market is expected to grow from $15.06 billion in 2020 to $15.86 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%.
Read More On The Global Psoriasis Market Report:
https://www.thebusinessresearchcompany.com/report/psoriasis-drugs-global-market-report
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 major players covered in the global psoriasis market are AbbVie Inc., Pfizer Inc., Novartis, Eli Lilly and Company and Celgene Corporation.
The global psoriasis market is segmented by drug class into interleukin inhibitors, corticosteroids, anti-inflammatory, tumor necrosis factor inhibitor, by distribution channel into hospitals, retail pharmacies, e-commerce, by drug types into small molecules, biologics, by route of administration into oral, tropical, injectable, and by disease indication into plaque psoriasis, nail psoriasis, guttate psoriasis, pustular psoriasis, erythrodermic psoriasis.
Psoriasis Global Market Report 2021 - By Drug class (Interleukin Inhibitors, Corticosteroids, Anti-Inflammatory, Tumor Necrosis Factor Inhibitor), By Distribution Channel (Hospitals, Retail Pharmacies, E-Commerce), By Drug Types (Small molecules, Biologics), By Route Of Administration (Oral, Tropical, Injectable), By Disease Indication (Plaque Psoriasis, Nail Psoriasis, Guttate Psoriasis, Pustular Psoriasis, Erythrodermic Psoriasis), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides psoriasis market overview, forecast psoriasis market size and growth for the whole market, psoriasis market segments, and geographies, psoriasis market trends, psoriasis market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
