The Global Psoriasis Drug Market Size is expected to gain traction due to the factors such as rising prevalence of psoriasis, and rising number of population suffering from psoriatic arthritis.
Psoriasis is an auto-immune disease which is characterised by the abnormal red, itchy, and scaly patches on the body. Psoriasis is a noncontagious disease that can be initiated by certain environmental triggers. It causes cells to build up rapidly on the skin. The treatment of psoriasis includes the use of steroid creams, occlusion, light therapy, oral medication and biological treatments. Also, it can be termed as irritating, unpredictable baffling skin disease which majorly affects knee, elbows, scalp, torso, palms and soles of the feet.
Plaque psoriasis is the most common type of psoriasis which sometimes may crack and bleed. Psoriasis influences psoriatic arthritis, which leads to swelling in the joints. According to National Psoriasis Foundation about 10% to 30% of people suffering from psoriasis suffer from psoriatic arthritis. The cause of psoriasis is unknown, but some factors such as genetics, change in lifestyle, HIV, various microbes, and medication can cause psoriasis. Psoriasis is diagnosed by the dermatological conditions that are similar to discoid eczema, pityriasis rosea, and nail fungus. Moreover, it is clinically diagnosed by biopsy. It is an non curable disease, but can be controlled with the help various medications. According to WHO, around 100 million of individuals suffer from psoriasis that accounts for approximately 11.3% worldwide prevalence of serious psoriasis.
The global psoriasis drug market size is primarily driven by the growing number of patients from all age group suffering from psoriasis. Additionally, increased consumption of alcohol and changing lifestyle of individuals, increasing incidences of smoking, and rising demand for improved healthcare would also boost the growth of psoriasis drugs market.
Additionally, increasing number of clinical trials for developing new drugs along with the strong, & growing R&D funding, investments on healthcare by the governments of developing and developed economies, unhealthy living, excess consumption of fats and unmet needs for effective treatments influence the market growth during the forecast period.
However, no proper cure for psoriasis, and side effects caused due to the medical treatment can hinder the growth of psoriasis drugs market in the near future.
The psoriasis drug market is segmented on the basis of therapeutic class, treatment type and geography.
On the basis of therapeutic class, market is segmented into:
On the basis of treatment type, market is segmented into:
Geographically, the psoriasis drugs market share is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America region is expected to dominate the psoriasis drug market over the forecast period owing to the continuous technological developments by the increasing R&D investments by the major players and government, and increasing number of key players in this region. Also, increasing number of patients suffering from psoriasis in the U.S. would spur the market of North America. For instance, approximately 7.3 million people are suffering from psoriasis that can be roughly considered to be 2% of total population of the U.S. While, increasing awareness for the use of biological therapies would also spur the psoriasis drugs market in North America. Moreover, the rising number of geriatric population, and increased sedentary lifestyle preference would also this industry in the near future.
However, Asia Pacific is expected to grow rapidly owing to increasing number of patients suffering from psoriasis & other chronic diseases that cause cancer, changing lifestyle, rising preference for sedentary lifestyle, and increased government expenditure for developing healthcare infrastructure.