Psoriasis Drugs Market to Reach $12.45 Million by 2023 - Market Data Forecast
Added: (Tue Oct 09 2018)
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Psoriasis is non communicable, inflammatory skin condition that alter the life cycle of skin cells by enhancing up the cell building process on the surface of the skin. Quick growth of cells produces thick, silver scales, and makes the skin red, dry, flaky, and itchy. The different types of psoriasis are vulgaris, guttate, inverse, pustular, palmoplantar, erythrodermic, nail, and scalp psoriasis. According to International Federation of Psoriasis Association, around 3% or more than 125 million of the world’s population are living with psoriasis. Additionally, about 10% of the population has severe form of psoriasis, among diagnosed population, and 90% of the people fall under moderate to mild category of psoriasis.
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Global Psoriasis Drugs Market value is estimated to grow at a CAGR of 7.3% to increase approximately up to USD 12.45 Billion by 2023.
Drivers and restraints:
The major drivers which are influencing the growth of Psoriasis Drugs market are increasing healthcare expenditure, growing psoriasis Research and Development investment, introduction of novel and more efficient drug, and rising demand of psoriasis medicines in emerging economies. People seeking treatment for Psoriasis are also showing interest in combination therapies.
The restraints which are limiting the growth of the Psoriasis Drugs market market are high cost involved in drug development, patent expiry of brand name drugs, increasing availability of generic products, side effects from the systemic and biologics medication, lack of access to healthcare, health insurance issues, and low efficacy of the product.
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Partition of the Market:
The global Psoriasis Drugs Market is partitioned according to Drug Type, Route of Administration, and Target. With respect to Drug Type, the market is sectioned into Pharmaceuticals and Biopharmaceuticals. With respect to Route of Administration, the market is sectioned into Topical and Systemic (Oral, Intravenous, and Others). With respect to Target, the market is sectioned into Tumour Necrosis Factor (TNF), Phosphodiesterase Type 4 (PDE4), Interleukin, and Others. The market has also been geographically partitioned into North America, Europe, Asia-Pacific and the Middle-East and Africa. North America is expected to holds the major market share of 41% in 2016 and is tailed by Europe. Asia Pacific is expected to be the fastest growing region for the product with a CAGR of 8.24% during the forecast period 2016-2021.
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Key players of the market:
Prominent players in global Psoriasis Drugs market are Johnson & Johnson (USA), Novartis International AG (Switzerland), Pfizer Inc (USA), Merck and Co. Inc (USA), Celgene Corporation (USA), Janssen Biotech Inc (USA), Stiefel Laboratories Inc (USA), Takeda Pharmaceutical Company Limited (Japan), Amgen (USA), and AbbVie (USA).