Several factors have recently contributed to a surge in the global treatment for psoriasis, an autoimmune disorder that causes the appearance of unpleasant patches on the skin. Factors driving the global market are the increasing number of psoriasis patients, growing awareness about treatment options among the patients, easier access to medical treatments, strong pipeline of drugs, and the adoption of new biologics.
In 2015, the global market for psoriasis treatment gained a revenue of US$7.8 bn. A promising CAGR of 5.10% during the forecast period of 2016-2024 has been estimated. It has also been calculated that the total revenue will reach US$12.1 bn by the end of 2024.
Asia Pacific and Latin America to Experience Greater Demand
Although Europe currently holds the dominant share in the global market for psoriasis treatment, it is expected that the demand in this geographical segment will decline over the coming years. Latin America, the Middle East and Africa, Asia Pacific, and North America are the major geographical segments besides Europe. Asia Pacific and Latin America will witness a boost in the demand for psoriasis treatment in the coming years due to health awareness initiatives and rising number of psoriasis patients.
TNF Inhibitors form Leading Product Segment
The key products in the psoriasis treatment market are interleukin blockers, vitamin D analogues, and TNF inhibitors. On account of their safety and efficiency, TNF inhibitors have attained the highest demand in this category. By the year 2024, they are expected to continue to dominate the demand, with a share of approximately 47.0% in the overall market. The demand for TNF inhibitors can be adversely affected due to the introduction of biosimilars in this market. On the other hand, interleukin blockers might witness a growth in demand.
The leading companies in the market for psoriasis treatment are Biogen, AbbVie Inc., AstraZeneca, Pfizer Inc., Johnson & Johnson, Eli Lilly & Co., Amgen Inc., LEO Pharma A/S, Novartis AG, and Merck & Co. Inc.