Albany, New York, Dec. 03, 2018 (GLOBE NEWSWIRE) -- As reported by TMR, the global psoriasis treatment market is prognosticated to exhibit a 5.10% CAGR over the forecast period from 2016 to 2024. The market was estimated to be worth US$7.8 bn in 2015 and is forecasted to reach US$12.1 bn by 2024.
Rising Incidence of Autoimmune Diseases to Drive Growth
Psoriasis is largely a result of auto-immune conditions, along with genetic and environmental factors. With more and more diseases being attributed to and recognized as autoimmune diseases, there has been a surge in the awareness of psoriasis. With a steadily rising prevalence of the condition, coupled with growing awareness of the same, the screening and diagnosis of the disease are picking up traction. This is expected to fuel the global psoriasis treatment market in the coming years.
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Trend of Biosimilars to Gain Momentum
Several vendors are investing in the research and development of biosimilars for psoriasis treatment. TNF-α and IL-17 inhibitor are anticipated to have substantial potential with regards to treatment solutions for psoriasis. The introduction of biosimilars and biologics in this arena is expected to bode well for the growth of the global psoriasis treatment market over the forecast period. Vendors investing resources into biosimilars are expected to witness bountiful opportunities in the global psoriasis treatment market in the coming years.
Steep Costs Could Hamper Market Development
Currently, there are no psoriasis treatment solutions that are permanent and effective in nature. The available options are either temporary or symptomatic in nature. These solutions are also highly expensive at present. Drug development is also not cost-effective and is currently low in efficacy. Present treatment options also contribute to a number of risky side-effects such as liver and kidney damage, hypertension, and increased risk of cancer, etc. These factors could hinder the development of the overall psoriasis treatment to some extent. However, the introduction of biosimilars is expected to nullify the market restraints to some extent in the coming years.
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The global market for psoriasis treatment is prognosticated to witness a steady growth in the coming years, as reported by Transparency Market Research. The global psoriasis treatment market’s competitive landscape features intense rivalry among participants at present. Vendors in the market are allocating resources into research and development of psoriasis treatment solutions. Janssen Biotech, in July 2017, received US FDA approval for a new drug called tremfya (or guselkumab), targeting treatment for adults suffering moderate to severe plaque psoriasis. Advances in treatment solutions like these are expected to encourage the psoriasis treatment market in the coming years. Following this, the competition among existing players is bound to escalate in over the forthcoming years.
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Another key strategy adopted by prominent players in the global psoriasis treatment market is mergers and acquisitions. Several players are engaged in this move in order to expand their geographical presence and widen their treatment options. For instance, in February 2017, Valeant Pharmaceuticals and AstraZeneca, in partnership, received FDA approval for brodalumab injections for psoriasis treatment.
Leading vendors operating in the global psoriasis treatment market are Pzifer, Leo Pharma, Biogen, AstraZeneca, and AbbVie.
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This review is based on TMR’s report titled, “Psoriasis Treatment Market (Product - TNF Inhibitors, Vitamin D Analogues or Combinations, and Interleukin Blockers; Therapy - Topical Therapeutic Drugs, Systemic Therapeutic Drugs, and Combinations; Distribution Channel - Hospital Pharmacy, Retail Pharmacy, and Online Sales) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
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