The global psoriasis drugs market size is expected to be valued at USD 21.11 billion by 2022, as per a new report by Grand View Research, Inc., experiencing a CAGR of 9.4 percent during the forecast period. Rising disease awareness, increasing number of reimbursement strategies for biologics, and advanced diagnostic and technological tools are likely to increase the adoption of psoriasis therapeutics.
Key suggestions from the report:
- Tumor Necrosis Factor-inhibitors dominated the market in 2016 owing to its higher usage by healthcare practitioners and easy availability .
- TNF-inhibitors are likely to lose market shares over the forecast period due to increasing preference for IL-inhibitor therapy to conventional TNF-inhibitors.
- Interleukin-inhibitors is expected to register a lucrative CAGR of over 21.0 percent during the forecast period owing to improved safety and efficacy profiles of Interleukin-inhibiting drugs.
- The U.S is the dominant region in the psoriasis market in terms of revenue in 2016 due to increasing number of patients seeking treatment and presence of well-established healthcare services.
- Japan is expected to be the fastest growing region during the same period due to growing awareness about the disease among the populace.
- Some of the key players in this industry are AbbVie Inc.; Amgen Inc.; Johnson & Johnson; Novartis AG; Eli Lilly & Company; AstraZeneca; Celgene Corporation; UCB; and Merck.
Additionally, expanding base of patients suffering from psoriasis is anticipated to fuel growth prospects. The exact causative factors for psoriasis are undetermined; however, certain genetic and environmental factors may trigger the disease onset. Most available treatments aim to decelerate disease progression by stopping hyperproliferation of keratinocyte.
Psoriasis can be classified into five types: plaque, guttate, inverse, pustular, and erythrodermic. The types vary in terms of site of disease and characterization of lesions. Erythrodermic psoriasis is the rarest and plaque psoriasis is the most prevalent type affecting patients all over the world.
Incidence rate of psoriasis has witnessed a gradual rise over the years across various geographical locations. This increase can be attributed to genetic and environmental triggers as well as lifestyle changes. Rise in prevalence rates could also be associated with declining response or developing resistance to therapies for disease control.