The global psoriasis treatment market has been witnessing a surge due to introduction of novel drugs and therapies to treat the skin condition. The rising rate of FDA approvals for methods to treat psoriasis has been a boon to the overall market. A research report published by Transparency Market Research states that the global psoriasis market was valued at US$7.8 bn in 2015 and is expected to reach US$12.1 bn by the end of 2024. During the forecast period of 2016 and 2024, the overall market is expected to exhibit a CAGR of 5.10%.
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Q. Which emerging trends in the global market are expected to define its trajectory during the forecast period?
A. The quick approvals of new biologics by FDA has been an important factor driving the growth of the global psoriasis treatment market. Analysts state that increasing production capacities of drug manufacturers are also expected to be pivotal to the soaring revenues of the global market in the near future. The increasing access to treatment, improving standard of living, rising awareness, and affordability of treatment has also played a significant role in mapping a positive trajectory of the global psoriasis treatment market.
Q. Which key regions are likely to show dominance in the overall market?
A. Geographically, the global psoriasis treatment market is segmented into the Middle East and Africa, Asia Pacific, Latin America, Europe, and North America. Of these, North America has been assessed to lead the global market in the coming years. The factor determining North America’s lead in the overall market will be rising pool of patients suffering from psoriasis, well-established healthcare sector, awareness about treating the condition, and sophisticated diagnostic procedures. Analysts estimate that Asia Pacific is also likely to be an emerging regional market in the global market due to increasing government initiatives to raise awareness about the condition. Developing countries such as China and India are projected to be the major contributors to the overall market in the coming years.
Q. What are the possible restraints in the global market?
A. Despite the strong market drivers, the market is likely to be restrained by the increasing cost of treatment. The high cost of products and the therapy for treating psoriasis has discouraged several patients from seeking it in recent past. Furthermore, poor reimbursement policies, especially in developing countries, are expected to hamper the market growth in the coming years.
On the whole, the global psoriasis treatment market faces tough competition due to the presence of several players in the market. Majority of the players are focused on investing in research and development to stay ahead of the cut-throat competition. The report states that LEO Pharma, Biogen, AstraZeneca, AbbVie, and Pfizer are some of the key leading players in the overall market.