Psoriasis is a chronic non-communicable disorder in which the immune system sends wrong signals directing skin cells to grow too quickly which results in patches of skin to be deposited on the body surface. Psoriasis mostly affects the knees, elbows and scalp, although other body parts may also be affected. Adults over 50 years are more prone to develop psoriasis and it also affects Caucasians disproportionately. Symptoms include pain, disfiguration and partial disability. The patient also suffers from social stigma and exclusion. The cause of psoriasis is unknown but risk factors include genetics, autoimmune diseases along with environmental factors such as pollution, exposure to allergens, chemicals etc. The greater concern is likelihood of patients with psoriasis developing cardiac disorders and chronic psoriatic arthritis. WHO estimates that psoriasis affects about 100 million people with prevalence rates ranging from 0.09% to 11.43% in different countries of the world. Plaque psoriasis is the most common form of psoriasis affecting 90% of all cases of psoriasis.
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The market for global psoriasis treatment is rising due to market driving factors such as rise in screening and growing prevalence of psoriasis. For example, the data from National Health and Nutrition Examination Survey revealed that in the United States prevalence of psoriasis increased from 1.62% to 3.10% from 2004 to 2010. Other market driving factors for the global psoriasis treatment market is rise in risk factors such as autoimmune diseases, diabetes etc.; greater exposure to environmental factors such as exposure to chemicals, allergens etc. along with growing awareness and screening of psoriasis. Critical market constraints include lack of effective and permanent curative treatment since most treatment is of symptomatic nature. Other market restraints include high cost of drug development which raises the cost of drug, patent expiry of a number of blockbuster drugs such as humira, enbrel and remicade, etc. side effects associated with present medications such as hypertension, liver and kidney damage etc. The advent of biosimilars also hampers growth of the market.
The psoriasis treatment market also favours companies with strong research pipeline which is reflected in the latest market trends by the launch of novel acting biologics such as TNF-α inhibitors, IL-17 inhibitors etc. Thus, product development is the critical strategy required to be followed to become a market leader in global psoriasis treatment market.
Global Psoriasis Treatment Market
The psoriasis treatment market has been evaluated to be growing with a CAGR of ~7.3% during the forecasted period of 2016 to 2022.
Major participants of this market are namely Novartis International AG, Johnson & Johnson, Pfizer Inc, Merck and Co. Inc, AbbVie and Amgen, Eli Lilly and others.
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Depending on the geographic region, psoriasis treatment market is segmented into four key regions which includes Americas, Europe, Asia Pacific, and Middle East & Africa. Globally developed countries led by North America is the largest market for psoriasis treatment. Europe is the second largest market for psoriasis treatment. Developing regions such as Asia Pacific and Middle East & Africa are also high growing market of psoriasis.
Rise in screening and growing prevalence of psoriasis remains the most critical market driving factor of the global psoriasis treatment market. In general an upward trend is observed in several countries throughout the world. For example data from the national health and nutrition examination survey revealed that in United States prevalence of psoriasis increased from 1.62% to 3.10% from 2004 to 2010.
The other market driving factors for the global psoriasis treatment market is growing awareness, rise in risk factors such as autoimmune diseases, diabetes etc. and greater exposure to environmental factors such as chemicals, allergens etc. The market’s constraints include lack of effective and permanent treatment for the disorder. There is no cure for psoriasis and most treatment is either symptomatic or is temporary in nature. Other market restraints include high cost of drug development, patent expiry of a number of blockbuster drugs such as humira, enbrel and remicade etc, side effects associated with present medications such as hypertension, liver and kidney damage etc. The high cost of drugs coupled with their low efficacy and the advent of biosimilars also hampers the growth of the market.
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The latest market trends include huge potential reflected by novel acting biologics such as TNF-α inhibitors, IL-17 inhibitors etc. The psoriasis treatment market also favors companies with a strong research pipeline. Thus novel drug development especially involving biologics will be the best strategy and will lead to fast growth of the market along with least marketing expenditure. Thus product development is the critical strategy to be a market leader of global psoriasis treatment market.
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