Psoriasis Treatment Market to hit USD 60.5 billion by 2032, says Global Market Insights Inc.
Psoriasis treatment Industry is projected to witness a CAGR of 8.6% during the period 2023-2032. This growth can be attributed to the Increasing awareness and improved diagnosis.
Selbyville, Delaware, Aug. 21, 2023 (GLOBE NEWSWIRE) —
Psoriasis Treatment Market size is expected to be worth USD 60.5 billion by 2032. The increasing R&D activities aimed at developing innovative treatment modalities is pushing the industry expansion. The prevalence of psoriasis has been on the rise globally, leading to a large patient pool seeking effective treatment options. Factors such as changing lifestyles, environmental triggers, and genetic predisposition have contributed to the growing incidence of psoriasis across various age groups.
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Additionally, improved diagnostic capabilities and increased awareness among individuals have resulted in earlier detection and diagnosis, thereby boosting the demand for treatment options. With the development of novel treatment approaches for psoriasis, there are traditional topical treatments to advanced biologics and small molecule therapies that cater to different levels of disease severity. This factor, along with the emergence of personalized medicine and targeted therapies is propelling the expansion of industry.
Higher efficacy of Interleukin & TNF inhibitors
Psoriasis treatment market from interleukin & TNF inhibitors drug class segment is expected to witness significant development through 2032 as these biologic agents specifically target the overactive immune responses underlying psoriasis by neutralizing specific cytokines, such as IL-17, IL-23, and TNF-alpha, that contribute to inflammation and skin cell proliferation. These drugs have shown remarkable efficacy in managing moderate to severe psoriasis cases by effectively reducing inflammation and suppressing the immune response, providing patients with substantial relief and improved quality of life. With the growing adoption of biologic therapies and continuous R&D efforts.
Easy availability of psoriasis drugs in retail pharmacies
The retail pharmacies distribution channel segment of psoriasis treatment market is predicted to grow substantially during 2023 and 2032. Retail pharmacies serve as key points of contact between pharmaceutical companies and consumers, providing a wide array of medications and treatment options. The convenience and easy accessibility make retail pharmacies the preferred choice for patients seeking prescription and over-the-counter psoriasis medications. Furthermore, the availability of generic versions of certain drugs in retail pharmacies has made psoriasis treatment more affordable, serving wider patient pool and contributing to the overall industry gains.
Increasing disease awareness in Europe to fuel industry expansion
Europe psoriasis treatment market size is expected to grow at a robust pace from 2023 to 2032. The presence of a large patient population and well-established healthcare infrastructure are driving the industry increase. Several European countries have witnessed an increasing prevalence of psoriasis, compelling governments and healthcare authorities to invest in innovative treatment solutions. Additionally, robust medical reimbursement policies and growing awareness among patients of the same have significantly boosted the adoption of advanced therapies in the region.
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The key contenders in the psoriasis treatment market are LEO Pharma A/S, Amgen, Inc., Johnson & Johnson Services, Inc., Biogen, Astra Zeneca, Merck & Co., Novartis AG, AbbVie, Inc., Pfizer, Inc., and Eli Lilly and Company. As research continues to unfold and new therapies emerge, companies are utilizing new strategies to increase their profits and financial standing.
For instance, in March 2023, pharmaceutical giant Eli Lilly made its entry into the dermatological sector in India. With the approval from the esteemed Drug Controller General of India (DCGI), the company introduced Copellor, a breakthrough product designed to effectively treat moderate-to-severe plaque psoriasis.
Partial Table of Contents (ToC) of the report:
Chapter 3 Psoriasis Treatment Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
126.96.36.199 Rising prevalence of psoriasis
188.8.131.52 Increasing awareness and improved diagnosis
184.108.40.206 Advancements in psoriasis treatment options
220.127.116.11 Growing geriatric population
18.104.22.168 Growing investments in R&D
3.2.2 Industry pitfalls & challenges
22.214.171.124 Side effects and safety concerns
126.96.36.199 Limited insurance coverage
188.8.131.52 High cost of treatment
3.3 Growth potential analysis
3.3.1 By drug class
3.3.2 By type
3.3.3 By route of adminstration
3.3.4 By distribution channel
3.4 COVID- 19 impact analysis
3.5 Porter’s analysis
3.6 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.2 Company matrix analysis, 2022
4.3 Company market share analysis, 2022
4.4 Competitive analysis of major market players, 2022
4.5 Competitive positioning matrix, 2022
4.6 Strategy dashboard, 2022
4.7 Strategic outlook matrix, 2022
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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