Psoriasis Treatment Market Trends, COVID-19 Impact, and Forecast to 2027
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The increasing prevalence of psoriasis around the world is boosting the global psoriasis treatment market, says Fortune Business Insights in their recent report. The report is titled “Psoriasis Treatment Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025.” According to the report, the market will reach US$ 37,634.2 Mn by 2026 from US$ 18,378.0 Mn in 2018, exhibiting a CAGR of 8.2% between 2018 and 2026.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/psoriasis-treatment-market-100600
According to the report prepared by Fortune Business Insights, the TNF inhibitors segment emerged dominant among drug classes. In 2018, the TNF inhibitor segment held 46.3% share in the market. However, in the coming years, the market may witness higher demand for biosimilar version leading to the decline in the price of TNF inhibitors. This, accompanied by the increasing prescription volume for interleukin inhibitors segment may help the interleukin inhibitors to emerge as the dominant segment in the coming years.
Rising Prevalence of Plaque Psoriasis to Increase Demand for Treatment, Boosting Market
One of the major factor boosting the global psoriasis treatment market is the increasing prevalence of the disease itself. The World Health Organization states that the prevalence of psoriasis is estimated to vary between 0.09% to 11.0% across all nations. This ultimately means that psoriasis is a serious problem. Psoriasis can occur to anyone irrespective of age but is usually reported to occur to aged people between 50 to 70 years. The rising geriatric population and their vulnerability towards diseases such as psoriatic arthritis are factor propelling growth of the market. These, coupled with the rising prevalence of plaque psoriasis, are likely to create growth opportunities for the market in the forecast period.
The rising availability of biologic and biosimilar products is helping the market for psoriasis grow rapidly. Increase in prescription volume of the biologic products and favorable reimbursement policies by governments are also helping the market grow and continue doing so in the forecast duration as well.
North America to Continue Dominating Market with Rapid Adoption of Biological Therapy
Fortune Business Insights foresees the global psoriasis market to witness dominance of North America followed by Europe. As per the National Psoriasis Foundation, there are about 8 million people in America living with psoriasis. Owing to its quick rate of biological therapy adoption, and rise in investments on research and development for clinical trials, North America is likely to continue dominating the global market for psoriasis in the forecast period as well.