Psoriasis Drugs Market to Grow with a CAGR of 6.57% through 2028
Increase in the incidence of Psoriasis Drugs
deficiencies and Growing Patient Awareness is expected to drive the Global Psoriasis
Drugs Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Psoriasis
Drugs Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Psoriasis Drugs Market stood at USD 21.06 billion in 2022 and is anticipated to grow with a CAGR of 6.57% in the forecast
period, 2024-2028. The awareness among individuals regarding Psoriasis Drugs
has led to favorable market conditions for the global Psoriasis Drugs market.
Several factors contribute to the growth of various Psoriasis Drugs products.
The prevalence of psoriasis has been steadily
increasing worldwide. This can be attributed to a combination of genetic
predisposition, environmental factors, and lifestyle changes. As more people
are being diagnosed with psoriasis, the demand for effective treatments is
rising. The growing prevalence of psoriasis is a key driver of market growth
because it directly correlates with the number of potential patients seeking
treatment. This surge in demand incentivizes pharmaceutical companies to invest
in research and development for new and improved psoriasis drugs to meet the
needs of this expanding patient base.
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The increase in patient awareness is a significant
driver of market growth because informed patients are more likely to seek
medical help for their psoriasis. They actively engage with healthcare
providers, leading to earlier diagnosis and treatment initiation. This trend
not only benefits patients but also fuels the demand for psoriasis drugs, which
will further fuel market growth.On August 16, 2023, Glanbia announced the
appointment of Siobhán Talbot as its new Chief Executive Officer. Talbot is a
highly experienced executive with a proven track record in the food and
beverage industry. She has held senior positions at a number of leading
companies, including Kerry Group and PepsiCo.
Psoriasis has a genetic component, and individuals
with a family history of the condition are more likely to develop it. As
families expand and genetic information is passed down, the likelihood of
psoriasis cases increases. Environmental triggers, such as stress, smoking, and
certain infections, can exacerbate psoriasis or trigger its onset. In our
modern lifestyles, exposure to these triggers has become more common,
contributing to the increasing prevalence.
In today's fast-paced world, Psoriasis drugs,
particularly biologics and interleukin inhibitors, provide rapid relief from
the uncomfortable and visible symptoms of psoriasis. They swiftly reduce
redness, itching, scaling, and inflammation, allowing individuals to regain
comfort and confidence without delays. These drugs often require less frequent
dosing or administration compared to traditional treatments. Some biologics may
only need to be taken every few weeks or months, reducing the time and effort
individuals need to invest in their treatment regimen. By effectively managing
psoriasis symptoms, these drugs improve the overall quality of life for
individuals living with the condition. Clearing or significantly reducing skin
lesions and discomfort enables them to maintain an active and fulfilling lifestyle
in the fast-paced modern world. The shift towards patient-centered care allows
individuals to actively participate in their treatment decisions. They can work
with healthcare providers to choose the most suitable drug based on their
lifestyle, preferences, and treatment goals, ensuring that the treatment aligns
with their fast-paced routines.
The adoption of telemedicine and digital health
solutions facilitates remote consultations with dermatologists and healthcare
providers. This means that individuals can access expert advice and receive
prescriptions conveniently, fitting into their busy schedules.In recent times,
the use of psoriasis drugs has evolved significantly, reflecting advancements
in treatment options and a greater understanding of the condition.
Consequently, Biologic drugs, which target specific components of the immune
system involved in psoriasis, have become the cornerstone of treatment in
recent times. These drugs have revolutionized psoriasis management due to their
high efficacy and targeted action. They are typically administered through
injections or infusions and have shown remarkable results in clearing skin
lesions, reducing inflammation, and improving the overall quality of life for
patients. Interleukin inhibitors, a subset of biologics, have gained
prominence. Drugs targeting interleukins such as IL-17 and IL-23 have
demonstrated exceptional efficacy in psoriasis treatment. They interrupt the
inflammatory pathways responsible for psoriasis, leading to rapid symptom
relief and long-lasting remission in many patients. While biologics dominate,
topical treatments in the form of creams, ointments, gels, foams, and sprays
continue to be a vital part of psoriasis management. These are especially
useful for milder cases or as adjunct therapy in combination with systemic
treatments. However, the Limited Understanding of Psoriasis Causes and Triggers
may hinder market growth. Moreover, challenges related to High Research and
Development Costs may pose obstacles to the Psoriasis Drugs market in the near
future.
The Global Psoriasis Drugs Market is segmented into
type of treatment, mechanism of action, route of administration, regional
distribution, and company.Based on its formulation, the biologic drugs in the
Global Psoriasis Drugs Market can be attributed to several key factors related
to their type of treatment. Biologic drugs are designed to target specific
components of the immune system that play a role in the development of psoriasis.
This targeted approach results in higher treatment efficacy and a more
favourable side effect profile compared to non-biologic treatments like
corticosteroids or topical creams.
Biologic drugs often provide longer-lasting effects
with less frequent dosing. Some biologics require injections or infusions every
few weeks or months, reducing the burden of treatment for patients compared to
daily or more frequent applications of other medications. Biologics typically
have a lower risk of causing systemic side effects because they act
specifically on the immune system components involved in psoriasis. This is in
contrast to systemic treatments like oral corticosteroids, which can have broader
and potentially more severe side effects.
Based on region, North America segment is expected to
grow during the forecast period. North America, including the United
States and Mexico, has advanced healthcare infrastructure and a
well-established pharmaceutical industry. This allows for extensive research
and development, rapid adoption of new treatments, and availability of a wide
range of psoriasis drugs. A significant proportion of the population in North
America has health insurance coverage, which facilitates access to psoriasis
treatments, including biologics, which can be expensive. North American
countries are at the forefront of clinical research in psoriasis, conducting
numerous clinical trials and studies. This research-driven environment
contributes to the dominance of the market.
The Asia-Pacific market is poised to be the
fastest-growing market, offering lucrative growth opportunities for Psoriasis
Drugs players during the forecast period. Factors such The Asia-Pacific region
has a massive population, including countries like India and China, where there
is a rising prevalence of psoriasis. The sheer number of patients in this
region is driving market growth. As healthcare awareness increases in
Asia-Pacific countries, more patients are seeking medical attention for
psoriasis. This trend is likely to continue to boost the demand for psoriasis
drugs. Rapid economic growth in countries like China and India has led to an
expanding middle class with greater disposable income. This enables more
individuals to afford psoriasis treatments, including biologics. Asia-Pacific
represents an emerging market for pharmaceutical companies. Many global
pharmaceutical firms are expanding their presence in this region, increasing
access to psoriasis drugs and driving market growth. Some countries in the
Asia-Pacific region are launching healthcare initiatives to improve access to
quality medical care, including treatments for chronic conditions like
psoriasis.
Major companies operating in
Global Psoriasis Drugs Market are:
- Glanbia Plc
- Pfizer Inc.
- Bayer AG
- Amway Corp.
- GlaxoSmithKline plc.
- Good Health New Zealand
- The Nature's Bounty Co.
- NOW Foods
- Abbott
- Herbalife Nutrition
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“The Advancements in Research and Development and
increasing Prevalence of Psoriasis are key drivers of the Psoriasis Drugs and
supplement market. In recent years, The increase in patient awareness is a
significant driver of market growth because informed patients are more likely
to seek medical help for their psoriasis. They actively engage with healthcare
providers, leading to earlier diagnosis and treatment initiation. Moreover, the
growing consumer emphasis on preventative healthcare products has enhanced
production and marketing efforts. To meet the demands of the market,
manufacturers are increasingly incorporating cutting-edge technologies with
high production efficiency. Rising consumer acceptance and continuous product
innovation will further ensure the growth of the Psoriasis Drugss and
supplements market in the coming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Psoriasis Drugs Market – Global Industry Size,
Share, Trends, Opportunity, & Forecast 2018-2028 Segmented By Type of
Treatment (Type of Treatment (Biologic Drugs, Small Molecule Systemic Drugs,
Tropical Therapies), By Mechanism of Action (TNF Alpha Inhibitors, PDE4
Inhibitors, Interleukin Inhibitors, Others), By Route of Administration (Oral,
Parenteral, Topical), By Region, Competition”, has evaluated the future growth
potential of Global Psoriasis Drugs Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Psoriasis Drugs Market.
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