The intense rivalry between the leading psoriasis treatment providers across the world characterizes the global Psoriasis Treatment Market. According to Transparency Market Research (TMR), a leading market research and intelligence firm, the psoriasis treatment market demonstrates a high competitive and fragmented vendor landscape. Led by AbbVie, LEO Pharma, AstraZeneca, Biogen, and Pfizer, this market has gained significant momentum due to the competition among these players. To sustain in this competitive environment, these companies are relying on new product launches and research and development of their existing product portfolio.
TMR evaluates the opportunity in the global psoriasis market to rise at a CAGR of 5.10% during the period from 2016 to 2024. The main products in this market are TNF inhibitors, interleukin blockers, and vitamin D analogues or combinations. Due to their efficiency and safety, the demand for TNF inhibitors has been relatively higher than other products available in this market. On the other hand, interleukin blockers are gaining momentum due to their ability to act by targeting the proteins, which will raise their demand in the near future, states the research report.
- Rising Prevalence of Psoriasis to Support Market
The global psoriasis treatment market derives growth from a number of factors. The most important one among them is the alarming rise in the prevalence of psoriasis among people across the world. Psoriasis is an autoimmune disease, which means it can only be controlled and not cured completely. It also indicates that a person suffering from psoriasis needs to be on medication throughout his/her life, creating an opportune situation for psoriasis treatment providers.
Companies active in this market are increasingly being involved in research and developments to innovate and introduce new products for the treatment of psoriasis. At present, there is a strong pipeline of products related to psoriasis treatment across the world. The speedy approvals of these novel drugs and therapies by the U.S. FDA is further supporting the growth of the worldwide psoriasis treatment market. Additionally, the continued infrastructural development in the medical and healthcare sector, especially in emerging countries, leading to an easy access to better medical services, will propel this market in the years to come.
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- Increase in Patient Pool to Boost North America Psoriasis Treatment Market
In terms of the geography, the worldwide psoriasis treatment market registers its presence across Latin America, North America, Europe, Middle East and Africa, and Asia Pacific. With constantly rising patient pool, North America has emerged as the leading regional psoriasis treatment market. Researchers expect this regional market to remain on top over the next few years. A number of well-established psoriasis treatment providers have their headquarters in the U.S. and they consider North America as their main market. This factor is likely to have a positive influence on the North America psoriasis treatment in the years to come.
Currently, Europe is also registering a decent growth in its psoriasis treatment market. However, it will witness a decline in the sale over the forthcoming years, following an intense challenge from biosimilars. Among others, Asia Pacific and Latin America are expected to display promising opportunities for market players in the near future, thanks to their untapped status. The increasing awareness among people regarding the treatment of psoriasis in emerging Asian and Latin American countries will boost the growth of their respective regional markets for psoriasis treatments in the forthcoming years, notes the markets study.