The rising prevalence of psoriasis cases is fueling the demand among patients and enabling the growth of the global psoriasis treatment market says Fortune Business insights in a report titled “Psoriasis Treatment Market Size, Share and Global Trend By Treatment (Bipolar Psoriasis Treatment, Topical Treatments, Oral Or Injected Medications, Phototherapy, Others), By Route of Administration (Oral, Topical, Parenteral, Rectal, Sublingual), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales), And Geography Forecast Till 2026”. Increasing research and development on psoriasis treatment is propelling the growth of the psoriasis treatment market
Top Leaders Overview:
Some of the leading companies in the global Psoriasis Treatment Market:
- Boehringer Ingelheim International GmbH
- LEO Pharma
- Eli Lilly and Company
- Johnson & Johnson
- Celgene Corporation
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Increasing R&D for Psoriasis Treatment to Aid Market Growth
Psoriasis is a chronic autoimmune disease, categorized by conditions which involve itchy dry patches and skin cells building up and forming scales. There is no such cure for the disease, so most of the emphasis of the treatment rests on the easing of symptoms. The course of treatment is determined by a number of factors such as the severity of psoriasis, the treatments already used, the existence of other medical conditions, the amount of treatment the patient is willing to do and the insurance plan of the patient.
Factors which cause psoriasis include environmental triggers such as stress, injury to skin, infection, certain medications; the genetics of the patients; the immune system; the existence of comorbidities such as diabetes, Crohn’s Disease, high cholesterol, high blood pressure, depression, and cardiovascular diseases, etc. The rising cases of the aforementioned diseases are fueling the demand for psoriasis treatment and fostering the growth for psoriasis treatment market.
Psoriasis treatment market is witnessing a rising demand in response tothe increasing incidence of the disease across many countries. This is also due to the fact, that psoriasis is associated with various other diseases such as obesity, diabetes, cardiovascular diseases thus making it an upward trend for the global market. According to The World Health Organization (WHO), the prevalence of psoriasis in the U.S. has increased from 1.62% in 2004 to 3.10% in 2010. In Norway, a 30-year period study observed that Psoriasis in adults increased from 4.8% in 1979 to 11.4% in 2008. The rising prevalence of psoriasis cases, the new drug approvals from Food and Drug Administration (FDA), and increasing research and development along with new scientific discoveries are some of the factors that are expected to propel the growth of the global psoriasis market.
FDA Approves TREMFYA™; Novel Drug Approvals to Aid Market Expansion
Janssen Biotech, Inc., a biotechnology company unveiled TREMFYA™ for the treatment of severe plaque psoriasis and systematic therapy in adults, after getting approval from the Food and Drug Administration. The company claimed that TREMFYA™-treated patients can achieve at least 90 percent clearer skin and improvements involving the scalp, stinging, burning and skin tightness at week 16. The treatment being the first and only biologic therapy is expected to witness high demand among patients to avail the therapy which will, in turn, boost the Psoriasis treatment market. Key players are launching new drugs and therapies for the treatment of psoriasis for instance, in 2018 Sun Pharmaceutical Industries Ltd., received European Commission approval for plaque psoriasis treatment tildrakizumab (Ilumetri). New initiatives by companies for treating severe and moderate psoriasis are predicted to drive the global psoriasis market.
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North America to Dominate the Global Market
Geographically, the global psoriasis treatment market is segmented into North America, Europe, Asia-Pacific, Latin America. North America is leading the global psoriasis treatment market and is expected to grow at a substantial rate during the forecast period. Rising prevalence of psoriasis, increasing health infrastructure along with the presence of leading companies is expected to boost the psoriasis treatment market. Asia- Pacific is predicted to grow at a moderately low rate, owing to the fewer cases of psoriasis in countries such as India, China and others
Some of the major companies that are present in the global psoriasis treatment market are UCB S.A, Novartis AG, Boehringer Ingelheim International GmbH, Amgen Inc., LEO Pharma A/S, Pfizer Inc., Eli Lilly and Company, Johnson & Johnson Services, Inc., Merck & Co., AstraZeneca, and Celgene Corporation. and others.