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Global Psoriasis Treatment Market to Grow at a CAGR of 9.23% During 2021-2026, Aided by the Development of Various Treatments by Leading Market Players

According to a new report by EMR titled, ‘Global Psoriasis Treatment Market Report and Forecast 2021-2026’, the market attained a value of about USD 21.9 billion in 2020. The industry is further expected to grow at a CAGR of 9.23% in the forecast period of 2021-2026 to reach a value of nearly USD 37.20 billion by 2026.

The outbreak of COVID-19 pandemic had a negative impact on the market growth of psoriasis treatment. This can be attributed to the lockdown restrictions imposed by the governments of several nations to curtail the spread of the infection. In compliance with these restrictions, the global market for psoriasis treatment witnessed a decline as people restricted or postponed their dermatological treatments. However, the market began to revive in the latter part of 2020 with the receding pandemic. Apart from this, North America is expected to hold a significant share in the overall market growth over the forecast period. The market growth in the region is expected to be augmented by the prevalence of the disease in the region, especially in the US. In addition to this, the presence of a developed healthcare infrastructure in the region, along with the presence of an established network of pharmaceutical and biotechnology companies, and favourable government policies, are anticipated to drive the growth of the market in the region.

UCB, a leading biopharmaceutical company, recently announced that the European Commission (EC), recently granted the approval of BIMZELX in August 2021. BIMZELX (bimekizumab) is the first approved treatment in the European Union for the treatment of adults with moderate to severe plaque psoriasis. The first marketing authorisation of BIMZELX in the European region represents an expansion and dominance of UCB in the region, along with a vast opportunity for leading companies to introduce various treatments against psoriasis. Hence, such developments by leading market players are driving the growth of the psoriasis treatment industry. The market is further expected to be driven by the expansion and developments of market players like Johnson and Johnson Services Inc. (NYSE: JNJ) and Pfizer Inc. (NYSE: PFE).

Market Analysis by Drug Class, Type, Route of Administration, Distribution Channel, and Region:

  • On the basis of drug class, the market can be divided into TNF inhibitors and interleukins, among others.
  • Based on type, the market can be categorised into plaque psoriasis, and psoriatic arthritis, among others.
  • The market segmentations based on route of administration include oral, parenteral, and topical.
  • On the basis of distribution channel, the major market divisions are hospital pharmacies, retail pharmacies, and online pharmacies.
  • The major regional markets for the product include North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market is being driven by the rising prevalence of psoriasis condition among people of different ages, hence augmenting the demand for an effective treatment.
  • Robust investments towards the development of advanced treatment to control the spread of psoriasis disease are aiding the market growth. 
  • Favourable government measures such as reimbursement schemes, subsidised treatments, and other thoughtful measures are expected to boost the market growth.
  • The market is further propelled by the presence of an advanced distribution channel that aid in the easy availability of medication through retail and hospital pharmacies, along with the online channels.

Key Offerings of the Report:

  • The EMR report gives an overview of the global psoriasis treatment industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for drug classes, types, routes of administration, distribution channels, and major regions of psoriasis treatment.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global psoriasis treatment market are AbbVie Inc., Novartis AG, Johnson and Johnson Services, Inc., Pfizer Inc., and Merc and Co., Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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