Report Ocean published the latest research report on the Psoriasis Therapeutics Market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Psoriasis Therapeutics Market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, and growth rate.
Global Psoriasis Therapeutics Market Overview
The global psoriasis therapeutics market reached a revenue of approximately US$ 25.0 billion in 2022, with a projected growth to reach US$ 55.8 billion by 2031. The market is expected to witness a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period from 2023 to 2031. Psoriasis, a chronic skin condition with no cure, affects various body areas and can significantly impact patients’ quality of life.
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Factors Influencing Market Growth
- Geriatric Population and Reimbursement Policies: Market growth is driven by an increase in the geriatric population, favorable reimbursement policies, and a growing prevalence of plaque and psoriatic arthritis.
- Prescription Volume of Biological Products: The rise in the prescription volume of biological products contributes to the expansion of the psoriasis therapeutics market.
- Awareness and Treatment Options: Increased awareness among people regarding available treatment options is expected to further boost market growth.
- Health Risks and High Therapy Costs: Health risks associated with medications and the high costs of therapies are potential hindrances to market growth during the forecast period.
- Novel Pipeline Drugs and Development Potential: Opportunities for growth lie in the rising development of novel pipeline drugs, new biologics, and high development potential in untapped emerging countries.
Impact of COVID-19
The initial impact of the COVID-19 pandemic was negative for the psoriasis therapeutics industry due to regulatory guidelines suggesting that patients receiving psoriasis therapeutics were at a higher risk of contracting COVID-19.
Regional Analysis
- North America Dominance: In 2022, North America dominated the global psoriasis therapeutics market, driven by factors such as a rising patient pool and a large population base in countries like the U.S.
- Asia-Pacific Growth: Asia-Pacific is anticipated to register the highest growth rate during the forecast period, attributed to increased awareness of psoriasis therapeutics and the growing adoption of related products in the region.
Leading Companies
Leading companies in the global psoriasis therapeutics market include AbbVie Inc., Amgen Inc., Bausch Health Companies Inc, Eli Lilly and Company, Johnson & Johnson (J&J), Leo Pharma A/S, Novan, Inc., Novartis AG, Pfizer Inc., Viatris Inc., and other prominent key players.
Segmentation Outline
- Drug Class
- TNF-alpha Inhibitors
- Interleukin Inhibitors
- Distribution Channel
- Hospital Pharmacies
- Drug Stores and Retail Pharmacies
- Online Providers
- Others
- Type
- Plaque Psoriasis
- Psoriatic Arthritis
- Others
- Route of Administration
- Oral
- Parenteral
- Topical
- Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- North America
(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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