Albany, NY -- (SBWIRE) -- 03/20/2017 -- According to the findings of Transparency Market Research (TMR), in 2015, the global psoriasis treatment market was pegged at US$7.8 bn. The market is slated to expand with a promising CAGR of 5.10% over the forecast period 2016-2024. Towards the end of 2024, the market should have attained US$12.1 bn.
Psoriasis is perhaps one of the most persistent and unpredictable skin disorders known to humankind. The disorder is characterized by red, raised patches that typically appear on elbows, knees, and the scalp. It is very frustrating to treat, as the condition appears and disappears in cycles throughout one's lifetime.
Plaque psoriasis is believed to be the most common form of psoriasis, while inverse psoriasis, pustular psoriasis, erythrodermic psoriasis, and guttate psoriasis are the other varieties. More than 7.5 million people in the U.S. are diagnosed with psoriasis, according to the U.S. National Psoriasis Foundation. The 2012 study also found that almost 30% of people in the U.S. were suffering from psoriasis had psoriatic arthritis, a condition which leads to swelling and pain in the joints.
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Apart from increased incidence of psoriasis, which are the key catalysts of the market?
While the alarming increase in the number of psoriasis patients remains the foremost growth driver, the market for psoriasis treatment has been receiving significant abetment from the development of pipeline drugs. The growing awareness among patients and physicians about the availability of psoriasis treatments is also fostering growth of the market. Increased levels of stress and anxiety amongst the global population, heavy alcohol consumption, smoking, cold weather, skin injuries such as cuts, severe sunburns, and insect bites, and certain medications are some factors triggering psoriasis.
Which segments of the global psoriasis market are poised for exceptional growth?
Based on type of product, interleukin blockers, TNF inhibitors, and vitamin D analogues have emerged as the leading segments of the global psoriasis treatment market. TNF inhibitors, by virtue of their exceptional efficiency and safety, have racked up relatively higher demand compared to other products. As a result, this segment is expected to account for a share of almost 47% in the global psoriasis treatment market, predicts TMR.
By type of distribution channel, online sales, hospital pharmacy, and retail pharmacy are the key categories. Of these, the hospital pharmacy segment is slated to gain the foremost position.
Which are the most promising geographical arenas in this market?
Although North America and Europe are the dominant markets, countries in Latin America and Asia Pacific are poised for substantial growth due to escalating demand for these treatments. The vast pool of psoriasis patients is responsible for North America's prominence. The psoriasis market in Europe is propelled by robust technological advancements in medicine. The growing consciousness about this disease, rising per capita incomes of people, growth in healthcare infrastructure, together with the organization of awareness campaigns initiated by healthcare institutions and governments have facilitated the expansion of the psoriasis treatment market in Asia Pacific.
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