Psoriasis Treatment Market: How will the Disruptions Created by Covid19 Affect the market?
The increasing prevalence of psoriasis around the world is boosting the global psoriasis treatment market, says Fortune Business Insights in their recent report. The report is titled “Psoriasis Treatment Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025.” According to the report, the market will reach US$ 37,634.2 Mn by 2026 from US$ 18,378.0 Mn in 2018, exhibiting a CAGR of 8.2% between 2018 and 2026.
According to the report prepared by Fortune Business Insights, the TNF inhibitors segment emerged dominant among drug classes. In 2018, the TNF inhibitor segment held 46.3% share in the market. However, in the coming years, the market may witness higher demand for biosimilar version leading to the decline in the price of TNF inhibitors. This, accompanied by the increasing prescription volume for interleukin inhibitors segment may help the interleukin inhibitors to emerge as the dominant segment in the coming years.
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Key Players Operating in The Psoriasis Treatment Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Merck & Co., Inc.,
- LEO Pharma A/S,
- Pfizer Inc.,
- Sun Pharmaceutical Industries Ltd,
- AbbVie Inc.,
- UCB S.A.,
- Amgen Inc.,
- Johnson & Johnson Services, Inc.,
- Eli Lilly and Company,
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Rising Prevalence of Plaque Psoriasis to Increase Demand for Treatment, Boosting Market
One of the major factor boosting the global psoriasis treatment market is the increasing prevalence of the disease itself. The World Health Organization states that the prevalence of psoriasis is estimated to vary between 0.09% to 11.0% across all nations. This ultimately means that psoriasis is a serious problem. Psoriasis can occur to anyone irrespective of age but is usually reported to occur to aged people between 50 to 70 years. The rising geriatric population and their vulnerability towards diseases such as psoriatic arthritis are factor propelling growth of the market. These, coupled with the rising prevalence of plaque psoriasis, are likely to create growth opportunities for the market in the forecast period.
The rising availability of biologic and biosimilar products is helping the market for psoriasis grow rapidly. Increase in prescription volume of the biologic products and favorable reimbursement policies by governments are also helping the market grow and continue doing so in the forecast duration as well.