The global market for psoriasis is characterized by stiff competition at present. This is because of savvy players pouring money into research and development of various potential treatment of psoriasis. Going forward, the competitive rivalry among the players is expected to rise further. Some of the key players in the market are Biogen, LEO Pharma, AstraZeneca, Pfizer, and AbbVie.
A recently added report by Transparency Market Research on the global psoriasis treatment market estimates that it will attain a worth of US$12.1 bn by 2024-end from US$7.8 bn in 2015 by registering a CAGR of 5.10% between 2016 and 2024.
Product-wise, TNF inhibitors is generating maximum sales in the market on account of their efficacy and safety. Our team of analysts predict the product to remain the top grosser in the near future as well. They estimate it to account for a significant 47.0% share in the overall market by the end of 2024. Geographically, North America is a dominant region in the market for psoriasis treatment because of a large pool of patients inflicted with the medical condition in the region. Presence of numerous big ticket drug makers in the region is also predicted to bode well for the market in the years to come.
Manufacturers Ramp up Capacities Expecting Surge in Demand
At the forefront of catalyzing growth in the global market for psoriasis treatment is obviously the rising instances of the medical condition. As per the WHO, the number of cases has reached 11.4% from just 4.8% from 1970 to 2008. With the number set to rise even further, demand is primed to grow. Realizing it, savvy players in the market are already seen expanding manufacturing capacities or coming up with new ones to bump up production.
Apart from that, approval of biological drugs by the FDA is also encouraging investors to plough in a lot of money into research and development of new ones. This is also proving beneficial for the market. Further strengthening healthcare infrastructure resulting in better access to a range of treatments in developing countries, along with a strong distribution pipeline are other factors positively impacting the trajectory of the market for psoriasis treatment.
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Steep Price of Biologics Poses Challenge to Market
TNF inhibitors and biosimilars are the two main types of products that are raking in most of the revenue in the market at present. However, the steep cost of biologics may serve to dampen sales thereby slowing down the pace of the growth of the market for psoriasis. Besides, loss of response to the current therapies is another major obstruction the market needs to overcome.