Global Psoriasis Drugs Market - Segmented by Type of Treatment, by Mechanism of Action, and by Route of Administration - Growth, Trends, and Forecast (2018 - 2023)
The psoriasis drugs market is expected to witness a CAGR of 9.3% during the forecast period. North America dominates the global market due to the high healthcare infrastructure, high adoption of therapeutics, and presence of major players in that region.
Increasing Use of Combination Therapies
A newer treatment approach that is being used is to combine two types of systemic drugs, i.e., a traditional drug and a biologic. More research is still continuing on this approach, however, studies conducted suggest that it often eases psoriasis symptoms more effectively than either treatment by itself. Biologics usually take a while to work. Combining a biologic with a faster-acting systemic drug, such as cyclosporine, is usually much more effective and safe. With faster, longer-lasting results and fewer side effects, requiring lower doses, many doctors are prescribing combination therapies, which is expected to drive the psoriasis drugs market.
Additionally, increasing disease burden and demand for psoriasis medicines in emerging economies and increase in psoriasis research and pipeline drugs are also driving the global psoriasis drugs market.
Adverse Side Effects of Existing Medications
Biologic drugs that target specific proteins or cells, are typically prescribed when other treatments have failed. Common side effects range from minor injection-site reactions to flu-like symptoms, to more serious respiratory infections. Biologic medication might also lead to an increased risk for infection or cancer of the lymph nodes (lymphoma), and they may also be associated with heart failure or central nervous system disorders. As a result of these side effects, these drugs are not prescribed for a long period of time. Many patients are also apprehensive to take drugs with potential adverse side effects, which is a major factor restraining the global psoriasis drugs market.
Additionally, the high cost of psoriasis treatments, extensive drug development, and approval process are hindering the growth of global psoriasis drugs market.
North America is Dominating the Market
North America dominates the global market due to the high healthcare infrastructure, high adoption of therapeutics, and presence of major players in that region. Moreover, increasing prevalence and favorable government initiatives are some of the drivers that are responsible for the growth of the market.
Key Developments in the Market
August 2017: Boehringer Ingelheim Pharmaceuticals Inc. got approval for Cyltezo for the treatment of multiple chronic inflammatory diseases, including active psoriatic arthritis, moderate to severe active adult Crohn’s disease, and moderate to severe plaque psoriasis.
Major Players: ELI LILLY, PFIZER INC., JANSSEN BIOTECH, INC., CELGENE CORPORATION, TAKEDA PHARMACEUTICAL COMPANY LIMITED, STIEFEL LABORATORIES INC., NOVARTIS AG, AMGEN INC., BIOGEN IDEC, and ABBVIE INC amongst others.
Reasons to Purchase the Report
Current and future market outlook for psoriasis drugs in the developed and emerging markets
Analyze various perspectives of the market, with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support, along with the market estimate sheet in excel.
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