The global plaque psoriasis market is driven by the condition's high prevalence, accounting for 80% to 90% of total psoriasis cases. Plaque psoriasis is characterized by the appearance of thick, red patches on the skin, primarily on the knees, scalp, and elbows, although they can also occur on other body parts. The market is fueled by the significant burden of the disease on patients, including itchiness, pain, and bleeding. While the exact cause of plaque psoriasis remains unknown, the market is driven by the demand for effective treatment options that alleviate symptoms and improve the quality of life for affected individuals.
According to Data Bridge Market Research, the Global Plaque Psoriasis Market will grow at a CAGR of 6.50% during the forecast period of 2022 to 2029. The market value, which was USD 26.37 billion in 2021 will reach USD 47.24 billion in 2029.
“Increasing investment in healthcare infrastructure drives the market”
Increasing investment in healthcare infrastructure is a significant driver for the plaque psoriasis market. Countries allocating more resources to improve healthcare facilities and services, including dermatology departments, enhance access to diagnosis and treatment for patients with plaque psoriasis. This increased investment enables healthcare providers to offer advanced therapies, including biologics and targeted therapies, effectively managing plaque psoriasis. Improved healthcare infrastructure also facilitates better disease management, patient education, and multidisciplinary care, resulting in improved outcomes and driving the growth of the plaque psoriasis market.
What restraints the growth of the global plaque psoriasis market?
“The negative side effects associated with existing medications”
The adverse side effects associated with existing medications serve as a significant restraint on the plaque psoriasis market. While these medications are effective in managing the symptoms of plaque psoriasis, they can also come with various adverse effects that impact patient tolerance and adherence to treatment. Side effects such as immunosuppression, increased risk of infections, liver toxicity, and cardiovascular complications can limit the use of certain medications or require close monitoring. These side effects create a need for safer and more tolerable treatment options, driving the demand for innovative therapies with improved safety profiles in the plaque psoriasis market.
Segmentation: Global Plaque Psoriasis Market
The plaque psoriasis market is segmented on the basis of treatment, route of administration, end users, and distribution channel.
- On the basis of treatment, the plaque psoriasis market is segmented into topical therapy, phototherapy, systemic agents, biologic therapies, and others.
- On the basis of route of administration, the plaque psoriasis market is segmented into oral, and injectable.
- On the basis of end users, the plaque psoriasis market is segmented into hospitals, homecare, speciality centres, and others.
- On the basis of distribution channel, the plaque psoriasis market is segmented into hospital pharmacy, online pharmacy, and retail pharmacy.
Regional Insights: North America is expected to dominate the global plaque psoriasis market
North America's dominance in the plaque psoriasis market can be attributed to the higher prevalence of the disease in the region. The increasing number of individuals affected by plaque psoriasis drives the demand for effective treatments. Additionally, the presence of a robust drug pipeline in North America offers promising prospects for innovative therapies, contributing to the growth of the plaque psoriasis market in the region during the forecast period.
Asia-Pacific is poised for significant growth in the plaque psoriasis market. The region is witnessing a rising public awareness of the disease, leading to increased diagnosis rates and a greater demand for effective treatments. As a result, there is a growing focus on developing innovative therapies and expanding treatment options in Asia-Pacific. These factors are expected to drive the growth of the plaque psoriasis market in the region in the coming years, offering new opportunities for market expansion.
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Recent Developments in Global Plaque Psoriasis Market
- In November 2020, The pivotal Phase 3 trial, POETYK PSO-1, evaluating deucravacitinib (BMS-986165) for moderate to severe plaque psoriasis, yielded positive results for Bristol Myers Squibb. Deucravacitinib, an oral TYK2 inhibitor, demonstrated potential as a novel treatment option, showcasing its efficacy in addressing the symptoms of plaque psoriasis.
- In May 2020, Lupin Limited and Mylan launched the biosimilar etanercept Nepexto in Germany after receiving marketing authorization from the European Commission. This biosimilar, indicated for psoriatic arthritis and plaque psoriasis, provided patients with an alternative treatment option, potentially expanding the region's access and affordability of therapy.
- In July 2020, Fujifilm Kyowa Kirin Biologics obtained Japanese regulatory approval to manufacture and market the first adalimumab biosimilar. This biosimilar, indicated for various conditions including psoriasis vulgaris and arthritic psoriasis, offered an alternative treatment choice for patients in Japan, potentially contributing to improved access and affordability of biologic therapy in the country.
The Prominent Key Players Operating in the Global Plaque Psoriasis Market Include:
- Pfizer Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
- Novartis AG (Switzerland)
- Mylan N.V. (U.S.)
- Teva Pharmaceutical Industries Ltd.(Israel)
- Sanofi (France)
- Boehringer Ingelheim International GmbH. (Germany)
- AstraZeneca (U.K.)
- Johnson & Johnson Private Limited (U.S.)
- Bayer AG (Germany)
- Merck & Co., Inc. (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Bristol-Myers Squibb Company (U.S.)
- Cadila Pharmaceuticals (India)
- Eli Lilly and Company (U.S.)
- LEO Pharma A/S (Denmark)
- Cipla Inc. (U.S.)
- Aurobindo Pharma (India)
- Lupin (India)
- Sumitomo Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global plaque psoriasis market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Plaque Psoriasis Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
