The global psoriasis drugs covered by medicare market is forecast to reach USD 42.12 Billion by 2028, according to a new report by Reports and Data. Psoriasis can be defined as a skin condition, which accelerates the life cycle of skin cells. It results in cells to develop on the surface. It is usually considered to be a chronic condition. The condition has an unpredictable course of symptoms, significant comorbidities, and various external triggers impacting the condition that includes metabolic syndrome, arthritis, and cardiovascular diseases, among others. The immune system is considered to play an integral role in the condition. The condition also affects nails apart from skin. When a particular area on the skin is affected by the disease, the skin lesion is usually localized, which are sharply demarcated by plaques and red papules that are covered by silver or white scales. These lesions are generally symmetrical and cause stinging, itching, and pain. Herein the main aim of the treatment is to prevent the skin cells from growing quickly. There is no cure to the disease; however, these drugs help in managing the symptoms.
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Some Key Factors Contributing to the Global Pharma Healthcare Market Growth
Unprecedented revenue growth of the global pharma healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in RD activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Further key findings from the report suggest
- The psoriasis drugs covered by medicare market held a market share of USD 16.21 Billion in the year 2018 that is forecasted to grow at a rate of 9.6% during the forecast period.
- In context to Treatment Type, the Biologics segment generated the highest revenue of USD 6.32 Billion in the year 2018, with a growth rate of 9.9% during the forecast period. The ability of these drugs to treat the condition by targeting particular areas of the immune system thereby treating the condition form the base, results in its high acceptance among care providers that contributes to the revenue generated by this segment.
- In context to Therapeutic Class, the Interleukin Inhibitors segment is projected to witness the fastest growth rate of 10.3% during the forecast period, which is expected to occupy 27.5% of the market by 2027. The growth rate witnessed by the segment is attributed to the significant role it plays in the pathogenesis of plaque psoriasis, one of the most common form of psoriasis, which results in its elevated demand among care providers.
- In context to distribution channel, it is mentionable here that the E-commerce segment is projected to witness the fastest growth rate of 11.6% during the forecast period, which is expected to generate USD 7.80 Billion by 2027. The growth rate witnessed by the segment is resultant of continuous growth in the online medicine store and associated upsurge in online medicine shopping culture.
- In context to Application, the Plaque Psoriasis segment held the largest market share of 53.0% in 2018, with a CAGR of 9.7% during the forecast period. The high occurrence rate of the condition and associated increased demand for drugs and medications for treating the disease contributes to the market share occupied by this segment.
- In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 10.3% during the forecast, which is expected to hold 4% of the market by 2027. The growth rate witnessed by the region is resultant of rising awareness about the importance of early diagnosis of the condition and unmet healthcare needs of care users that are opening new avenues for the market in this region.
Top Players in the Global psoriasis drugs covered by medicare Market:
Amgen, Inc., AbbVie Inc., Novartis AG, Johnson Johnson, AstraZeneca, Eli Lilly and Company, UCB, Celgene Corporation, Merck, and Sun Pharmaceutical Industries Ltd.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma healthcare industry revenue growth over the recent past.
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psoriasis drugs covered by medicare Market Segmentation:
Treatment Type Outlook (Revenue, USD Billion; 2018-2028)
- Topicals
- Systemic
- Biologics
Therapeutic Class Outlook (Revenue, USD Billion; 2018-2028)
- Tumor Necrosis Factor Inhibitor
- Interleukin Inhibitors
- Anti-Inflammatory
- Corticosteroids
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals and Clinics
- E-commerce
- Retail Pharmacies
Application Outlook (Revenue, USD Billion; 2018-2028)
- Plaque Psoriasis
- Guttate Psoriasis
- Nail Psoriasis
- Erythrodermic Psoriasis
- Pustular Psoriasis
- Intertriginous psoriasis
- Others
Global psoriasis drugs covered by medicare Market Report: Regional Segmentation
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global psoriasis drugs covered by medicare market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global psoriasis drugs covered by medicare market?
- Which regional market is expected to lead in terms of revenue share in the global psoriasis drugs covered by medicare market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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