The global psoriasis treatment market is likely to gather the valuation of US$ 35.7 Mn by the end of 2027, according to the new study published by Transparency Market Research (TMR). Further, the TMR research report highlights that the psoriasis treatment market will expand at over 11% CAGR during the forecast period 2019 to 2027. This study offers complete data on the drivers, restraints, growth opportunities, and challenges in the market for psoriasis treatment. Apart from this, it sheds light on various important aspects such as trends in the market.
Psoriasis refers to an autoimmune noncontagious health issue wherein an individual experiences excessive and rapid skin cells proliferation, which results into abnormal skin patches. This is a long-term skin disease that creates plaques of scaling and thickened skin. Generally, the back of the forearms, around the scalp, navel, and knees are some of the commonly affected body areas of patients dealing with psoriasis.
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Over the period of past few years, there is significant growth in the number of people dealing with psoriasis across the globe. This scenario has pushed the companies operating in the global psoriasis treatment market toward growing their focus toward the development and approval of new biologic drugs for psoriasis treatment. On the back of this scenario, the global psoriasis treatment market is foreseen to gather exceptional growth opportunities in the forthcoming years.
The psoriasis treatment market is estimated to gain the advantage of growing awareness pertaining to the psoriasis treatment in many developing countries across the globe. The possibility of psoriasis patients to develop arthritis, which is named as psoriatic arthritis, is considerably high. Over the period of past few years, there is significant growth in the number of people dealing with psoriatic arthritis. This aside, there is substantial growth in the popularity of personalized medicine. These factors are likely to generate notable expansion opportunities in the psoriasis treatment market.
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Newer Modalities and Biosimilars: Key Focus of Major Players in Psoriasis Treatment Market
Amgen, Inc., Eli Lilly and Company, Novartis AG, Merck & Co., Inc., Johnson & Johnson, Pfizer, Inc., AstraZeneca plc, AbbVie, Inc., LEO Pharma A/S, and Biogen, Inc. are several key players from the global psoriasis treatment market. The presence of many players makes the competitive landscape of the market intense. As a result, several companies are utilizing various strategic moves to stand out from the crowd. For instance, many players in the global psoriasis treatment market are growing focus toward the newer modalities and biosimilars.
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Asia Pacific Market Projected to Experience Rapid Growth in Upcoming Years
In terms of region, the global psoriasis treatment market is classified into Europe, North America, Latin America, Middle East & Africa, and Asia Pacific. Of them, Asia Pacific is one of the key regions that offer lucrative opportunities for the market growth. The expansion of the Asia Pacific psoriasis treatment market is attributable to many factors such as noteworthy growth in the awareness pertaining to the psoriasis disease in the region. Apart from this, the regional market will gain the advantage of remarkable growth in the use of biologics in many regional nations such as Japan and China.
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