Psoriasis Treatment Market Trends

Growth Drivers

• Growing Geriatric Population – According to the World Health Organization, the number of persons in the globe who are 60 years or older would double (2.1 billion) by 2050. Between 2020 and 2050, the number of people 80 or older is projected to treble, reaching 426 million. The huge senior population has demonstrated to be helpful for market expansion owing to the high frequency of skin disorders among this cohort. Approximately 14% of elderly psoriasis patients have moderate-to-severe disease, necessitating systemic therapies. Hence this factor is estimated to boost the growth of the psoriasis treatment market
• Increasing Prevalence of Psoriasis across the Globe – Psoriasis is an autoimmune inflammatory disorder resulting in overproduction of skin cells, leading to an itchy and painful skin condition. According to the National Psoriasis Foundation (NPF), globally around 125 million patients were suffering from psoriasis in 2020. 
• Higher Demand for Psoriasis Treatment Amid Pandemic – According to the data published by Frontiers in Medicine, it was reported that in the US, Spain, and South Korea, around 3.5% to 32.5% of patients diagnosed with Covid-19 were suffering from psoriasis. The impact of COVID-19 resulted in a considerably higher growth in 2020.
• Increasing Awareness Regarding Psoriasis Treatment – People are becoming more aware about the heredity of psoriasis. About 1 out of 3 people with psoriasis have a relative with psoriasis. Moreover, if one parent has psoriasis, a child has about a 10% chance of having psoriasis, while if both parents have psoriasis, a child has a 50% chance of developing the disease.
• Increased Research and Development for Enhancement of Treatment – Increase in research and development, advancement of treatment, surge in healthcare expenditure, and increase in psoriasis research and pipeline drugs positively affects the psoriasis treatment market.  According to the data by the World Bank, 2.63% of the GDP was spend for R&D activities in 2020.

Challenges

• High Cost of Medicine – Psoriasis is a chronic condition that could be very expensive. According to National Psoriasis Federation (NPF), it was estimated that one in three people with the condition have trouble paying for the cost of treatment, and a tube of topical medication costs between USD 500 to USD 600. Therefore, despite the disease's expanding prevalence, the market expansion over the projection period would likely be constrained by high treatment pharmaceutical costs and unfavorable reimbursement regulations in emerging nations.
• Variation in Effectiveness of Different Medications
• Lack of Proper Reimbursement Policies