Demand for Psoriasis Drugs Is Growing Due to Increasing Geriatric Population
From 100 million in 2016, the global psoriasis prevalence surged to 125 million cases in 2020, as per the National Psoriasis Foundation. In the U.S. alone, 8 million suffer from this common disease, which is caused by strep throat and skin infections, cold, dry conditions, cuts, scrapes, bug bites, severe sunburn, stress, first- and second-hand smoke, family history, and heavy alcohol consumption. Further, almost 30% of the people suffering from this condition develop psoriatic arthritis, wherein joint stiffness, swelling, and pain occur.
As psoriatic arthritis can itself be disabling, especially if it transforms into arthritis mutilans, the focus on managing psoriasis has increased in recent years. As per P&S Intelligence, due to this reason, the psoriasis drugs market value will witness a robust 14.0% CAGR between 2021 and 2030, reaching $53,210.6 million by 2030 from $14,504.0 million in 2020. Moreover, the geriatric population is increasing, which is driving the demand for psoriasis drugs.
As per the United Nations (UN), the population in the age group of 65 and above will increase from 727 million in 2020 to 1.5 billion in 2050. Since the disease is most commonly found in the age group of 50 to 70, the rise in the geriatric population would lead to an increase in the number of people suffering from it. This is because older people have a malfunctioning immune system, and since psoriasis is an autoimmune disease, they are at a high risk of it. As a result, the pipeline of psoriasis drugs under development has expanded in recent years.
Many of the drug candidates in the pipeline of pharma companies are sponsored by Pharmaceutical Research and Manufacturers of America (PhRMA). BIOCAD, Boehringer Ingelheim International GmbH, UCB S.A., Coherus BioSciences Inc., Sandoz International GmbH, Eli Lilly and Company, Pfizer Inc., Maruho Co. Ltd., MC2 Therapeutics A/S, and Dermavant Sciences Inc. are among the dermatology drug companies extensively engaged in developing medicines to manage psoriasis. In addition, many companies have received the regulatory approvals for their drugs in recent years, which is enhancing people’s access to them.
The drugs being developed or launched for psoriasis are of several types, including biologic drugs, topical therapies, and small-molecule systemic drugs, among which biologics have been in the highest demand. With the increasing knowledge on the genetics and immunopathogenesis of the disease, highly effective biologics have been created, with many more under various stages of development. Many of the biologics are being designed to reduce the risk of the comorbidities of this condition, which include certain cancers.
Currently, North America accounts for the highest consumption of drugs to treat this condition, since the awareness of people on psoriasis and the medicines available for its management is rising in the region as a result of the initiatives being taken by public and private organizations. Moreover, the region is home to the largest pharma sector in the world, which leads to the easy availability of drugs to manage this autoimmune condition.
Get More Details Psoriasis Drugs Market Growth Factors, and Demand Forecast
How Are Clinical Trials Adding to Wet Age-Related Macular Degeneration Market Growth?
A surge in the elderly population, rise in age-related macular degeneration (AMD) incidence, and lack of availability of a specific treatment will fuel the wet age-related macular degeneration (AMD) market at a CAGR of 7.1% during the forecast period (2019–2024). These factors will increase the revenue of the market from $6.9 billion in 2018 to $10.4 billion by 2024. Moreover, an increasing number of tobacco smokers will fuel the market growth in the forecast period. The World Health Organization (WHO) states that currently there are nearly 1.1 billion smokers in the world, and the number will double by 2050.
AMD is a disease caused due to damage to the macula of the retina, which leads to blurred vision or blindness. There are two types of AMDs: wet and dry. Abnormal blood vessels grow under the macula and retina in wet AMD, and these vessels may bleed or leak fluid, causing the macula to lift from its position or bulge, thereby resulting in severe vision loss. This disease affects a vast population in the age group of 40 and above.
One of the key drivers for the wet age-related macular degeneration market is the booming population of the elderly. AMD is the third-leading cause of acute vision impairment, and it can further lead to blindness. As per the National Eye Institute, AMD is one of the leading factors resulting in vision loss among the aging population, with people above the age of 60 more-susceptible to it. This is why the market will gain robust support from the Western nations due to a spike in the geriatric population.
Currently, the global wet age-related macular degeneration market is observing rapid evolution on account of a significant rise in the number of clinical trials for wet AMD drugs. For example, Outlook Therapeutics Inc. started a clinical study in February 2019 to examine the safety and efficacy of ONS-5010 on wet AMD patients. The study aims to prevent vision loss by analyzing the effectiveness of ONS-5010 against that of ranibizumab. Similarly, Ocular Therapeutix Inc. treated the first AMD patient with OTX-TKI (tyrosine kinase inhibitor implant) in February 2019 as part of the phase 1 trial to examine the effectiveness of the drug.
Access Detailed Report Summary: https://www.psmarketresearch.com/market-analysis/wet-age-related-macular-degeneration-market
The product segment of the wet age-related macular degeneration market is divided into the Lucentis, Eylea, Avastin, and others categories, the last of which includes Macugen and Visudyne. Amongst these, the Eylea category is expected to hold the largest market share in the forecast period and display a significant growth rate. This is due to the fact that Eylea is available at a lower cost and has a higher efficiency as compared to the other products.
During the forecast period, the Asia-Pacific wet age-related macular degeneration market will register the fastest growth due to a boom in the geriatric population and high reimbursements offered by the government for treatment. APAC accounts for more than one-third of the macular generation cases in the world due to its large geriatric population. According to the United Nations (UN), nearly 24% of Asians will reach the age of 60 or more by 2050. Moreover, Malaysia and South Korea are taking extensive measures to reduce the cost of wet AMD treatment.
Thus, the growing aging population and rising number of clinical trials will fuel the market growth in the forecast period.
AMD is a disease caused due to damage to the macula of the retina, which leads to blurred vision or blindness. There are two types of AMDs: wet and dry. Abnormal blood vessels grow under the macula and retina in wet AMD, and these vessels may bleed or leak fluid, causing the macula to lift from its position or bulge, thereby resulting in severe vision loss. This disease affects a vast population in the age group of 40 and above.
One of the key drivers for the wet age-related macular degeneration market is the booming population of the elderly. AMD is the third-leading cause of acute vision impairment, and it can further lead to blindness. As per the National Eye Institute, AMD is one of the leading factors resulting in vision loss among the aging population, with people above the age of 60 more-susceptible to it. This is why the market will gain robust support from the Western nations due to a spike in the geriatric population.
Currently, the global wet age-related macular degeneration market is observing rapid evolution on account of a significant rise in the number of clinical trials for wet AMD drugs. For example, Outlook Therapeutics Inc. started a clinical study in February 2019 to examine the safety and efficacy of ONS-5010 on wet AMD patients. The study aims to prevent vision loss by analyzing the effectiveness of ONS-5010 against that of ranibizumab. Similarly, Ocular Therapeutix Inc. treated the first AMD patient with OTX-TKI (tyrosine kinase inhibitor implant) in February 2019 as part of the phase 1 trial to examine the effectiveness of the drug.
Access Detailed Report Summary: https://www.psmarketresearch.com/market-analysis/wet-age-related-macular-degeneration-market
The product segment of the wet age-related macular degeneration market is divided into the Lucentis, Eylea, Avastin, and others categories, the last of which includes Macugen and Visudyne. Amongst these, the Eylea category is expected to hold the largest market share in the forecast period and display a significant growth rate. This is due to the fact that Eylea is available at a lower cost and has a higher efficiency as compared to the other products.
During the forecast period, the Asia-Pacific wet age-related macular degeneration market will register the fastest growth due to a boom in the geriatric population and high reimbursements offered by the government for treatment. APAC accounts for more than one-third of the macular generation cases in the world due to its large geriatric population. According to the United Nations (UN), nearly 24% of Asians will reach the age of 60 or more by 2050. Moreover, Malaysia and South Korea are taking extensive measures to reduce the cost of wet AMD treatment.
Thus, the growing aging population and rising number of clinical trials will fuel the market growth in the forecast period.