Pediatric Psoriasis Market to Reach USD 21.38 Billion By 202
- Pediatric Psoriasis Market Size – USD 9.76 billion in 2019, Pediatric Psoriasis Market Growth - CAGR of 10.3%, Pediatric Psoriasis Industry Trends – Growing demand for biologics and natural remedies for child psoriasis, rising concern towards juvenile psoriasis, and increased R&D investments are drivers leading to the growth of Pediatric Psoriasis Market
- Rising awareness of rare diseases, increasing investment in R&D, thereby leading to the introduction of new drugs, cost-efficient therapeutic approach, and government initiatives for the pediatric psoriasis field are expected to drive the growth of the market during the forecast period
VANCOUVER, B.C., Sept. 14, 2020 /PRNewswire/ -- The Global Pediatric Psoriasis Market was valued at USD 9.76 billion in 2019 and is expected to reach USD 21.38 billion by the year 2027, growing at a CAGR of 10.3%. The global pediatric psoriasis market is growing at a significant pace owing to the growing demand for therapy for diseases, such as pediatric psoriasis, and favorable government initiatives, followed by intensive product development. Considering factors such as the physical development and rate of cutaneous absorption, treating a child with psoriasis has been a huge challenge. With the advent of technology, research has contributed significantly to the various development of treatment for the disease across the globe. Psoriasis is a life-long devitalizing disease that has a significant impact both emotionally and physically, including other aspects of the life of children. Prolonged sun exposure makes it more demanding while considering phototherapy in children for the rest of their life. Therefore, long-term treatment of psoriasis, with phototherapy or drugs, needs critical evaluation.
Researchers are also carrying out work in the field of pediatric psoriasis in emerging economies, which provide the untapped potential for the market to grow during the forecast period. The child population has very few approved treatment options for infantile psoriasis. Furthermore, to broaden the therapeutic options, key market players are taking vital initiatives to expand their product offerings. According to the Indian Society of Pediatric Dermatology, the incidence is expected to increase with age and is reported to be nearly 0.55% in the age group of 0–9 years. Moreover, pharmaceutical and biopharmaceutical companies anticipate high market growth in the coming future. For instance, in July 2020, FDA approved Ustekinumab for plaque psoriasis in kids. The promising drug pipeline will further propel the demand for advanced medication in the long run. This trend is expected to propel market growth in the forecast period as the prevalence rate has been increasing. Hence, a thorough understanding is required for disease management, which would undoubtedly help manage childhood psoriasis better. However, lack of awareness in emerging economies and insufficient research funding may hamper market growth.
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Key Highlights from the Report
- The North America Pediatric Psoriasis Market is anticipated to dominate the global market. Increasing awareness of the disease, favorable research funding scenario and government initiatives, and high medical reimbursement facilities are the major driving factors for the growth of this market.
- Other factors, such as increasing awareness regarding treatments, coupled with surging prevalence in countries like the U.S., will provide traction to the market. According to the International Federation of Psoriasis Association, nearly 100,000 new cases are registered and reported every year. However, side effects associated with the treatment are expected to hamper market growth.
- Based on type, the plaque psoriasis segment is expected to have the largest market share among the other segments during the forecast period. This is attributed to the highest prevalence of the disease in children. Moreover, it is the most common form of psoriasis. According to the National Psoriasis Foundation (NPF), if a parent has psoriasis, the child's chances of developing psoriasis increase by 10%.
- The market is widely driven by increasing demand for therapies. Moreover, the understanding of the disease and therapeutic has expanded greatly, owing to the increased demand for therapy in the near future. For instance, childhood psoriasis has a better prognosis as compared to adult-onset psoriasis.
- The topical therapy segment is expected to have a significant market share during the forecast period. Over the period, with extensive research, awareness about the disease and the existing treatment has grown significantly. Research has contributed substantially to development and innovation in the sector, which will further impact the market. For instance, in July 2020, FDA approved Ustekinumab for plaque psoriasis in kids.
- Napkin or diaper psoriasis is expected to have a significant CAGR during the forecast period. European regional market is the prominent revenue-generating source for this treatment segment owing to the presence of market leaders in the region. In about one-third of the 14 million cases in Europe, psoriasis begins in childhood.
- Based on end use, hospitals is expected to be the largest segment for the Pediatric psoriasis market during the forecast period. The growth is contributed to its wide application in hospitals and the high adoption of therapeutics. Therefore to develop effective, safe medications and doses, researchers would further impact the market positively.
- Key participants include AbbVie Inc.; Amgen Inc.; Johnson & Johnson; Novartis AG; Eli Lilly & Company; AstraZeneca; Celgene Corporation; UCB; and Merck, Boehringer Ingelheim and LEO Pharma and others.
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Emergen research has segmented the Global Pediatric Psoriasis Market on the basis of type, treatment, end use, and region:
Type Outlook (Revenue, USD million; 2017-2027)
- Plaque psoriasis
- Guttate psoriasis
- Pustular psoriasis
- Inverse psoriasis
- Erythrodermic psoriasis
- Mucosal/oral psoriasis
- Nail psoriasis
- Napkin or diaper psoriasis
- Photosensitive psoriasis
- Flexural psoriasis
Treatment Outlook (Revenue, USD million; 2017-2027)
- Topical therapy
- Natural supplements
End Use Outlook (Revenue, USD million; 2017-2027)
- Specialty Clinics
- Ambulatory Care Centers
- Research Organizations
Regional Outlook (Revenue, USD million; 2017-2027)
- North America
o Rest of Europe
- Asia Pacific
o South Korea
o Rest of Asia Pacific
- Latin America
- Middle East & Africa
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