VANCOUVER, B.C., Sept. 14, 2020
- 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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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)
Treatment Outlook (Revenue, USD million; 2017-2027)
End Use Outlook (Revenue, USD million; 2017-2027)
Regional Outlook (Revenue, USD million; 2017-2027)
o Rest of Europe
o South Korea
o Rest of Asia Pacific
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