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The Asia-Pacific (APAC) treatment market for psoriasis will almost double in value, from $690 million in 2014 to $1.2 billion by 2021, representing a Compound Annual Growth Rate (CAGR) of 8.4 percent, according to business intelligence provider GBI Research.
This expansion, which will occur across the major APAC markets of China, India, Japan and Australia, will be driven by a rising treatment population and the emergence of new competitive drug products, particularly biologics, which are expected to be approved during the forecast period.
Mr Rishikesh Mandilwar, analyst for GBI Research, says the uptake of biologics will rise as more products enter the market and healthcare professionals become increasingly confident with their use in the treatment of psoriasis.
He explains: "Biologics are very expensive in comparison with conventional systemic drugs, the majority of which have been in use for decades and have lost patent protection. The continued uptake of biologics will increase the annual cost of therapy in APAC countries, propelling market growth.
"Recently approved Cosentyx from Novartis and Alzumab from Biocon, both monoclonal antibodies (mAbs) targeting IL-17, a pro-inflammatory cytokine, and CD6 protein specifically, are expected to achieve good market penetration by 2021."