The South Korea psoriasis treatment market size stood at around USD 27.71 million in 2019 and is projected to reach xx million by 2028, exhibiting a CAGR of around xx% during the forecast period.
Psoriasis is a chronic relapsing skin disorder that usually occurs limited to the skin but can be associated with several comorbidities, such as psoriatic arthritis, cardiovascular disease, diabetes, and fatty liver. Psoriasis is seldom life threatening, but in a modern society that cares greatly about physical appearance, patients with psoriasis may stress over their appearance. A systemic immune response is the main cause of psoriasis; due to such etiological factors, patients with psoriasis have an increased likelihood of high blood pressure and diabetes. Mortality associated with psoriasis may increase due to aggravated comorbidities when patients with psoriasis are not adequately treated.
From year 2014 till 2016 psoriasis treatment market of South Korea grew by an average of 10% every year.
There are about 1.5 million patients with psoriasis in Korea as of 2018, but only about 230,000 are estimated to have received proper treatment in the hospital, which corresponds to less than 15% of all patients. The prevalence of psoriasis is expected to increase significantly mainly due to alterations in lifestyle and environmental and genetic factors. The rising prevalence population, better medical facilities, improving awareness of the disease will increase diagnosis and the treatment-receiving population, driving demand and contributing to market growth. Need for new and innovative products and launch of novel biologics will further impact the market growth.
High cost of treatment, high cost involved in drug development, patent expiry are some of the market restraints.