Psoriasis Drugs Market

Global Psoriasis Drugs Market Size (2023 to 2028)

The size of the global psoriasis drugs market is expected to be worth USD 14.33 billion by 2028 from USD 10.07 billion in 2023, growing at a CAGR of 7.30% from 2023 to 2028.

Global Psoriasis Drugs Market Share Insights:

• Based on drug type, the pharmaceuticals segment had the leading share of the global psoriasis drugs market in 2022.
• Based on the route of administration, the topical segment accounted for the major share of the market in 2022.
• Based on the target, the TNF segment led the psoriasis drugs market in 2022.
• North America held the leading share of the global market in 2022.
• The European region occupied the second-largest share of the worldwide market in 2022. 

Psoriasis is a persistent provocative skin problem; it is caused by hereditary air and other natural components. The immune framework plays a significant part being the development of psoriasis. It affixes the existing pattern of skin cells. In psoriasis, cells will, in general, form quickly on the outside of the skin. The extra dermal cells structure scales and red patches, which are bothersome and create itching. Psoriasis drugs include skin creams, oral medicines, and injectables.

MARKET DRIVERS:

The growing incidence of psoriasis, increasing awareness among people regarding the treatment options and growing R&D efforts by the market participants are propelling the global psoriasis drugs market growth.

Psoriasis is a skin condition affecting close 2-3% of the population worldwide. According to the statistics published by National Psoriasis Foundation, nearly 125 million people worldwide and 8 million people in the United States are suffering from psoriasis. An estimated 30% of people with psoriasis are likely to develop psoriasis arthritis. It is believed that psoriasis impacts the quality of life considerably. In addition, the growing volume of patients taking treatments is propelling global psoriasis drugs market growth. Furthermore, the growing investments in developing innovative products in developing and developing countries and growing awareness among people regarding the various available treatment options to treat psoriasis are anticipated to result in the growth rate of the psoriasis drugs market.

In addition, the growing demand for improved healthcare infrastructure, growing disease burden, rising monitoring from the regulatory bodies regarding psoriasis drugs and growing efforts from the market participants in terms of R&D are promoting the growth rate of the global psoriasis drugs market. Regulatory bodies such as the U.S. Food and Drug Administration (FDA), The European Medicines Agency (EMA), The Pharmaceuticals and Medical Devices Agency (PMDA) in Japan and The Therapeutic Goods Administration (TGA) in Australia are responsible for evaluating the safety and effectiveness of drugs for the treatment of psoriasis before they are approved for use.

Furthermore, the growing patient volume suffering from psoriasis offers growth possibilities to the market participants. The growing investments in healthcare by public and private companies, unmet medical needs, growing healthcare expenditure, growing adoption of technological advancements, and an increasing number of changes to the regulatory policies are further promoting the growth rate of the psoriasis drugs market.

MARKET RESTRAINTS:

The high expense of psoriasis treatment is a limitation for the growth of the global psoriasis drugs market. Per a study directed by JAMA Dermatology in 2019, normal psoriasis medicines with biologics are expensive, pricing between USD 10,000 to USD 25,000 annually. The high cost is due to patent securities forestalling numerous elective medications. The high cost of psoriasis treatment is a limitation for the psoriasis market. The person or organization (payers) faces challenges in deciding which treatment is average to very significant psoriasis to include on their formularies. The report covers the present challenges that relate to each primary psoriasis treatment strategy.

Impact of COVID-19 on the global psoriasis drugs market:

COVID-19 is a pandemic declared by the World Health Organization (WHO). There is an increasing number of people with coronavirus across the world. The global psoriasis drugs market has been slightly affected by the spread of COVID-19 worldwide. Governments have imposed strict lockdown guidelines in their respective countries to curb the transmission of the disease, which led to a disrupted supply chain and manufacturing units. Though the pharmaceutical companies have increased the production rate due to a ban on flights and restrictions on movement, the growth rate of the psoriasis drugs market has declined in the lockdown period. However, owing to the unlock guidelines by the governments and the reduced impact of COVID-19, the psoriasis drugs market is expected to recover quickly and register a healthy CAGR in the coming years.

REPORT COVERAGE:

This research report on the global psoriasis drugs market has been segmented and sub-segmented based on drug type, route of administration, target, and region.

Psoriasis Drugs Market - By Drug Type:

• Pharmaceuticals
• Biopharmaceuticals

Based on the drug type, the pharmaceutical is expected to lead the global psoriasis drugs market during the forecast period due to the rising scale of the hospitals and increasing patient pool.

However, the biopharmaceuticals segment had a considerable share of the global market in 2022 and is predicted to showcase a healthy CAGR in the coming years.

Psoriasis Drugs Market - By Route of Administration:

• Topical
• Systemic
  • Oral
  • Intravenous
  • Others

Based on the route of administration, the topical segment had the largest share of the global psoriasis drugs market in 2022. Topical is the first line of treatment for psoriasis and the awareness regarding topical treatment procedures is increasing among the public, which is anticipated to result in segmental growth. For better results, the topical route of administration is used in a single with a combination of other therapies. When the topical treatment fails or the patient doesn’t respond, Systemic drugs are used.

The systemic segment is gaining attention and is expected to be growing at a higher CAGR during the forecast period.

Psoriasis Drugs Market - By Target:

• Tumour Necrosis Factor (TNF)
• Phosphodiesterase Type 4 (PDE4)
• Interleukin

Based on the target, the tumor necrosis factor (TNF) segment is gaining traction. It is anticipated to hold good occupancy in the market during the forecast period owing to the growing incidence of the target disease and rapid adoption of advanced technologies.

Psoriasis Drugs Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American psoriasis drugs market is expected to command a significant share of the global market during the forecast period, followed by Europe. The growth of the regional market is driven by the growing awareness among people regarding the treatment options for psoriasis, the increasing incidence of psoriasis across the North American region and the rising number of developments in the healthcare systems. The U.S. market is showing significant domination in the North American region as of now, followed by Canada. The growing number of people suffering from psoriasis, the well-established healthcare infrastructure, the presence of key market participants and the growing number of initiatives from the U.S. government are a few factors propelling the U.S. psoriasis drugs market.

The Asia Pacific psoriasis drugs market is anticipated to be the fastest-growing regional segment worldwide during the forecast period. The Asia-Pacific region saw notable improvements in psoriasis treatment procedures in the recent past. The growing awareness among people regarding the early diagnosis of the disease is another major attribute leading to regional market growth.

The psoriasis drugs market in Europe held a substantial share of the global market in 2022. The European region is also anticipated to grow at a healthy CAGR in the coming years. Increasing improvements in the healthcare system across the European region and the growing availability of new and innovative treatments are boosting the psoriasis drugs market in the European region. Companies such as Novartis, Johnson & Johnson, and Pfizer are playing a notable role in the European market and offering a range of treatments, including biologics, small molecules, and topical therapies.

The Latin American psoriasis drugs market is estimated to hold a considerable share of the global market during the forecast period.

The psoriasis drugs market in MEA is expected to register a healthy CAGR in the coming years.

KEY MARKET PLAYERS:

Companies that are playing a promising role in the global psoriasis drugs market profiled in the report are Johnson & Johnson (USA), Novartis International AG (Switzerland), Pfizer Inc (USA), Merck and Co. Inc (USA), Celgene Corporation (USA), Janssen Biotech Inc (USA), Stiefel Laboratories Inc (USA), Takeda Pharmaceutical Company Limited (Japan), Amgen (USA), and AbbVie (USA).

RECENT HAPPENINGS IN THIS MARKET:

In November 2019, Amgen (NASDAQ: AMGN) announced its completion of obtaining of overall rights to Otezla® (apremilast), the solitary oral, non-biologic treatment for moderate-to-serious plaque psoriasis and psoriatic joint pain. Otezla was obtained from Celgene Corporation (NASDAQ: CELG) regarding its recently declared consolidation with Bristol-Myers Squibb Company (NYSE: BMY), which was completed.