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The global psoriasis treatment market size was USD 24.33 billion in 2021 and is projected to grow from USD 26.37 billion in 2022 to USD 47.24 billion by 2029, at a CAGR of 8.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with psoriasis treatment experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a higher growth of 11.1% in 2020 as compared to 2019.
Psoriasis is an autoimmune inflammatory disorder resulting in the overproduction of skin cells, leading to an itchy and painful skin condition characterized by inflammation, red lesions, and plaque formation. The disease can be categorized into two major types, plaque psoriasis and psoriatic arthritis (PsA). According to a study published by Celgene Corporation, about 30.0% of patients suffering from the condition develop an inflammation of the joints, known as psoriatic arthritis.
The rapidly increasing geriatric population, growing prevalence of plaque and psoriatic arthritis, the huge pipeline of biologic and biosimilar products, favorable reimbursement policies, and rising prescription volume of biologic products are major factors contributing to the psoriasis treatment market growth. According to the estimations of the National Psoriasis Foundation (NPF), globally, around 125 million patients were suffering from psoriasis in 2020, making this disease a serious global problem. In most developed countries, the prevalence of this disorder is between 1.5 to 5.0%, and an upward trend in the disease prevalence has been observed in recent years.
Higher Demand for Treatment Amid Pandemic to Exert a Positive Impact on Market
The impact of COVID-19 resulted in a considerably higher growth rate in 2020. The market witnessed a higher growth of 11.1% as compared to CAGR reported in 2019. The significant growth was due to an increase in key players' revenues, higher demand for psoriasis treatment, increasing investment in research & developments of new drugs, and others. For instance, Cosentyx of Novartis AG generated a revenue of USD 3,995.0 million in 2020 and experienced a growth of 12.5% compared to sales in 2019. Also, after publishing the 9M 2021 result, the company reported a 20% growth in sales of Cosentyx when compared to 9M 2020
Additionally, a few medical research studies demonstrated a relation between COVID-19 and this disorder while many patients were experiencing symptoms indicating psoriasis. For instance, according to the data published by Frontiers in Medicine, it was reported that in the U.S., Spain, and South Korea, around 3.5% to 32.5% of patients diagnosed with COVID-19 were suffering from psoriasis.
During the COVID-19 pandemic, telemedicine services played a major part in the market growth even though hospital visits were restricted. Also, with telemedicine services, the psoriasis management showed higher success rates than normal care. For instance, according to an article published by NCBI in 2020, it was reported that about 94% of patients who participated in the survey were using telemedicine and had no problems in entering personal information or uploading images for diagnosis. These factors transformed the treatment guidelines and led to the introduction of a new care model in 2020.
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Strong Emphasis on Development of Biologics by Key Players to Spur Market Growth
Globally, patients are seeking an efficient psoriasis treatment. The introduction of biologics has revolutionized the management of this condition as they target the specific points in the inflammatory pathway and are associated with fewer side effects. Attributed to this, several key players have shifted their focus on biologics development. Biologics development is also associated with an easy approval process for a new drug. For instance, in December 2021, AbbVie Inc. received the U.S. FDA approval for RINVOQ intended to treat adults with active psoriatic arthritis. Hence, such introductions will propel the demand for biologics in the forthcoming years.
Growing Prevalence of Psoriasis to Boost Demand for Treatment
The rise in prevalence of psoriasis around the globe has created a huge demand for safe and effective therapies for the treatment. For instance, according to U.S. Census data, the reported number of cases in the U.S. was approximately 7.55 million in 2020. Also, according to an article published by MedPage Today, LLC., in November 2021, it was reported that delay in diagnosis of psoriatic arthritis for just six months could develop risks of joint erosions, damage, and disability. Additionally, a recent wave of biologicals in the treatment of psoriatic conditions is expected to double the market size by the end of 2029, leveraging a great market potential for investment in novel product developments and clinical trials.
Surge in Biological Therapy Approval is Augmenting Market Expansion
Biologics or biological therapy is one of the most adopted treatment options. Several large-scale companies have identified the introduction of new products as an ideal opportunity for market growth. Additionally, market players are focusing on entering into strategic collaborations and mergers, which yielded several innovative products. For instance, in December 2021, Amgen Inc. received the U.S. FDA approval for Otezla to be used to treat mild to moderate plaque psoriasis in adults. These factors have helped the company to expand its product line in the oral route of administration.
High Medication Costs to Restrict Market Growth in Emerging Countries
Psoriasis is a lifelong disease and leads to a considerable expense. According to the economic analysis for the psoriasis treatment, the proportion of medication costs is approximately 20.0% of the total costs. According to the NPF, it was estimated that one in three people with the condition have trouble paying for the cost of treatment, and a tube of topical medications might cost between USD 500 to USD 600. Also, biologics, as a treatment solution for psoriatic arthritis and plaque type, could cost around USD 15,000 to USD 20,000 per year. Thus, despite the rising prevalence of the disease, high medication costs for the treatment and lack of favorable reimbursement policies in emerging countries are the major factors responsible for restricting the market growth during the forecast period.
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Increasing Number of Clinical Trials on Interleukin Inhibitors to Boost Segmental Growth During 2022-2029
Based on drug class, the market is segmented into TNF inhibitors, interleukin inhibitors, and others.
The TNF inhibitors segment dominated the market, holding 47.7% in 2021. The segment is expected to lose market share to some extent by 2029 owing to the decline in prices of branded products resulted from the entry of biosimilar versions and growing prescription volume for the interleukin inhibitors segment.
The interleukins segment is expected to register a higher CAGR owing to the increasing number of research trials being conducted across the globe to evaluate the efficacy of these drugs in the treatment of this disease
Increasing Drug Approvals for Plaque Psoriasis Led to its Dominance in 2021
Based on type, the market is segmented into plaque psoriasis, psoriatic arthritis, and others.
The plaque psoriasis segment dominated the market. It is the most common type, accounting for 80.0%- 90.0% of the cases. The key players' growing number of novel and innovative products for the treatment of this disorder type is responsible for the segment's growth.
For instance, in August 2021, UCB S.A. received approval from the European Commission for Bimzelx to treat moderate to severe plaque psoriasis at a recommended dose of 320mg, administered by two subcutaneous injections. However, growing applications of biologics in the management of psoriatic arthritis are anticipated to significantly push the growth of the psoriatic arthritis segment during the forecast period.
Rising Adoption of Biologics Enabling Parenteral Segment to Dominate Market
In terms of route of administration, the market is segmented into oral, parenteral/systemic, and topical.
The parenteral segment is anticipated to account for a dominant share in the market during the forecast period as biologics are administered parenterally. The rising adoption of biologics and numerous launches and the surge in approval of biologics are driving the segment's growth. For instance, in February 2019, Janssen Pharmaceuticals, Inc. (Johnson & Johnson Services, Inc.) received the U.S. FDA approval to use TREMFYA, One-Press, a single-dose, patient-controlled injector for the treatment of moderate-to-severe plaque psoriasis in adults.
Rising Preference for Online Pharmacies to Result in Higher Growth During Forecast Period
In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The retail pharmacies segment held a dominant share of the global market in 2020. The dominance is due to many independent retail pharmacies across the globe, especially in emerging economies. For instance, according to a journal published by the Royal Pharmaceutical Society in 2020, it was reported that there were almost 11,826 active retail pharmacies in England in 2020 and among them, 239 pharmacies are newly opened.
On the other hand, online pharmacies are projected to grow significantly due to improving patient convenience, rising shift toward e-commerce platforms, and attractive discounts and coupons on online sales.
North America Psoriasis Treatment Market Size, 2021 (USD billion)
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In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The market size in North America stood at USD 10.44 billion in 2021. The rising burden of this condition in the region and increasing initiatives to raise awareness among the general population are anticipated to boost the demand for effective treatment options for managing the condition. For instance, every year in August, Psoriasis Awareness Month is organized in the U.S. to educate and inform patients about the diagnosis and treatment options for this disorder.
The region is expected to maintain its dominance during the forecast period. The dominance is attributed to the higher adoption of advanced treatment therapies, increasing research and development spending by the players in the region on clinical trials for psoriasis treatment, and increasing long-term & preventive healthcare facilities. The development of strong healthcare reforms in the U.S. will provide the patient population with greater accessibility to medical care, fueling the market growth during the forecast period.
Europe was the second-largest market and is expected to register a significant CAGR during the forecast period. The increasing prevalence of the disorder across European countries has strongly surged the demand for therapeutic drugs, thereby propelling the regional market growth. For instance, according to the data published by the National Institute for Health and Care Excellence (NICE), the prevalence of the condition was estimated to be around 1.3% to 2.2% among the general population in the U.K.
Asia Pacific is anticipated to grow at a highest growth rate due to the rising number of government approaches to raise awareness among the population regarding the ill effects of prolonged psoriasis. For instance, in January 2019, the Australian government announced incorporating two new medicines for treatment (Ilumya and Tremfya) in the Pharmaceutical Benefits Scheme (PBS), saving patients up to USD 32,600 per year.
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Latin America and the Middle East & Africa are expected to grow at a significant CAGR, owing to shifting focus of market players to expand their operating network in untapped regions. For instance, World Health Organization (WHO) data stated that the estimated age-standardized prevalence in Latin American countries ranged from 1.27% to 1.56%.
Diverse Product Portfolio by Johnson & Johnson Services, Inc. and Abbvie Inc. to Contribute to their Leading Positions
The competitive landscape is highly consolidated, with industry players holding a major global market share. The market is largely dominated by players, such as Johnson & Johnson Services, Inc. and AbbVie Inc., owing to their robust distribution network and a strong focus on mergers and partnerships with major dermatology or immunology organizations.
Key players such as Novartis AG have also entered the market competition with novel biologic products. The introduction of innovative treatment products and huge investment in developing novel biologics are major strategies adopted by manufacturers operating in the market. For instance, in December 2021, Novartis AG received the U.S. FDA approval for Cosentyx, which is intended to treat psoriatic arthritis in children and adolescents. Other key market players operating in the global market are Pfizer Inc., Merck & Co., Inc., LEO Pharma A/S, Sun Pharmaceutical Industries Ltd., Evelo Biosciences, Inc., and Eli Lilly and Company.
An Infographic Representation of Psoriasis Treatment Market
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The global psoriasis treatment market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, drug class, type, and route of administration. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.
Value (USD billion)
Drug Class, Type, Route of Administration, Distribution Channel, and Region
By Drug Class
By Route of Administration
By Distribution Channel
Fortune Business Insights says that the global market stood at USD 24.33 billion in 2021 and is projected to reach USD 47.24 billion by 2029.
The rise in prevalence of the disease around the globe, growing strategic collaborations and mergers among key players, and the demand for safe and effective therapies for treatment are some of the factors expected to drive the market during the forecast period.
TNF inhibitors segment is the leading drug class segment in the market.
North America is anticipated to hold the highest share in the market during the forecast period.
AbbVie Inc., Novartis AG, Johnson & Johnson Services, Inc., and Pfizer Inc. are the leading players in the global market.
The plaque psoriasis segment is the dominating segment in the market by type.
Limited penetration of biologics in emerging regions due to the high cost of products, delay in diagnosis, and lack of consensus on treatment outcomes are the major factors that hamper the market growth during the forecast period.
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