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The global psoriasis treatment market size was valued at USD 26.37 billion in 2022. The market is projected to grow from USD 28.61 billion in 2023 to USD 51.48 billion by 2030, exhibiting a CAGR of 8.8% during the forecast period.
Psoriasis is an autoimmune inflammatory disorder resulting from the overproduction of skin cells, resulting in an itchy and painful skin condition characterized by inflammation, red lesions, and plaque formation. The disease is categorized into two major types - plaque psoriasis and Psoriatic Arthritis (PsA). According to a study published by Celgene Corporation, about 30% of patients suffering from the condition develop inflammation of the joints, known as psoriatic arthritis.
The rapidly increasing geriatric population, the growing prevalence of plaque & psoriatic arthritis, a huge pipeline of biologic & biosimilar products, favorable reimbursement policies, and a rising volume of prescribed biologic products are major factors contributing to market growth. According to the National Psoriasis Foundation (NPF) 2022 statistics, approximately 2-3% of the global population were suffering from psoriasis. Also, an estimated 30% of patients with psoriasis develop psoriatic arthritis. In most developed countries, the prevalence of this disorder is between 1.5 to 5%, and an upward trend in disease prevalence has been observed in recent years. Thus, these factors are expected to contribute to the global psoriasis treatment market growth in the coming years.
Higher Demand for Psoriasis Treatment amid Pandemic Positively Impacted Market Growth
The COVID-19 pandemic had a positive impact on the market, leading to a higher growth rate in 2020. The market witnessed a growth of 11.1% compared to the CAGR reported in 2019. This significant growth was due to increased revenues of key players, higher demand for psoriasis treatment, increasing investments in research & development of new drugs, and other factors. For instance, Novartis AG's Cosentyx generated revenue of USD 3,995 million in 2020, experiencing a growth of 12.5% compared to its sales in 2019.
Additionally, several medical research studies demonstrated a link between COVID-19 and this disorder, as many patients were experiencing symptoms indicative of psoriasis. For example, according to data published by Frontiers in Medicine, approximately 3.5% to 32.5% of patients diagnosed with COVID-19 in the U.S., Spain, and South Korea were suffering from psoriasis.
During the COVID-19 pandemic, telemedicine services played a major role in increasing the demand for psoriasis treatments, even when hospital visits were restricted. These services facilitated the management of psoriasis, showing higher success rates than normal care. For instance, according to an article published by the NCBI in 2020, about 94% of patients who participated in the survey were using telemedicine and encountered no issues in entering personal information or uploading images for diagnosis. These factors transformed treatment guidelines and led to the introduction of a new care model in 2020.
Strong Emphasis on Development of Biologics by Key Players to Spur Market Growth
Globally, patients are seeking efficient ways to receive psoriasis treatment. The introduction of biologics has revolutionized the management of this condition as they target specific points in the inflammatory pathway and cause fewer side effects. Due to these benefits, several key players have shifted their focus toward the development of biologics. Biologics development also facilitates an easier approval process for launching a new drug. For instance, in December 2021, AbbVie Inc. received U.S. FDA approval for RINVOQ to treat adults with active psoriatic arthritis. Hence, such novel product launches will propel the demand for biologics in the forthcoming years.
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Growing Prevalence of Psoriasis to Boost Treatment Demand
The rise in the prevalence of psoriasis worldwide has created a huge demand for safe and effective therapies to treat this ailment. 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, a delay in the diagnosis of psoriatic arthritis by just six months could increase the risks of joint erosions, damage, and disability. Additionally, the increased launch of biologicals to accelerate psoriasis treatments is expected to double the market size by the end of 2029, creating great potential for investment in novel product developments and clinical trials.
Surge in Biological Therapy Approval to Augment Market Expansion
Biologics or biological therapy is one of the most sought-after psoriasis 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 strategic collaborations and mergers, which have yielded several innovative products. For instance, in December 2021, Amgen Inc. received U.S. FDA approval for Otezla to treat mild to moderate plaque psoriasis in adults. These factors have helped the company 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 can incur considerable expenses. According to economic analysis of psoriasis treatment, the proportion of medication costs for this ailment accounts for approximately 20% of the total costs. According to the NPF, it was estimated that one in three people with the condition had trouble paying for the cost of treatment, and a tube of topical medications would cost between USD 500 to USD 600. Also, biologics, as a treatment solution for psoriatic and plaque arthritis, could cost around USD 15,000 to USD 20,000 per year. Thus, despite the rising prevalence of the disease, high medication costs for its treatment and lack of favorable reimbursement policies in emerging countries will be major factors responsible for restricting the market growth during the forecast period.
Interleukin Inhibitors to Gain Traction Due to Increasing Number of Clinical Trials
Based on drug class, the market is segmented into TNF inhibitors, interleukin inhibitors, and others. The interleukin inhibitors segment is expected to register a higher CAGR due to the growing prevalence of research trials conducted worldwide; there is a rising effort to assess the effectiveness of these drugs in treating the particular disease
The TNF inhibitors segment dominated the market share in 2022. However, the segment is expected to lose market share to some extent in the upcoming years owing to the decline in the prices of branded products due to the loss of exclusivity of these products and the entry of biosimilar versions, along with the growing prescription volume for interleukin inhibitors drugs.
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Plaque Psoriasis Segment Driven by High Prevalence and Innovative Treatments
Based on type, the global market is segmented into plaque psoriasis, psoriatic arthritis, and others. The plaque psoriasis segment dominated the psoriasis treatment market share, being the most common type of psoriasis, accounting for 80-90% of all cases. The key players' increasing launch of novel and innovative products for the treatment of this disorder is responsible for the segment's growth.
For instance, in August 2021, UCB S.A. obtained approval from the European Commission for the use of Bimzelx in treating moderate to severe plaque psoriasis. The recommended dosage is 320 mg, administered via two subcutaneous injections. Additionally, the growing applications of biologics in the management of psoriatic arthritis are anticipated to significantly boost the growth of the psoriatic arthritis segment during the forecast period.
Parenteral Route of Administration to Gain Traction Due to Rising Adoption of Biologics
Based on route of administration, the market is categorized into oral, parenteral/systemic, and topical. The parenteral segment is anticipated to account for a dominant share of the market during the forecast period as biologics are administered parenterally. The rising adoption of biologics, numerous launches, and a surge in the approval of biologics are driving the segment's growth. For instance, in August 2021, SKYRIZI, an IL-23 inhibitor, was made commercially available in the U.S. as a prefilled pen or syringe for a single-dose 150 mg injection to treat adults with moderate to severe plaque psoriasis.
Retail Pharmacies to Dominate the Market Due to Increasing Number of Retail Pharmacies
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 2022. This dominance is due to the presence of many independent retail pharmacies across the globe, especially in emerging economies. For instance, according to a press release published in January 2023, Reliance Retail announced the opening of 2,000 standalone pharmacies in India to expand its network.
The online pharmacies segment is also projected to grow significantly due to improving patient convenience, a rising shift toward e-commerce platforms, and attractive discounts & coupons on online sales.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America Psoriasis Treatment Market Size, 2022 (USD billion)
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North America market size was valued at USD 11.21 billion in 2022. 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, August is considered Psoriasis Awareness Month, wherein programs are 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. This dominance is attributed to the higher adoption of advanced treatment therapies, increasing research & development spending by key 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 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, data released by the National Institute for Health and Care Excellence (NICE) indicated that the prevalence of the condition was approximately 1.3% to 2.2% within the general population in the U.K.
Asia Pacific psoriasis treatment market is anticipated to record the highest growth rate due to the rising number of government initiatives to raise awareness among the population regarding the complications of prolonged psoriasis. For instance, in January 2019, the Australian government announced that it had incorporated two new medicines for psoriasis treatment (Ilumya and Tremfya) into its Pharmaceutical Benefits Scheme (PBS), saving patients up to USD 32,600 per year.
The Latin America and the Middle East & Africa regions are expected to register a significant CAGR owing to the shifting focus of market players toward expanding their operating network in untapped regions. For instance, the World Health Organization (WHO) data stated that the estimated age-standardized prevalence of psoriasis in Latin American countries ranged from 1.27% to 1.56%.
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Diverse Product Portfolio by Johnson & Johnson Services, Inc. and Abbvie Inc. to Contribute to their Leading Positions
The market’s competitive landscape is highly consolidated, with key industry players holding a major share of the global market. Dominant players include Johnson & Johnson Services, Inc. and AbbVie Inc., among others. This dominance is attributed to their robust distribution networks 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 innovative biologic products. The introduction of novel psoriasis treatment products and substantial investments in developing new biologics are major strategies adopted by manufacturers in the market. For instance, in December 2021, Novartis AG announced that it had obtained U.S. FDA approval for Cosentyx to treat psoriatic arthritis in children and adolescents. Other significant market players include Pfizer Inc., Merck & Co., Inc., LEO Pharma A/S, Sun Pharmaceutical Industries Ltd., Evelo Biosciences, Inc., and Eli Lilly & Company.
An Infographic Representation of Psoriasis Treatment Market
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The 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, 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.
CAGR of 8.8% from 2023-2030
Value (USD billion)
By 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 26.37 billion in 2022 and is projected to reach USD 51.48 billion by 2030.
In 2023, the market stood at USD 28.61 billion.
The market will record a CAGR of 8.8% during the forecast period of 2023-2030.
Rise in the number of moderate-to-severe plaque psoriasis in adults around the globe, growing strategic collaborations & mergers among key players, and high 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 largest 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.
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