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The global psoriasis treatment market size was valued at USD 18,378.0 Million in 2018 and is projected to reach USD 37,634.2 Million by 2026, exhibiting a CAGR of 9.4% in the forecast period (2019-2026).
Psoriasis is a common, chronic, non-communicable skin disease, with no clear cause or cure. It is an autoimmune inflammatory disorder resulting in overproduction of skin cells, leading to an itchy and painful skin condition characterized by inflammation, red lesions, and plaques formation on the skin. It can occur at any age and is most common in the age group from 50 to 70 years.
According to the World Health Organization (WHO), the prevalence of psoriasis is estimated to vary between 0.09% to 11.0% across all nations, making psoriasis a serious global problem, increasing the demand for psoriasis treatment, and spelling good news for the global psoriasis treatment market share.
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In most of the developed countries, the prevalence of psoriasis is between 1.5 to 5.0%, and an upward trend in the disease prevalence has been observed in recent years. The disease can be categorized into two major types, plaque psoriasis, and psoriatic arthritis. According to a study published by Celgene Corporation, about 30% of the patients with psoriasis develop the inflammatory condition of joints, known as psoriatic arthritis.
Rapidly increasing geriatric population, growing prevalence of plaque psoriasis and psoriatic arthritis, the huge pipeline of biologic and biosimilar products, favorable reimbursement policies, and growing prescription volume of the biologic products are some of the major factors contributing the global psoriasis treatment market growth.
"Growing prevalence of psoriasis, the surge in biological therapy approvals, recent changes in the treatment guidelines, growing adoption of novel biologicals, and increase in the healthcare awareness leading to early diagnosis of the disease are projected to augment the market for psoriasis treatment revenue during the forecast period."
The rise in the prevalence of psoriasis around the globe has led to an upsurge in the demand for safe and effective therapies for the treatment of psoriasis. According to the National Psoriasis Foundation (NPF), it is estimated that in 2017, around 125 million people globally had psoriasis, out of which 10-20% population developed psoriasis arthritis.
Moreover, a recent wave of biologicals for psoriasis treatment is likely to double the global psoriasis treatment market size by the end of 2026 leveraging a great market potential for investment in the novel product developments and clinical trials. A wide opportunity for many key players to enter the global psoriasis treatment market to launch new products through investments in research and development activities.
Additionally, growing strategic collaborations and mergers among various key players in the market for psoriasis treatment are increasing the penetration of innovative products. For instance, in February 2018, UCB S.A. presented its new data on CIMZIA, and another key pipeline molecule, bimekizumab, at the 2018 American Academy of Dermatology (AAD) Annual Meeting in San Diego, CA.
This data demonstrated positive treatment results of CIMZIA in adults with moderate-to-severe chronic plaque psoriasis. However, the global psoriasis treatment market faces some of the major challenges such as limited penetration of biologics in emerging regions due to the high cost of products, delay in diagnosis, gaps in clinical management, and lack of consensus on treatment outcomes, which are likely to hamper the growth of the psoriasis treatment market during the analysis period.
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Based on drug class, the market segments include TNF Inhibitors, interleukin inhibitors, and others. Among them, the TNF inhibitors segment dominated the market, holding a share of 46.3% in the year 2018. The segment is expected to lose its portion in global psoriasis treatment market share owing to the decline in the prices of branded products resulted in from the entry of biosimilar versions and growing prescription volume for interleukin inhibitors segment. Plaque psoriasis segment dominated the market; however, growing applications of biologics in the management of psoriatic arthritis are likely to push the growth of the psoriatic arthritis segment significantly during the forecast period.
"Easy access to medical care in the U.S., high prescription volume of biologics, high cost of the biologic products, and growing prevalence of psoriasis in the region contribute to the dominance of North America region in the global psoriasis treatment market"
The growing burden of psoriasis in the North American countries is likely to drive the demand for novel and effective psoriasis treatment options for management of the condition. According to the National Psoriasis Foundation, currently, about 8 million Americans are living with psoriasis.
The region is likely to continue its dominance in the global psoriasis treatment market throughout the forecast period and this is attributable to high adoption of biological therapies, high research and development spending by the players in the region on clinical trials on psoriasis management, and increase in long-term & preventive healthcare facilities.
Development of strong healthcare reforms in the U.S. will provide psoriasis patients with greater accessibility to medical care, which, in turn, will fuel the psoriasis treatment market growth during the forecast period. Europe was the second-largest market for psoriasis treatment while Asia Pacific is projected to expand at the highest rate in the global market during the forecast period. Latin America and the Middle East & Africa regions are considered to be the emerging markets leveraging a great opportunity for the players to innovate different psoriasis treatment methods and to establish their footprints in these regions.
North America Psoriasis Treatment Market Size, 2018
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The global psoriasis treatment market is a fairly consolidated market with industry behemoths holding major chunk of the market. AbbVie held leading position with its leading brand Humira which is still the most prescribed biologic for the management of psoriasis. Moreover, the company recently got an approval for Skyrizi (risankizumab) for the treatment of psoriasis patients on 23 April 2019. Other leading players in the market includes industry giants such as Novartis AG, Pfizer Inc., Amgen, Merck etc.
The report provides qualitative and quantitative insights on psoriasis treatment industry trends and detailed analysis of market size & growth rate for all possible segments in the market. The psoriasis treatment market segments include drug class, type, route of administration, and distribution channel. Based on drug class, the global market is segmented into TNF inhibitors, interleukin inhibitors, and others.
Based on type, the global psoriasis treatment market is segmented into plaque psoriasis and psoriatic arthritis. In terms of route of administration, the market is categorized into oral, parenteral, and topical. Based on the distribution channel, the global psoriasis treatment market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report analysis comprises of market dynamics and competitive landscape. Additionally, the report offers insights on the prevalence of psoriasis and psoriatic arthritis for key countries/region, recent industry developments such as partnerships, mergers & acquisitions, new product launches, etc.; pipeline analysis for key companies, the regulatory framework by key countries, and global reimbursement scenario.
By Drug Class
By Route of Administration
By Distribution Channel
As per our (Fortune Business Insights) study, the global psoriasis treatment market is predicted to reach US$ 37,634.2 Mn by 2026 with a CAGR of 33% (2019 -2026).
The rise in the prevalence of psoriasis around the globe, growing strategic collaborations and mergers among various key players, and the demand for safe and effective therapies for the treatment of psoriasis are some of the factors likely to drive psoriasis treatment market during the forecast period.
TNF Inhibitors segment is the leading drug class segment in psoriasis treatment market.
North America is anticipated to hold the highest market share in the psoriasis treatment market. This is accountable to the growing burden of psoriasis in the North American and rapid rise in the demand for the novel and effective treatment options for management of the condition
AbbVie Inc., Novartis AG, Johnson & Johnson Services, Inc., and Pfizer Inc. are the leading players in the psoriasis treatment industry.
In terms of different types of psoriasis, plaque psoriasis segment dominates the psoriasis treatment market.
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 major factors likely to hamper the growth of the psoriasis treatment market during the forecast period.
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