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Psoriasis Treatment Market Size, Share & Covid-19 Impact Analysis, By Drug Class (TNF inhibitors, Interleukins, and Others), By Type (Plaque Psoriasis, Psoriatic Arthritis, and Others), By Route of Administration (Oral, Parenteral/Systemic, and Topical) By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI100600

 

KEY MARKET INSIGHTS

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The global psoriasis treatment market size was valued at USD 20.09 billion in 2019 and is projected to reach USD 40.58 billion by 2027, exhibiting a CAGR of 9.2% during the forecast period.

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Psoriasis is a common, chronic, non-communicable skin disease, with no clear cause or cure. It is autoimmune inflammatory disorder resulting in over production of skin cells, leading to an itchy and painful skin condition characterized by inflammation, red lesions, and plaques formation on the skin. The disease can be categorized in to two major types, plaque psoriasis, and psoriatic arthritis. According to a study published by Celgene Corporation, about 30% of the patients with psoriasis develop 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 psoriasis treatment market growth. 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. 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.


COVID-19 Pandemic to Have a Minimal Impact on the Market


The COVID-19 outbreak has no significant impact on the psoriasis treatment market. According to the companies involved in the development and manufacturing of the psoriasis treatment products, there is no significant impact on the sales of the products especially biologics in first quarter. The government has significantly relaxed regulations around telemedicine so that the physicians can continue to provide care for the patients during this pandemic. Telehealth visits ensure that the psoriatic patients are monitored and also regulate the medication of patients by reminders and alarms, especially biologics and oral systemic. This is projected to revolutionize the psoriasis treatment guidelines and lead to a new mode of care in the forthcoming years.


LATEST TRENDS


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Strong Emphasis on Developing Biologics by Key Players to Spur the Market Growth


Globally, patients are seeking an efficient treatment of psoriasis. The introduction of biologics has revolutionized the management of psoriasis as they target the specific points in the inflammatory pathway and are associated with fewer side effects. Due to this, several key players have shifted their focus on the development of biologics. Biologics development is also associated with an easy approval process when it comes to a new drug. For instance, in November 2019, AbbVie announced to showcase its studies of RINVOQ (upadacitinib), HUMIRA (adalimumab) and SKYRIZI (risankizumab) at the 2019 American College of Rheumatology/Association of Rheumatology Professionals (ACR/ARP) Annual Meeting, November 8-13, in Atlanta. Hence, such innovations are likely to propel the demand for biologics in the coming years.


DRIVING FACTORS


Growing Prevalence of Psoriasis to Fuel the Market Growth


The rise in the prevalence of psoriasis around the globe has created a huge 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 across the globe were suffering from psoriasis, out of which 10-20% of the population developed psoriasis arthritis. Moreover, a recent wave of biologicals in the treatment of psoriatic conditions is likely to double the psoriasis drugs market by the end of 2027 leveraging a great market potential for investment in the novel product developments and clinical trials.


Surge in Biological Therapy Approvals is Augmenting Market Expansion


Biologics or biological therapy is one of the most adopted treatment options for psoriasis. Several large scale companies have identified introduction of new products as an ideal opportunitiy for market growth. Additionally, growing strategic collaborations and mergers among key players in the market have yielded several 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 CIMZIAin adults with the moderate-to-severe chronic plaque psoriasis.


RESTRAINING FACTORS


High Medication Costs to Restrict Market Growth           


Psoriasis is a lifelong disease and leads to a considerable expense. According to the economic analysis for the treatment of psoriasis, the total can extend from $1,218.6 to $9,454.3. The proportion of medication costs is approximately 20% of the total costs. Therefore, despite the rising prevalence of the disease, high medication costs for its treatment is on the major factor responsible for the reduction of market growth during the forecast period.


SEGMENTATION


By Drug Class Analysis


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TNF Inhibitors Segment to Emerge Leading


Based on drug class, this market segments include TNF Inhibitors, interleukin inhibitors, and others. Among them, the TNF inhibitors segment dominated the market, holding a share of 47.6% in the year 2019. The segment is expected to lose the market share to some extent by 2027 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.


By Type Analysis


Plaque Psoriasis Segment to Emerge Dominant


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 of psoriasis, accounting for 80%- 90% of the cases. The growing number of novel and innovative products for the treatment of plaque psoriasis by the key players is responsible for the growth of the segment. For instance, in December 2018, Luma Therapeutics announced the launch of FDA cleared illuvinate System an innovative light-based therapy for the treatment of plaque psoriasis.


 However, growing applications of biologics in the management of psoriatic arthritis is likely to push the growth of psoriatic arthritis segment significantly during the forecast period.


By Route of Administration Analysis


Rising Adoption of Biologics Enabling Parenteral Segment to Dominate the 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 Psoriasis Treatment market share during the forecast period as the biologics are administered parenterally. Rising adoption of biologics and numerous launches and surge in the approval of biologics are the factors driving the growth of the segment. For instance, in February 2019, Janssen Pharmaceuticals, Inc. (Johnson & Johnson Services, Inc.) received FDA approval to use TREMFYA, One-Press a single-dose, patient-controlled injector for the treatment of moderate-to-severe plaque psoriasis in adults.


By Distribution Channel Analysis


Online Pharmacies to Grow at a Faster Pace during the Forecast Period


In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies are expected to hold a dominant share in the market during the forecast period. The dominance is attributable to the increasing number of prescriptions for the psoriasis treatment and favorable health reimbursement.


On the other hand, online pharmacies are projected to grow at a significant pace owing to the improving patient convenience, rising adoption of e-commerce, and attractive discounts and coupons on online sales.


REGIONAL INSIGHTS


North America Psoriasis Treatment Market Size, 2016-2027 (USD Billion)

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The market size in North America stood at USD 8.48 billion in 2019. The growing burden of psoriasis in the North American countries is likely to drive the demand for the novel and effective treatment options for management of the condition. According to the National Psoriasis Foundation, currently, around 8 million people in the US are suffering with psoriasis. The region is likely to continue its dominance 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 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 growth rate 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 willing to establish their footprints in these regions.


KEY INDUSTRY PLAYERS


Diverse Product Portfolio by Abbvie to Contribute for its Leading Position


This market is a fairly consolidated market with industry behemoths holding a major chunk of the market. AbbVie held leading position with its leading brand Humira which is still the most prescribed biologic therapy 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 such as Novartis AG, Pfizer Inc., Amgen, Merck etc. have also entered the market competition with novel biologic products. Introduction of innovative treatment products and huge investment in development of novel biologics for treatment are some of major strategies adopted by market players operating in the global market.


LIST OF KEY COMPANIES PROFILED:



  • AbbVie Inc. (Illinois, United States)

  • Novartis AG (Basel, Switzerland)

  • Johnson & Johnson Services, Inc. (New Jersey, United States)

  • Pfizer Inc., (New York, United States)

  • LEO Pharma A/S (Ballerup, Denmark)

  • Merck & Co., Inc. (New Jersey, United States)

  • Amgen Inc. (California, United States)

  • Eli Lilly and Company (Indiana, United States)

  • CELGENE CORPORATION (New Jersey, United States)

  • UCB S.A. (Brussels, Belgium)

  • Sun Pharmaceutical Industries Ltd. (Mumbai, India)

  • Other prominent players


KEY INDUSTRY DEVELOPMENTS:



  • May 2019 –Mayne Pharma Group Limited received FDA approval to use SORILUX Foam for the treatment of plaque psoriasis of the body & scalp in patients aged 12 years and older.

  • April 2019 – Ortho Dermatologics received FDA approval to use Duobrii (halobetasol propionate and tazarotene) which is the first and currently only lotion indicated for adults with plaque psoriasis by limiting the overgrowth of cells responsible for plaque psoriasis formation.


REPORT COVERAGE


The psoriasis treatment market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the market report offers insights into the market trends and highlights key psoriasis treatment industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.


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Report Scope & Segmentation














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Drug Class



  • TNF Inhibitors

  • Interleukins

  • Others



By Type



  • Plaque Psoriasis

  • Psoriatic Arthritis

  • Others



By Route of Administration



  • Oral

  • Parenteral

  • Topical



By Distribution Channel



  • Hospital Pharmacies

  • Retail Pharmacies

  • Online pharmacies



By Geography



  • North America (the U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)

  • The Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)



Frequently Asked Questions

As per our (Fortune Business Insights) study, this global market is predicted to reach USD 40.58 billion by 2027 with a CAGR of 9.2%.

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 market during the forecast period.

TNF Inhibitors segment is the leading drug class segment in market.

North America is anticipated to hold the highest market share in the 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 global market.

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 major factors likely to hamper the growth of the market during the forecast period.

Psoriasis Treatment Market Size, Share and Global Industry Trend Forecast till 2026
  • Jul, 2020
  • 2019
  • 2016-2018
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