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Psoriasis Treatment Market Size to Record 8.8% CAGR Over 2023-2030; Rise in Approval of Biological Therapies to Spur Market Progress

October 06, 2023 | Healthcare

The global psoriasis treatment market size touched USD 26.37 billion in 2022 and is predicted to reach USD 28.61 billion in 2023. The market is anticipated to touch USD 51.48 billion by 2030, recording a CAGR of 8.8% over 2023-2030.


Fortune Business Insights™ presents this information in its latest report titled Psoriasis Treatment Market Size, Share & COVID-19 Impact Analysis, By Drug Class (TNF Inhibitors, Interleukins Inhibitors, 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, 2023-2030.


The prevalence of psoriasis, an autoimmune skin inflammation disorder, is steadily increasing worldwide. The disease occurs when the body produces an excess of skin cells and is characterized by red lesions, inflammation, and the formation of plaques. The growing elderly population, favorable reimbursement policies, and the rising introduction of novel biologic products are expected to fuel the growth of this market.


Demand for Psoriasis Treatment Rose during COVID-19, Driving Market Growth


The COVID-19 pandemic played a vital role in accelerating market development due to factors such as high demand for psoriasis treatment solutions, a rise in revenue for key market players, and the development of new drugs in this regard. Moreover, a few clinical studies showed that some patients diagnosed with COVID-19 also exhibited symptoms of psoriasis, suggesting a possible link between the two ailments. These factors drove the psoriasis treatment market share during this period.


Bristol Myers Squibb Obtained FDA Approval for Sotyktu to Treat Adults with Plaque Psoriasis


Bristol Myers Squibb announced that it had received U.S. FDA approval for Sotyktu, an oral, allosteric tyrosine kinase 2-inhibitor for treating adults suffering from moderate-to-severe plaque psoriasis.


Rise in Approval of Biological Therapies to Spur Market Progress


Biological therapies or biologics are one of the most preferred forms of treatment to effectively manage psoriasis. Many large-scale companies are introducing new products to expand their customer base and help patients effectively manage the symptoms of this skin ailment. Moreover, a growing number of regulatory authorities are increasing the approval rate of biologics to accelerate patients’ access to these treatments. These initiatives are expected to drive market growth.


AbbVie and Johnson & Johnson to Lead Market Growth with Their Strong Product Portfolios


The market is highly competitive with the vast presence of companies such as Johnson & Johnson, AbbVie, Novartis AG, LEO Pharma A/S, Sun Pharmaceuticals Limited, Evelo Biosciences Inc., and Eli Lilly & Company. Among these, Johnson & Johnson and AbbVie have led this market’s growth for quite some time due to their vast and strong distribution networks and robust product portfolios.


Notable Industry Development:


In August 2021, Pfizer Inc. revealed that it had received approval from the European Commission for Xeljanz, its novel medicine to effectively treat juvenile psoriatic arthritis and juvenile idiopathic arthritis.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/psoriasis-treatment-market-100600


List of Key Companies Profiled in the Report:



  • AbbVie Inc. (U.S.)

  • Novartis AG (Switzerland)

  • Johnson & Johnson Services, Inc. (U.S.)

  • Pfizer Inc. (U.S.)

  • LEO Pharma A/S (Denmark)

  • Merck & Co., Inc. (U.S.)

  • Amgen Inc. (U.S.)

  • Eli Lilly and Company (U.S.)

  • Evelo Biosciences, Inc. (U.S.)

  • UCB S.A. (Belgium)

  • Sun Pharmaceutical Industries Ltd. (India)


Further Report Findings:



  • North America is expected to hold the largest share in the global market during the forecast period as the region is witnessing a strong rise in the number of people being diagnosed with psoriasis. The regional governments are also launching various initiatives to spread awareness about the ailment.

  • Asia Pacific is anticipated to register the highest growth rate during the forecast period as governments across the region are introducing various programs to increase awareness regarding the complications of prolonged psoriasis.

  • The plaque psoriasis segment is predicted to dominate the market as it is the most common type of psoriasis, and companies are launching a wide range of novel drugs to effectively manage the symptoms of this ailment.


Table of Segmentation






























































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 8.8% from 2023-2030



Unit



Value (USD billion)



Segmentation



By Drug Class, Type, Route of Administration, Distribution Channel, and Region



By Drug Class




  • TNF Inhibitors

  • Interleukins Inhibitors

  • Others



By Type




  • Plaque Psoriasis

  • Psoriatic Arthritis

  • Others



By Route of Administration




  • Oral

  • Parenteral/Systemic

  • Topical



By Distribution Channel




  • Hospital Pharmacies

  • Retail Pharmacies

  • Online Pharmacies



By Geography




  • North America (By Drug Class, Type, Route of Administration, Distribution Channel, and Country)


    • U.S. (By Type)

    • Canada (By Type)


  • Europe (By Drug Class, Type, Route of Administration, Distribution Channel, and Country/ Sub-region)





    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Scandinavia (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Drug Class, Type, Route of Administration, Distribution Channel, and Country/Sub-region)

    • Japan (By Type)

    • China (By Type)

    • India (By Type)

    • Australia & New Zealand (By Type)

    • Rest of Asia Pacific (By Type)



  • Latin America (By Drug Class, Type, Route of Administration, Distribution Channel, and Country/Sub-region)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)



  • Middle East & Africa (By Drug Class, Type, Route of Administration, Distribution Channel, and Country/Sub-region)

    • GCC (By Type)

    • South Africa (By Type)

    • Rest of Middle East & Africa (By Type)




Psoriasis Treatment Market
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  • 2022
  • 2019-2021
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