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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:
Further Report Findings:
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 |
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By Type |
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By Route of Administration |
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By Distribution Channel |
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By Geography |
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