Psoriasis Drugs Market Overview
According to the USD Analytics published latest research report, the global “Psoriasis Drugs Market” is expected to grow at a tremendous CAGR of 9.89% during the forecast period 2023-2030.
The psoriasis drugs market refers to the pharmaceutical industry segment dedicated to developing, producing, and distributing medications used to treat psoriasis, a chronic autoimmune skin condition. Psoriasis is characterized by red, scaly skin patches, affecting millions of people worldwide.
The market for psoriasis drugs has been steadily growing due to the increasing prevalence of psoriasis globally and the growing demand for effective treatments. The market includes various medications, including topical creams, oral drugs, and injectable biologics.
Topical creams and ointments are commonly used as the first line of treatment for mild to moderate psoriasis, providing relief from symptoms and reducing inflammation. Oral medications, such as retinoids and immunosuppressants, are prescribed for more severe cases of psoriasis or when topical treatments are not effective enough.
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Market Drivers:
The primary drivers driving market expansion include an increased disease burden and demand for psoriasis medications in developing nations and a rise in psoriasis research and pipeline pharmaceuticals. Novel drugs with oral delivery provide options for individuals afraid of needles. It is a motivator for people who are hesitant to use injectables. For example, Bristol Myers Squibb reported Late-Breaking Phase 2 Data Demonstrating the Safety and Efficacy of Deucravacitinib (BMS-986165) in Patients with Psoriatic Arthritis in November 2020.
In addition, Amgen got FDA clearance for Otezla (apremilast) in December 2021 to treat adult patients with plaque psoriasis. Furthermore, prominent market players use different business tactics, such as product releases, to increase their product portfolios and acquire a competitive advantage in the market. Due to the reasons above, the market will likely develop rapidly over the forecast period.
Market Restraints:
However, the harsh side effects of most available drugs and the high cost of therapy are projected to stifle market expansion.
Market Trends:
Interleukin inhibitors are expected to expand the quickest throughout the predicted period. Interleukin inhibitors benefit from more excellent safety and effectiveness when compared to other groups of psoriasis medications, which typically leads to increasing patient acceptance. Taltz, Cosentyx, Siliq, Tremfya, Ilumya, and SKYRIZI (Risankizumab) are examples of primarily licensed interleukin antibodies.
Drug approvals by regulatory bodies are also contributing to the segment’s development. For example, in January 2022, AbbVie gained FDA clearance for SKYRIZI, an interleukin-23 (IL-23) inhibitor for treating individuals with active psoriatic arthritis (PsA). This systemic inflammatory illness affects the skin and joints of around 30% of people with psoriasis. Such approvals and launches contribute to the market segment’s development.
Recent Industry Developments:
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Segmentation Analysis:
As per the research an analysis, the global psoriasis drugs market is segmented by type of treatment into biologic drugs, small molecule systemic drugs, and tropical therapies; by mechanism of action into TNF alpha inhibitors, PDE4 Inhibitors, interleukin inhibitors, and other mechanisms of action; by route of administration into oral, parenteral, and topical.
The hospital segment in the psoriasis drugs market refers to using and distributing psoriasis medications in hospital settings.
Demand and Usage: Hospitals play a crucial role in treating psoriasis, particularly for patients with moderate to severe forms of the condition. Hospitals often have specialized dermatology departments or clinics that provide comprehensive care for psoriasis patients. As a result, the demand for psoriasis drugs in hospitals is significant.
Prescription and Administration: Dermatologists or other healthcare professionals specializing in dermatology typically prescribe Psoriasis drugs in hospitals. Depending on the drug and the patient’s condition, these medications may be administered to patients within the hospital setting, either orally, via injections, or intravenous infusions.
Geographical Analysis:
The global psoriasis drugs market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Psoriasis Drugs Market
The COVID-19 epidemic has had a particularly severe impact on North America. Apart from limits on non-emergency medical services, new laws imposed by governments across this area have prompted numerous businesses in the psoriasis medicine industry to discontinue operations, affecting market development. The psoriasis market will likely shrink somewhat as people avoid attending dermatological clinics for psoriasis treatment.
However, owing to a rise in disease burden and demand for psoriasis medications, increased usage of combination therapy, and increased psoriasis research and pipeline pharmaceuticals, the region is likely to lead the psoriasis market throughout the forecast period. Because of the high incidence of psoriasis in North America, the United States has the most significant market share. According to the article “Prevalence of Psoriasis in Children and Adolescents in the United States,” published in the JAMA Network 2021, an estimated 7.55 million people in the United States have psoriasis. The prevalence of psoriasis was comparable in men and women, with 3.2% in women and 2.8% in men. Other factors driving market expansion include the availability of favorable government initiatives and enhanced healthcare infrastructure.
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Competitive Landscape:
The major companies included in the global psoriasis drugs market are AbbVie Inc., Amgen Inc., AstraZeneca plc, Biogen Idec, Boehringer Ingelheim, Celgene Corporation, Dr. Reddy`s Laboratories, Eli Lilly and Company, Forward Pharma, Johnson and Johnson (Janssen Biotech Inc.), Leo Pharma AS, Merck and Co. Inc., Novartis AG and Pfizer Inc. among others.
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