Psoriasis Treatment Market Report and Forecast 2024-2032

The global psoriasis market size was valued at USD 28.5 billion in 2023. It is expected to grow at a CAGR of 9.20% during the forecast period of 2024-2032, driven by the growing prevalence of psoriasis cases. The market is experiencing robust growth and is expected to reach USD 63.2 billion by 2032.

Global Psoriasis Market Analysis

Psoriasis is a chronic, non-communicable skin disorder characterised by red patches and flaky scales, affecting millions globally and contributing significantly to the global burden of dermatological diseases. The psoriasis market is primarily driven by the increasing prevalence of the disease and the growing awareness of its impact on quality of life.

Market Drivers

• Increasing Disease Prevalence: The global increase in psoriasis cases has been a primary driver for the market. Factors such as genetic predisposition combined with environmental factors like stress and smoking contribute to the rising incidence of the disease.
• Advancements in Treatment Options: There has been significant progress in the development of biologics and novel therapeutics, which offer improved efficacy and safety profiles over traditional systemic therapies. This has encouraged more patients to seek treatment, thereby expanding the market.
• Awareness and Education: Increased awareness about psoriasis and its management, driven by patient advocacy groups and governmental initiatives, has led to earlier diagnosis and treatment adoption, further propelling market growth.
• Healthcare Expenditure: Enhanced healthcare infrastructure and increased spending on chronic diseases in developed and developing countries alike support the psoriasis treatment market by making treatments more accessible to a larger population.

Market Challenges

• High Cost of Treatment: The high cost associated with advanced biologics and novel treatment modalities remains a significant barrier. These costs often place a substantial burden on healthcare systems and can be prohibitive for patients without adequate insurance coverage.
• Market Saturation and Competition: The psoriasis treatment market is becoming increasingly competitive with many similar biologics and biosimilars. This competition, while beneficial in reducing drug costs, can also lead to market saturation, limiting the growth of individual market players.
• Adverse Side Effects: Despite the effectiveness of newer treatments, the potential for severe side effects and the requirement for long-term management of the disease can deter patients from continuing with or initiating therapy.
• Regulatory Hurdles: Stringent regulatory requirements for the approval of new treatments can delay market entry for innovative drugs, posing a challenge for pharmaceutical companies in the psoriasis sector.

Future Opportunities

• Personalised Medicine: As research progresses, there is a growing opportunity for the development of personalised treatment approaches tailored to individual genetic profiles and disease manifestations. This could enhance treatment efficacy and reduce side effects.
• Emerging Markets: Expanding into emerging markets where there is growing healthcare infrastructure and increased healthcare spending represents a significant opportunity for growth. These regions may have untapped patient populations who are just beginning to access advanced treatments.
• Integrated Healthcare Solutions: Offering comprehensive solutions that combine medication with supportive care and patient education could differentiate offerings in a crowded market, adding value and improving patient outcomes.
• Innovation in Drug Delivery Systems: Developing innovative delivery systems such as topical treatments with higher efficacy and lower systemic side effects could meet unfulfilled needs in the market, offering convenience and improving patient compliance.

Global Psoriasis Market Trends

The psoriasis treatment market is evolving, influenced by a variety of clinical, technological, and socio-economic trends. These developments are shaping the strategies of pharmaceutical companies, healthcare providers, and policymakers. Here are key trends impacting this sector:

• Shift Towards Biologics and Novel Therapeutics

The trend towards biologic treatments represents a significant shift in psoriasis management. These drugs target specific parts of the immune system that drive inflammation in psoriasis, offering higher efficacy and specificity compared to conventional therapies. The emergence of novel therapeutic agents, including small molecule inhibitors and advanced biologics, continues to diversify treatment options and drive market growth.

• Rise of Biosimilars

With many leading biologics facing patent expirations, there has been a surge in the development and approval of biosimilars. These biosimilars are designed to be highly similar to their biologic counterparts but are often offered at lower prices, which could lead to reduced healthcare costs and increased accessibility for patients.

• Increasing Personalisation of Treatment

Personalised or precision medicine is gaining traction in the psoriasis market. This approach involves tailoring treatments based on individual patient characteristics, such as genetic profile, disease severity, and response to past treatments. This trend is supported by advances in genomic medicine and biomarker research, which help in identifying which patients are likely to benefit from specific treatments.

• Integration of Digital Tools and Telehealth

Digital health technologies, including mobile apps and telehealth services, are becoming more integrated into patient care. These tools offer patients remote monitoring options and personalised treatment management plans, improving accessibility and adherence to treatment. The COVID-19 pandemic accelerated the adoption of telehealth, and this trend is expected to continue post-pandemic.

• Focus on Patient-Centric Care Models

There is a growing emphasis on patient-centered care, which focuses on improving the quality of life and overall treatment experience for psoriasis patients. This includes comprehensive management strategies that address the physical, emotional, and social aspects of the disease. Providers are increasingly adopting holistic approaches that combine pharmacological treatments with lifestyle and dietary advice, mental health support, and patient education.

• Regulatory and Reimbursement Landscape Adjustments

Changes in regulatory and reimbursement policies are also influencing market dynamics. Governments and health agencies are focusing on cost-effective yet efficacious treatments due to the economic burden associated with long-term management of chronic diseases like psoriasis. This has led to more rigorous health technology assessments and a push towards treatments that offer the best balance of cost and clinical benefit.

• Expansion in Emerging Markets

Pharmaceutical companies are increasingly targeting emerging markets, where rising healthcare expenditures and improving healthcare infrastructure present new opportunities for growth. These markets are seeing increased rates of psoriasis diagnosis and treatment adoption, driven by better healthcare awareness and accessibility.

Global Psoriasis Market Segmentation

Market Breakup by Drug Class

• Interleukins Inhibitors
• TNF Inhibitors
• PDE4 Inhibitors
• Vitamin D Analogs
• Others

The psoriasis treatment market is segmented by drug class into interleukin inhibitors, TNF inhibitors, PDE4 inhibitors, vitamin D analogs, and others. Interleukin inhibitors are poised for substantial growth due to their targeted approach and efficacy in reducing inflammation. TNF inhibitors continue to dominate the market, driven by their proven effectiveness and broad usage, although they face competition from biosimilars. PDE4 inhibitors are gaining traction due to their favorable safety profiles. Vitamin D analogs remain a staple for mild to moderate cases. The "others" category, which includes emerging therapies, is expected to expand as new treatments are developed. Collectively, these segments are driven by advancements in treatment efficacy and disease management, positioning the market for robust growth in the forecast period.

Market Breakup by Types

• Psoriatic Arthritis
• Plaque Psoriasis
• Others

The psoriasis market is categorised by types into psoriatic arthritis, plaque psoriasis, and others. Plaque psoriasis, characterised by its widespread prevalence, constitutes the largest segment and drives substantial demand for effective treatments. Psoriatic arthritis, a condition that combines skin symptoms with joint pain, is increasingly recognised, leading to a growing market segment as awareness and diagnosis rates improve. The "others" category includes less common types such as guttate and pustular psoriasis, which, though smaller in market size, are witnessing growth due to emerging targeted therapies. These segments are expanding due to improvements in diagnostic techniques and a broader understanding of psoriasis's systemic impacts, setting the stage for continued market growth across all types.

Market Breakup by Treatment Types

• Biologic Drugs
• Small Molecule Systemic Drugs
• Tropical Therapies

The psoriasis treatment market is segmented by treatment types into biologic drugs, small molecule systemic drugs, and topical therapies. Biologic drugs lead the segment, driven by their high efficacy and specificity in targeting immune pathways involved in psoriasis. This segment is expected to continue its growth due to ongoing innovations and the introduction of new biologics. Small molecule systemic drugs offer an alternative for those who may not respond well to biologics, and their development is crucial for broadening treatment options. Topical therapies remain fundamental for managing mild to moderate psoriasis, benefiting from ongoing improvements in formulation that enhance absorption and effectiveness. Collectively, these treatment types cater to a diverse patient population, underpinning the market's growth by expanding the range of therapeutic options available for various forms and severities of psoriasis.

Market Breakup by Route of Administration

• Parenteral
• Topical
• Oral
• Others

The psoriasis treatment market is segmented by route of administration into parenteral, topical, oral, and others. Parenteral administration, primarily involving biologic drugs administered via injections, dominates due to its effectiveness in delivering treatments directly into the body, enhancing therapeutic outcomes for moderate to severe cases. Topical treatments are widely used for their ease of application and minimal systemic effects, suitable for mild psoriasis. Oral treatments are gaining traction with the development of small molecule drugs that can be easily administered and are effective for a wide range of psoriasis severities. The "others" category includes innovative delivery systems such as patches and sprays, which are being developed to improve patient compliance and comfort. Each route provides specific benefits, contributing to the market's dynamic growth as patients seek treatments that align with their lifestyles and disease severity.

Market Breakup by Distribution Channel

• Hospitals Pharmacies
• Retail Pharmacies
• Others

The psoriasis treatment market is segmented by distribution channel into hospital pharmacies, retail pharmacies, and others. Hospital pharmacies hold a significant share, driven by the need for specialised treatments such as biologics that often require healthcare provider oversight during administration. Retail pharmacies are crucial for the distribution of topical and oral treatments, accommodating the high volume of prescriptions and over-the-counter products for managing psoriasis. The "others" category includes online pharmacies and direct-to-consumer channels, which are expanding rapidly due to the convenience and privacy they offer, particularly for patients seeking discreet access to psoriasis treatments. These distribution channels are integral to the market's infrastructure, ensuring the availability of a wide range of therapeutic options across diverse healthcare settings.

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The psoriasis treatment market is segmented regionally into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America leads the market, driven by high healthcare spending, advanced healthcare infrastructure, and a strong presence of leading pharmaceutical companies. Europe follows closely, supported by widespread healthcare access and robust regulatory frameworks that facilitate the adoption of new therapies. The Asia Pacific region is experiencing rapid growth due to increasing healthcare awareness, rising disposable incomes, and improving healthcare facilities. Latin America and the Middle East and Africa are emerging markets where growth is fueled by improving healthcare systems and a growing middle class that is increasingly able to afford advanced treatments. Each region contributes uniquely to the global market, reflecting varying healthcare landscapes and economic conditions.

Global Psoriasis Market Competitive Landscape

The competitive landscape of the global psoriasis treatment market is characterised by intense competition among numerous major players. Key players include AbbVie Inc., Amgen Inc., AstraZeneca, Biogen Idec, Boehringer Ingelheim, Dr. Reddy’s Laboratories, Eli Lilly and Company, Johnson and Johnson, Leo Pharma AS, Merck and Co. Inc., Novartis AG, Pfizer Inc., Stiefel Laboratories Inc., Sun Pharmaceutical Industries Limited, and Valeant Pharmaceuticals. These companies are actively engaged in various strategic activities to strengthen their market positions. Common market activities include mergers and acquisitions, aimed at expanding product portfolios and geographic reach; robust research and development initiatives to innovate and introduce new treatment options; and strategic partnerships and collaborations to leverage mutual capabilities in drug development and marketing. These efforts are central to maintaining competitive advantage and responding to the evolving needs of the psoriasis treatment marketplace.

Key Questions Answered in the Report

• What is the current and future performance of the psoriasis market?
• What are the main challenges facing the psoriasis market?
• What are the key drivers of the psoriasis market?
• What emerging trends are shaping the future of the psoriasis market?
• How is precision medicine transforming treatment approaches in the psoriasis market?
• How is patient-centered care enhancing treatment outcomes for psoriasis patients?
• What factors are driving the substantial growth of interleukin inhibitors in the psoriasis market?
• Why does plaque psoriasis dominate the psoriasis treatment market demand?
• Why are retail pharmacies critical in the distribution of psoriasis treatments?
• What are the common strategies used by key players in the psoriasis market?

Key Benefits for Stakeholders

• The industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the global psoriasis market from 2017-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the psoriasis market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the psoriasis industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.

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