The global psoriasis drugs market size was USD 11.1 Billion in 2023 and is expected to register a revenue CAGR of 7.8% over the forecast period, according to the latest report by Reports and Data.
Psoriasis, a chronic autoimmune skin disorder, afflicts approximately 2-3% of the global population. According to the World Health Organization, this condition impacts around 125 million individuals worldwide, with over 10 million new cases diagnosed annually. As the prevalence of psoriasis continues to rise, public awareness regarding the condition is also increasing. Consequently, there is a growing demand for medications specifically designed to alleviate the symptoms of psoriasis.
The psoriasis medications industry is very competitive, with several large firms involved. These players are focusing on developing effective psoriasis treatments and investing in research and development. New psoriasis treatments are being created as a consequence of increasing R&D spending, which is boosting market revenue growth. Furthermore, the introduction of biologics, an entirely new class of drugs, has drastically altered how psoriasis is treated. Biologics target specific immune system components, reducing inflammation and alleviating psoriasis symptoms. The increased usage of biologics is driving the need for psoriasis treatments.
Furthermore, market revenue is increasing due to an increase in the demand for topical treatments. Because they are administered directly to the skin, topical medicines are particularly effective at treating mild to severe psoriasis symptoms. The increased usage of topical treatments, as well as their cost, are driving the need for psoriasis drugs.
Additionally, the expanding senior population and increased disposable budgets are driving the need for psoriasis treatments. The aging population is more prone to developing psoriasis, and increased disposable income allows patients to seek out cutting-edge and efficient psoriasis therapy.
As per the data provided by the National Institute of Arthritis and Musculoskeletal and Skin Diseases, nearly 8 million individuals in the United States are affected by psoriasis. This condition impacts a higher number of men than women and cuts across various age groups, races, and ethnicities.
On a global scale, the World Health Organization estimates that approximately 125 million people worldwide are afflicted by psoriasis.
The regulatory oversight of drugs used for psoriasis treatment, including biologics, traditional systemic therapies, topical treatments, and light therapy, falls under the purview of the U.S. Food and Drug Administration (FDA).
The European Medicines Agency (EMA) plays a crucial role in regulating the approval and safety of drugs utilized in the treatment of psoriasis within Europe.
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Some of the prominent players profiled in the global psoriasis drugs market include AbbVie Inc., Johnson & Johnson Services, Inc., Amgen Inc., Novartis AG, Pfizer Inc., Eli Lilly and Company, UCB S.A., Sun Pharmaceutical Industries Ltd., Merck & Co., Inc., and Bausch Health Companies Inc.
Some Key Highlights from the Report
- The biologics segment accounted for a sizable percentage of the global psoriasis medication market in terms of sales in 2021. Biologics are genetically engineered proteins that precisely target immune system cells responsible for the development of psoriasis. They have been demonstrated to be highly effective in treating moderate to severe psoriasis with little adverse effects.
- The retail pharmacies sector led the market for psoriasis drugs in 2021 in terms of revenue. This can be explained by the fact that customers favor retail pharmacies because of their accessibility and prescription availability. Additionally, due to the availability of a range of psoriasis treatments at these businesses and the availability of medication without a prescription, there is currently a noticeably larger demand for psoriasis medications from retail pharmacies.
- North America is projected to take the lead in terms of revenue in the market for psoriasis medications due to the high prevalence of the condition in the region. According to the National Psoriasis Foundation, approximately 7.5 million people in the US are affected by psoriasis. The market is expected to grow further due to the increasing utilization of biologics for psoriasis treatment, the availability of advanced healthcare facilities, and the presence of major industry players in the region. Moreover, the presence of favorable reimbursement policies for psoriasis treatment is anticipated to contribute to the market expansion in this area.
- In January 2023, AbbVie Inc. revealed the approval of Skyrizi (risankizumab) for treating moderate-to-severe plaque psoriasis in Japan. This approval is anticipated to enhance AbbVie’s market presence in the Asia Pacific region.
- In June 2021, Amgen Inc. introduced its drug Enbrel (etanercept) in China for the treatment of moderate-to-severe plaque psoriasis. This launch is expected to bolster Amgen’s position in the Asia Pacific market.
- Eli Lilly and Company made an announcement in January 2023 regarding the launch of their latest drug, Mirikizumab, in the United States. This drug is specifically designed for the treatment of moderate-to-severe plaque psoriasis. Mirikizumab is a humanized monoclonal antibody that selectively targets the protein interleukin-23 (IL-23), which plays a significant role in the development of psoriasis.
- In October 2021, UCB S.A. disclosed the approval of their new drug, Bimzelx (bimekizumab), in the European Union for the treatment of moderate-to-severe plaque psoriasis. Bimzelx is a humanized monoclonal antibody that targets the proteins interleukin-17A (IL-17A) and interleukin-17F (IL-17F), which are implicated in the inflammation and progression of psoriasis.
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For the purpose of this report, Reports and Data has segmented the global psoriasis drugs market on the basis of Drug Class Outlook, Route of Administration Outlook, Distribution Channel Outlook, and Regional Outlook:
Drug Class Outlook (Revenue, USD Billion; 2023 – 2032)
- Biologics
- Systemic Therapy
- Topical Therapy
Route of Administration Outlook (Revenue, USD Billion; 2023 – 2032)
- Oral
- Injectable
- Topical
Distribution Channel Outlook (Revenue, USD Billion; 2023 – 2032)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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