January 4th, 2023
Psoriasis Drugs Market accounted for US$ 15.85 billion in 2020 and is estimated to be US$ 37.07 billion by 2030 and is anticipated to register a CAGR of 8.90%. Growing awareness regarding disease, rising number of reimbursement strategies for biologics, and advanced technological and diagnostic tools are likely to increase the adoption of the global psoriasis drugs market. In 2016, according to the World Health Organization (WHO), psoriasis had affected at least 100 million individuals globally. Also, expanding the base of patients suffering from psoriasis is expected to propel the growth of the target market during the forecast period. As per the International Federation of Psoriasis Associations (IFPA), approximately 3% of the global population has psoriasis. Thus, it is projected to gain more share value over the forecast period. Further, with the increasing Food and Drug Administration (FDA) approval for the new drugs and therapies for the psoriasis disease is expected to surge the growth of the global market to a significant extent. Besides, to tap into an emerging market, the manufacturer is constantly improving product pipeline and the rising awareness of psoriasis and its treatment in developing countries which in turn is boosting the growth of the target market.
The report " Global Psoriasis Drugs Market, By Type (Inorganic Pigments and Organic Pigments), By Application (Packaging, Consumer Goods, Building & Construction, and Automotive), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Trends, Analysis and Forecast till 2030”
· In March 2019, AbbVie announced First Regulatory Approval of SKYRIZI (risankizumab) for the treatment of Generalized Pustular Psoriasis, Plaque Psoriasis, and Psoriatic Arthritis and Erythrodermic Psoriasis in Japan
· In April 2019, Novartis approved the first-in-class Cosentyx in China for psoriasis patients. To moderately severe plaque psoriasis in adult patients who are candidates for phototherapy or systemic therapy.
Key Market Insights from the report:
The market report has been segmented based on therapeutic class, treatment, and region.
· By therapeutic class, Interleukin inhibitors are expected to witness the fastest growth over the forecast period, owing to the factors aiding these Interleukin inhibitors such as improved efficacy and safety when compared to other psoriasis drugs. Additionally, increased adoption among end users globally. Drugs like Ustekinumab and Secukinumab, and others, are boosting market growth as the usage of drugs is growing each year.
· By treatment, the topicals treatment segment in psoriasis drugs market is projected to be the dominant segment holding a maximum share in the global psoriasis drugs market as they are mostly favoured by the patients. Topical psoriasis drugs are applied to the skin easily and are generally the first line of defence in treating psoriasis. Topicals normalize excessive cell reproduction and reduce psoriasis inflammation. Topicals are lotions, gels, ointments, creams, and shampoos.
· By region, North America estimates for highest share in the global psoriasis drugs market owing to various acquisitions and mergers taking place in the global psoriasis drugs industry.
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The prominent player operating in the global psoriasis drugs market includes AbbVie, Inc., Pfizer Inc., Novartis, Eli Lilly and Company, Johnson & Johnson, Celgene Corporation, Amgen Inc., Boehringer Ingelheim GmbH, Merck & Co Inc., and Janssen Biotech Inc.
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