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What CAGR is Anticipated for the Psoriasis Market During the Forecast Period, and Why?
The value of the psoriasis market has surged dramatically in the past few years. It is projected to increase from $26.56 billion in 2024 to $29.5 billion in 2025, illustrating a compound annual growth rate (CAGR) of 11.1%. Factors such as increased disease statistics, better patient education and awareness, and enhanced healthcare access and infrastructure have contributed to the remarkable growth in the past periods.
The size of the psoriasis market is anticipated to witness robust expansion in the succeeding years. By 2029, it is presumed to inflate to $42.34 billion at a 9.4% compound annual growth rate (CAGR). Various factors contributing to this growth in the estimated period include regulatory approvals, preferences of patients, an aging demography, heightened awareness, and the introduction of innovative treatments. Major trends during this period include advancements in research and development, the use of biologics and targeted therapies, oral small molecule therapies, personalized medical treatments, telemedicine, digital healthcare, patient-focused care, biosimilars, as well as the employment of artificial intelligence and machine learning.
What Industry-Specific Factors Are Fueling the Growth of the Psoriasis Market?
An increase in the number of psoriasis cases is fuelling the Psoriasis market. Various factors such as the immune system, genetics, and environment play a significant role in causing psoriasis. The surge in psoriasis cases in recent years can be primarily linked to climate change, stress, and unhealthy lifestyle choices. The World Psoriasis Day consortium states that globally, psoriasis affects 125 million people, which equates to about 2 to 3% of the total population. Therefore, the escalating prevalence of psoriasis patients is projected to bolster the psoriasis market growth over the forecast period.
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Which Companies Are Poised to Shape the Future of the Psoriasis Market?
Major companies operating in the psoriasis market include AbbVie Inc., Pfizer Inc., Novartis AG, Eli Lilly and Company, Celgene Corporation, Johnson & Johnson, Amgen Inc., Boehringer Ingelheim GmbH, Merck & Co. Inc., Janssen Biotech Inc., Takeda Pharmaceutical Company Limited, Stiefel Laboratories Inc., AstraZeneca Inc., Union Chimique Belge SA, Sun Pharmaceutical Industries Ltd., Forward Pharma AS, Almirall SA, Bausch Health Companies Inc., Biogen Inc., Biocon Biopharmaceuticals Pvt. Ltd., Celltrion Inc., Dr.Reddy’s Laboratories Inc., Arcutis Biotherapeutics Inc., Bayer AG, Bristol Myers Squibb Co., Dermira Inc., Galderma SA, GlaxoSmithKline Plc, Incyte Pharmaceuticals Corp., LEO Pharmacy
What Are the Emerging Trends Shaping the Future of the Psoriasis Market?
In the psoriasis market, combination therapy is a rising trend. This innovative treatment merges two separate psoriasis treatments concurrently. It’s suggested that the outcome is more powerful when two medications with differing methods of action are combined, a process known as combination therapy, as compared to monotherapy which entails use of a single drug. Research points to combination therapy being more effective in alleviating psoriasis symptoms and causing fewer side effects than single therapy. For instance, a combination therapy for treating active psoriatic arthritis (PsA) is a blend of taltz (ixekizumab) with methotrexate, a product of Eli Lilly and Company.
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What Are the Strategic Segments Comprising the Psoriasis Market and Their Growth Contributions?
The psoriasis market covered in this report is segmented –
1) By Drug class: Interleukin Inhibitors, Corticosteroids, Anti-Inflammatory, Tumor Necrosis Factor Inhibitor
2) By Drug Types: Small molecules, Biologics
3) By Disease Indication: Plaque Psoriasis, Nail Psoriasis, Guttate Psoriasis, Pustular Psoriasis, Erythrodermic Psoriasis
4) By Route Of Administration: Oral, Tropical, Injectable
5) By Distribution Channel: Hospitals, Retail Pharmacies, E-Commerce
Subsegments:
1) By Interleukin Inhibitors: IL-12/23 Inhibitors (Ustekinumab), IL-17 Inhibitors (Secukinumab, Ixekizumab)
2) By Corticosteroids: Topical Corticosteroids (Hydrocortisone, Betamethasone), Systemic Corticosteroids (Prednisone)
3) By Anti-Inflammatory: Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), Biologic Anti-Inflammatory Agents (Apremilast)
4) By Tumor Necrosis Factor (TNF) Inhibitors: Adalimumab (Humira), Etanercept (Enbrel), Infliximab (Remicade)
What Regions Are Contributing Significantly to the Growth of the Psoriasis Market?
North America was the largest region in the psoriasis market in 2023. Middle East is expected to be the fastest-growing region in the psoriasis market during the forecast period. The regions covered in the psoriasis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
How Is the Scope and Reach of the Psoriasis Market Defined?
Psoriasis refers to a skin condition that typically affects the knees, elbows, trunk, and scalp and results with a rash with itchy, scaly spots. The primary contributing factor may be an immune system issue wherein infection-fighting cells unintentionally kill healthy skin cells.
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