Market Size of Global Psoriasis Drugs Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 9.89 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Psoriasis Drugs Market Analysis
The psoriasis drugs market is expected to register a CAGR of 9.89% during the forecast period, 2022-2027.
The COVID-19 pandemic initially had an adverse impact on the psoriasis market, mainly because of the guidelines published by various regulatory bodies suggesting that patients receiving psoriasis treatment are at more risk of getting infected by COVID-19. In March 2020, the International Psoriasis Council (IPC) recommended physicians to discontinue or postpone the prescription of immunosuppressant medications. However, later in September 2020, researchers from the Perelman School of Medicine at the University of Pennsylvania and 16 other research institutions from the United States and Canada, in collaboration with the National Psoriasis Foundation, created guidelines to care for patients with psoriasis during the coronavirus pandemic. The scientists found no evidence that medical interventions to treat psoriasis and psoriatic arthritis should be interrupted or altered to minimize COVID-19 risks. Such guidelines are expected to augment the market growth pace over the pandemic phase.
An increasing disease burden and demand for psoriasis medicines in emerging economies and the increase in psoriasis research and pipeline drugs are the major factors responsible for the market's growth. Novel drugs with oral administration are opening avenues for needle-averse patients. For instance, in November 2020, Bristol Myers Squibb presented Late-Breaking Phase 2 Data Demonstrating the Safety and Efficacy of Deucravacitinib (BMS-986165) in patients with psoriatic arthritis. It is a driving factor for better uptake among patients averse to injectables.
Also, in December 2021, Amgen received the United States Food and Drug Administration approval for Otezla (apremilast) for treating adult patients with plaque psoriasis. In addition, key players in the market are involved in various business strategies, such as product launches, to expand their product portfolios and gain a competitive edge in the market.
Due to the abovementioned factors, the market is expected to register a high growth rate during the forecast period. However, the adverse side effects of most of the existing medications and the high cost of treatment are expected to hamper the market's growth.