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Psoriasis Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Psoriasis Market Share
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According to The Business Research Company's, The psoriasis market size has grown rapidly in recent years. It will grow from $23.87 billion in 2023 to $26.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to epidemiology, patient awareness and education, healthcare infrastructure and access.
The psoriasis market size is expected to see rapid growth in the next few years. It will grow to $39.17 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to regulatory approvals, patient preferences, aging population, increased awareness, introduction of novel therapies. Major trends in the forecast period include advancements in research and development, biologics and targeted therapies, oral small molecule therapies, personalized medicine, telemedicine and digital health, patient-centric care, biosimilars, artificial intelligence and machine learning.
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Market Drivers and Trends:
The rise in the prevalence of psoriasis patients is driving the Psoriasis market. Psoriasis is caused due to immune system, genetics, and environment. The rise in psoriasis patients in the past few years can be mainly attributed to climate change, stress, and an unhealthy lifestyle. According to the World Psoriasis Day consortium, 125 million people globally - 2 to 3% of the total population have psoriasis. Therefore, the rise in the prevalence of psoriasis patients is expected to propel the growth of the psoriasis over forecast period.
Combination therapy is an emerging trend in the psoriasis market. Combination therapy is an f treatment that combines two different psoriasis treatments at the same time. When two drugs with different mechanisms of action are combined (combination therapy), the effect is greater than that obtained by monotherapy (treatment with a single drug). Studies suggest that combination therapy eases psoriasis symptoms more effectively than a single therapy and has lesser side effects. An example of combination therapy for the treatment of active psoriatic arthritis (PsA) is taltz (ixekizumab) with methotrexate developed by Eli Lilly and Company.
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Major Key Players of the Market:
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
Psoriasis Market 2024 Key Insights:
• The psoriasis market size is expected to see rapid growth in the next few years. It will grow to $39.17 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Prevalence Of Psoriasis Driving Market Growth
• Combination Therapy Is An Emerging Trend In The Psoriasis Market
• North America was the largest region in the psoriasis market in 2023
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