Psoriasis Drugs Market Valuation Predicted at USD 21.48 Billion by 2031 - Persistence Market Research

Psoriasis Drugs Market: An In-Depth Analysis

Psoriasis is a chronic autoimmune disorder characterized by the rapid growth of skin cells that form scaly, inflamed patches. It is a disease that requires long-term management and treatment, which has led to the emergence of a significant market for psoriasis drugs. This market has witnessed remarkable growth in recent years, driven by an increase in psoriasis prevalence, advances in treatment methods, and a growing demand for more effective and accessible therapies. In 2021, the global psoriasis drugs market was valued at approximately USD 11.37 billion, and it is projected to grow at a compound annual growth rate (CAGR) of 6.5%, reaching an estimated USD 21.48 billion by 2031.

Get a Sample PDF Brochure of the Report (Use Corporate Email ID for a Quick Response): https://www.persistencemarketresearch.com/samples/25102

Key Growth Drivers of the Psoriasis Drugs Market

Several factors are contributing to the rapid growth of the psoriasis drugs market. The increasing prevalence of psoriasis, which affects around 125 million people worldwide, is one of the most significant drivers. As the global awareness of the disease rises, more people are being diagnosed, leading to higher demand for treatments. Additionally, the development of new therapies, particularly biologics and combination therapies, has played a pivotal role in market expansion. These treatments provide more effective and targeted solutions with fewer side effects compared to traditional therapies, which has led to an increasing preference among healthcare professionals and patients alike.

Leading Segment and Geographical Region

Among the various drug types, topical products are the leading segment in the psoriasis drugs market, accounting for 41.7% of the market share in 2021. Topical treatments are commonly prescribed due to their ease of use, lower cost, and effectiveness in treating mild to moderate psoriasis. However, biologics, such as Tumor Necrosis Factor (TNF) inhibitors and Interleukin inhibitors, are gaining significant traction for more severe cases of psoriasis due to their targeted action and long-term efficacy.

Geographically, North America holds the largest share of the psoriasis drugs market, contributing to approximately 35.6% of the total global market share. This can be attributed to the high prevalence of psoriasis in the region, a well-established healthcare system, and the availability of advanced treatments. The presence of major pharmaceutical companies in the U.S., coupled with ongoing research and development, also supports the dominance of North America in the global psoriasis drugs market.

Key Highlights from the Report

• The psoriasis drugs market was valued at USD 11.37 billion in 2021 and is expected to reach USD 21.48 billion by 2031.
• The market is growing at a CAGR of 6.5% from 2022 to 2031.
• Topical products accounted for 41.7% of the global psoriasis drugs market in 2021.
• The U.S. and other North American countries hold the largest market share due to high disease prevalence.
• Combination therapies are becoming increasingly popular due to their improved effectiveness and tolerability.
• Biologic therapies are gaining ground, especially for moderate to severe cases of psoriasis.

Market Segmentation

By Product Type

The psoriasis drugs market is segmented by product type into topical treatments, systemic treatments, and biologic drugs. Topical treatments remain the dominant segment due to their cost-effectiveness and suitability for managing mild to moderate psoriasis. Systemic treatments, including oral medications like methotrexate, acitretin, and cyclosporine, are preferred for moderate to severe cases and are growing in demand. Biologic drugs, which include TNF inhibitors, Interleukin inhibitors, and other targeted therapies, are increasingly being prescribed for patients with severe psoriasis due to their long-term efficacy and fewer side effects. These biologics are expected to grow at a higher rate than other segments in the coming years.

By End-User

The psoriasis drugs market is also segmented by end-user into hospitals, dermatology clinics, and homecare settings. Hospitals and dermatology clinics account for the majority of the market share, as they provide specialized care and access to advanced therapies. However, homecare settings are expected to see significant growth, particularly with the increasing availability of self-administered biologic treatments. This trend is driven by the growing adoption of home-based care models, which provide greater convenience for patients and reduce the burden on healthcare facilities.

Regional Insights

North America

North America holds the largest share of the psoriasis drugs market, driven by the high prevalence of psoriasis in the region, particularly in the U.S. With an established healthcare infrastructure, North America has witnessed significant advancements in psoriasis treatments, including the widespread adoption of biologic therapies. The region also benefits from the presence of major pharmaceutical companies that invest heavily in research and development of new treatments for psoriasis. As a result, North America is expected to maintain its dominant position throughout the forecast period.

Europe and Asia Pacific

Europe is the second-largest region in the psoriasis drugs market, with the growing adoption of biologics and topical therapies. The European market is characterized by a high rate of diagnosis and treatment of psoriasis, driven by favorable reimbursement policies and increasing healthcare awareness. Meanwhile, the Asia Pacific region is expected to experience the highest growth rate in the coming years. This growth is primarily driven by the rising prevalence of psoriasis in countries like China and India, coupled with increasing access to healthcare and improvements in dermatology treatments.

Market Drivers

One of the key drivers of the psoriasis drugs market is the increasing prevalence of psoriasis worldwide. As the number of diagnosed cases rises, the demand for effective treatments grows. Additionally, advancements in drug formulations, such as the development of biologics and combination therapies, have led to more effective and targeted treatment options. The shift towards systemic treatments, including oral and injectable drugs, has also contributed to the growing adoption of psoriasis medications. Moreover, the increasing awareness about the disease and its management, particularly in emerging markets, is expected to fuel market growth in the coming years.

Market Restraints

Despite the promising growth outlook, there are several factors that could restrain the expansion of the psoriasis drugs market. One of the main challenges is the high cost of treatment, particularly for biologics, which are often unaffordable for patients in lower-income regions. Furthermore, the lengthy approval process for new drugs and the high costs associated with research and development may limit the introduction of new products into the market. Additionally, lack of awareness about psoriasis and its associated comorbidities, particularly in developing countries, could result in underdiagnosis and suboptimal treatment.

Market Opportunities

The psoriasis drugs market offers several growth opportunities, particularly in the development of novel biologics and targeted therapies. These treatments offer the potential for long-term disease management with minimal side effects, making them an attractive option for both patients and healthcare providers. Furthermore, the rising prevalence of comorbidities associated with psoriasis, such as psoriatic arthritis and mental health issues, provides a fertile ground for the development of new treatment options. Research into personalized medicine, which tailors treatments to individual patients based on their genetic profile, is also expected to create new opportunities in the market.

Reasons to Buy the Report

✔ Gain insights into the current size and projected growth of the psoriasis drugs market.
✔ Understand the key drivers, restraints, and opportunities that will shape the market's future.
✔ Stay ahead of competitors by identifying emerging trends and key growth segments.
✔ Make informed decisions by analyzing the market's segmentation by product type and end-user.
✔ Get detailed insights into regional trends and the market outlook for major regions.

Company Insights

Some of the key players operating in the psoriasis drugs market include:

• AbbVie Inc.
• Janssen Pharmaceuticals
• UCB S.A.
• Novartis AG
• Amgen Inc.
• Eli Lilly and Company

Recent Developments

1. Janssen Pharmaceuticals launched new indications for Stelara, a biologic therapy for moderate-to-severe psoriasis.
2. UCB S.A. received approval for its biologic treatment, Cimzia, for psoriasis and psoriatic arthritis.

In conclusion, the psoriasis drugs market is poised for significant growth in the coming years, driven by increasing prevalence, advancements in treatment options, and the ongoing development of novel biologics and therapies. With the right strategic investments and innovations, key players in the market can continue to shape the future of psoriasis management.

About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

Contact Us:

Persistence Market Research
G04 Golden Mile House, Clayponds Lane
Brentford, London, TW8 0GU UK
USA Phone: +1 646-878-6329
UK Phone: +44 203-837-5656
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com

This release was published on openPR.