Psoriasis Drugs Market to Generate Revenue Worth $53,210.6 Million in 2030
- Published: April 2021
The rising aging population, growing number of product launches, increasing number of awareness programs, and surging number of psoriasis patients are some of the main factors positively impacting the growth of the global psoriasis drugs market. Due to the aforementioned factors, the market is projected to grow at a CAGR of 14.0% during the forecast period (2021–2030), to reach $53,210.6 million by 2030.
Due to the ongoing COVID-19 pandemic, the psoriasis drugs market was negatively impacted in the first two quarters of 2020. This outbreak affected almost all the countries, which further led to a high demand for healthcare facilities, workers, and most importantly, medical equipment, devices, drugs, and research studies. However, recently, there have been drug launches and approvals for psoriasis, which have helped the market recover faster compared to many others.
Biologic Drugs Category Dominated Industry in 2020
Based on type, the global psoriasis drugs market has been categorized into biologic drugs, small-molecule systematic drugs, and topical therapies. The biologic drugs category held the largest share in the market in 2020, majorly due to the growing patient base across the globe. Furthermore, the increasing public and private funding for research programs related to the disease has led to the development of highly targeted and effective biologic drugs, thus creating a high demand for such drugs.
Based on mechanism of action (MoA), the psoriasis drugs market has been categorized into tumor necrosis factor (TNF)-alpha inhibitors, phosphodiesterase type 4 (PDE4) inhibitors, interleukin inhibitors, and others. The interleukin inhibitors category is expected to witness the fastest growth during the forecast period due to the increasing adoption of these drugs for the treatment of psoriasis and growing prevalence of autoimmune conditions. These drugs work by targeting receptors for an immune signaling molecule, which causes an extensive immune response, which is effective in treating the disease, thus leading to the increasing demand for such drugs in the market.
Geographically, the Asia-Pacific (APAC) is expected to be the fastest-growing region in the psoriasis drugs market during the forecast period. This is ascribed to factors such as the growing incidence of skin diseases, increasing disposable income, which is leading to the high spending on skincare products, including psoriasis drugs, strong presence of key market players, improving healthcare infrastructure, and rapid launch of new medications in the region.
Industry Players Involving in Product Launches and Approvals to Better Their Position
Players in the psoriasis drugs market are actively involved in product launches and seeking approvals to gain a competitive edge over others. For instance, in July 2020, Janssen, the pharmaceutical division of Johnson & Johnson, announced that the Food and Drug Administration (FDA) has approved TREMFYA (guselkumab) for adult patients with active psoriatic arthritis (PsA). TREMFYA selectively inhibits interleukin-23, a naturally occurring cytokine that is involved in normal inflammatory and immune responses associated with the symptoms of PsA. TREMFYA is administered as an 100-mg subcutaneous injection every eight weeks, following two starter doses at weeks 0 and 4.
Similarly, in March 2020, Eli Lilly and Company announced that the FDA has approved the supplemental biologics license application (sBLA) for Taltz (ixekizumab) injection (80 mg/mL) for the treatment of patients aged 6–18 with moderate-to-severe plaque psoriasis.
Some of the key players operating in the market include Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson, Merck & Co. Inc., AbbVie Inc., Eli Lilly and Company, GlaxoSmithKline plc, Mylan N.V., and Bausch Health Companies Inc.