Global Psoriasis Drugs Market Size (2024 - 2029)

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.

Psoriasis Drugs Industry Segmentation

As per the scope of the report, psoriasis is a genetic condition that may or may not be present at birth but can also be triggered by certain environmental and genetic factors. Factors such as the changing lifestyles of people and their increased inclination toward alcohol consumption and smoking, unhealthy diets, and sedentary living are making people more prone to this condition. The psoriasis drugs market is segmented by type of treatment (biologic drugs, small molecule systemic drugs, and tropical therapies), mechanism of action (TNF alpha inhibitors, PDE4 inhibitors, interleukin inhibitors, and other mechanisms of action), route of administration (oral, parenteral, and topical), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.