North America psoriasis therapeutics Market Size, Share, Competitive Landscape and Trend Analysis Report, by Drug Class, by Type, by Route of Administration : Global Opportunity Analysis and Industry Forecast, 2023-2032

North America psoriasis therapeutics market Research – 2032

The North America psoriasis therapeutics market size was valued for $10.6 billion in 2022 and is estimated to reach $23.3 billion by 2032, exhibiting a CAGR of 8.1% from 2022 to 2032. The growth of the North America psoriasis therapeutics market is driven by surge in the prevalence of various forms of psoriasis has created an urgent demand for safe and effective therapies, driven by the significant impact of the disease. For instance, according to the U.S. Centers for Disease Control and Prevention, psoriasis is one of the most common chronic cutaneous dermatitis, which, in 2021, affected more than 7.5 million people in the U.S., thus, substantial patient population underscores the societal and healthcare burden posed by psoriasis, emphasizing the necessity for advanced therapeutic options.

Key Takeaways

• On the basis of drug class, the interleukin inhibitors segment dominated the market in terms of revenue in 2022 and is anticipated to grow at the fastest CAGR during the forecast period. 
• On the basis of type, the plaque psoriasis segment dominated the market in terms of revenue in 2022 and is anticipated to grow at the fastest CAGR during the forecast period. 
• On the basis of route of administration, the parenteral segment dominated the market in terms of revenue in 2022 and is anticipated to grow at the fastest CAGR during the forecast period. 
• Region-wise, the U.S. garnered the largest revenue share in 2022. However, Mexico is anticipated to grow at the highest CAGR during the forecast period.

Statement

The global economic recession had a moderate impact on the North America psoriasis therapeutics market. Development of new psoriasis therapeutics was impacted by supply chain disruptions, lower funding for R&D, and decrease in investment in pharmaceutical businesses. However, stable demand for psoriasis therapeutics in the healthcare systems owing to rise in cases of psoriasis and rise in the number of pipeline drugs is expected to positively impact the market growth.

Psoriasis is a chronic autoimmune skin condition characterized by the rapid buildup of skin cells, leading to the formation of thick, red, and scaly patches. Psoriasis is not contagious and can vary in severity. Treatment options include topical medications, phototherapy, and systemic medications, including biologics. However, the effectiveness of treatments can vary from person to person, and ongoing research aims to develop more targeted and personalized therapies for psoriasis.

Market Dynamics

The scientific advancements and a deeper understanding of psoriasis pathophysiology have led to the development of targeted therapies, particularly biologics, which demonstrate high efficacy in managing moderate to severe symptoms. The expanding portfolio of treatment options, including topical agents and systemic therapies, provides healthcare providers with versatile tools for tailored treatment plans. Additionally, supportive regulatory environments, exemplified by accelerated approvals and favorable reimbursement policies, incentivize pharmaceutical companies to invest in research and development. The integration of digital health solutions, such as telemedicine, enhances access to psoriasis therapeutics, especially in the context of evolving healthcare delivery models. Collectively, these factors create a dynamic landscape for the psoriasis therapeutics market, fostering innovation, expanding treatment options, and improving overall outcomes for individuals affected by this chronic autoimmune skin disorder.

However, the growth of the psoriasis therapeutics market is hindered by the high cost of these treatments. The substantial financial burden imposed on patients limits accessibility, leading to challenges in widespread adoption. Affordability concerns may deter individuals from seeking or adhering to prescribed therapies, impacting both patient outcomes and overall market expansion. Addressing the issue of high treatment costs is crucial for ensuring equitable access to psoriasis therapeutics and fostering sustained market growth.

Moreover, the increasing number of pipeline drugs with diverse mechanisms of action, targets, and modes of administration presents a lucrative opportunity for the growth of the psoriasis therapeutics market. These emerging drugs not only signify the latest advancements in psoriasis research but also bring forth innovative therapeutic approaches. The variety in mechanisms of action and targets expands the range of treatment options, offering more tailored solutions for patients with varying needs. Additionally, the introduction of drugs with different modes of administration enhances convenience and adherence to treatment regimens.

As these promising pipeline drugs move towards commercialization, they have the potential to revolutionize psoriasis care and contribute significantly to the market's continued expansion. For instance, in March 2023, Novartis, a global leader in immuno-dermatology and rheumatology, announced that the US Food and Drug Administration (FDA) has approved an intravenous (IV) formulation of Cosentyx (secukinumab) for the treatment of adults with psoriatic arthritis (PsA), ankylosing spondylitis (AS) and non-radiographic axial spondyloarthritis (nr-axSpA).

During a recession, the North American psoriasis therapeutics market faces challenges across multiple fronts. Economic downturns can alter healthcare spending patterns, as individuals, grappling with financial constraints, may delay seeking medical attention or adhering to prescribed treatments. This hesitancy can impact pharmaceutical companies' revenues, limiting the accessibility of psoriasis treatments. Moreover, economic uncertainties may prompt pharmaceutical firms to reconsider research and development budgets, potentially slowing down the introduction of innovative therapies. Reduced funding and changes in health insurance coverage during a recession can further impede patients' ability to afford and access necessary treatments, despite the market's potential growth driven by the increasing prevalence of psoriasis and a growing pipeline of products.

Segmental Overview

The North America psoriasis therapeutics market is segmented on the basis of drug class, type, route of administration, and region. On the basis of drug class, the market is categorized into TNF-alpha inhibitors, interleukin inhibitors, and others. Interleukin inhibitors further segmented by distribution channel, including hospital pharmacies, drug stores & retail pharmacies, and online providers. On the basis of type, it is segmented into plaque psoriasis, psoriatic arthritis, and others. On the basis of route of administration, it is segmented into oral, topical, and parenteral. Furthermore, North America region is studied across the U.S., Canada, and Mexico.

By Drug Class

The North America psoriasis therapeutics market is segmented into TNF-alpha inhibitors, interleukin inhibitors, and others. The interleukin inhibitor segment accounted for the largest share in terms of revenue in 2022 and is expected to exhibit the fastest CAGR growth during the forecast period. The growth of the segment is attributed to high efficacy, targeted therapy, diverse treatment options, and clinical success and acceptance offered by this segment. Interleukin (IL-17) and (IL-23) proteins play an important role in psoriasis development. interleukins have proven highly efficacious in mitigating moderate to severe symptoms, showcasing superior performance compared to alternative drug classes. In addition, increase in number of clinical trials being conducted to evaluate efficiency of these drugs in treatment of psoriasis, propel the market growth during the forecast period.

By Type

The North America psoriasis therapeutics market is segmented into plaque psoriasis, psoriatic arthritis, and others. The plaque psoriasis segment accounted for the largest share in terms of revenue in 2022 and is expected to exhibit the fastest CAGR growth during the forecast period, owing to growth in number of novel and innovative products for treatment of this disorder type by various key players. For instance, in August 2022, Eli Lilly and Company announced the availability of a new, citrate-free formulation of Taltz (ixekizumab) injection 80 mg/mL which was recently approved by the U.S. Food and Drug Administration in May 2022, and includes the same active ingredient as the original formulation.

By Route of Administration

The North America psoriasis therapeutics market is segmented into oral, topical, and parenteral. The parenteral segment accounted for the largest share in terms of revenue in 2022 and is expected to exhibit the fastest CAGR growth during the forecast period. The increasing adoption of biologics and the rising approval of injectable forms are anticipated to drive growth in the parenteral segment. The surge in popularity for these advanced therapies underscores a growing preference for effective and targeted treatment options, contributing to the expansion of the parenteral market in psoriasis therapeutics.

By Region

The North America psoriasis therapeutics market is analyzed across U.S., Canada, Mexico. Region wise, the factors that drive the market growth include presence of large population base and rise in patient pool in countries such as the U.S. Moreover, high disposable income has driven development in the healthcare industry, owing to affordability to invest in highly advanced medication that meets the targeted medical need of the people, which further drive the market growth in the region.

In addition, growing awareness about the benefits of timely medical intervention and the importance of early diagnosis and treatment have driven the demand for psoriasis therapeutics and propel the market growth.

Competition Analysis

Competitive analysis and profiles of the major players in the North America psoriasis therapeutics market share, such as AbbVie Inc., Amgen Inc., Bausch Health Companies Inc, Eli Lilly and Company, Johnson & Johnson (J&J), Leo Pharma A/S, Novan, Inc., Novartis AG, Pfizer Inc., and Biocon. Major players have adopted product approval, product upgradation /development, NDA filing and acquisition as a key developmental strategy to improve the product portfolio and gain a strong foothold in the North America psoriasis therapeutics market.  

Recent Product Approvals in the North America Psoriasis Therapeutics Market

• In January 2022, Abbvie Inc., a global pharmaceutical company, received the U.S. Food and Drug Administration Approval for its SKYRIZI (risankizumab-rzaa) for the treatment of adults with active psoriatic arthritis (PsA).
• In January 2022, Pfizer Inc., a global pharmaceutical company, received the Food and Drug Administration (FDA) approval for its CIBINQO (abrocitinib), a JAK inhibitor. It is approved for the treatment of adults living with moderate-to-severe atopic dermatitis (AD).
• In October 2023, Novartis, a global leader in immuno-dermatology and rheumatology, announced that the U.S. Food and Drug Administration (FDA) has approved an intravenous (IV) formulation of Cosentyx (secukinumab) for the treatment of adults with psoriatic arthritis (PsA), ankylosing spondylitis (AS) and non-radiographic axial spondyloarthritis (nr-axSpA).

Recent Acquisition in the North America Psoriasis Therapeutics Market

• In March 2022, Novan, Inc. acquired EPI Health, LLC, a specialty pharmaceutical company focused on the U.S. dermatology market. EPI Health’s significant product portfolio addresses patient needs across psoriasis, rosacea, dermatosis, and acne.

Recent NDA filing in the North America Psoriasis Therapeutics Market

• In May 2021, Amgen announced that the U.S. Food and Drug Administration (FDA) has accepted for review the supplemental New Drug Application (sNDA) for Otezla (apremilast) for the treatment of adults with mild-to-moderate plaque psoriasis who are candidates for phototherapy or systemic therapy.

Key benefits for stakeholders

• The study provides an in-depth analysis of the North America psoriasis therapeutics market growth and the current trends and future estimations to elucidate the imminent investment pockets.
• It presents a quantitative analysis of the market from 2022 to 2031 to enable stakeholders to capitalize on the prevailing market opportunities.
• Extensive analysis of the market based on type assists to understand the trends in the industry.
• Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the North America psoriasis therapeutics market.

  North America psoriasis therapeutics Market Report Highlights