Psoriasis Therapeutics Market Expected to Reach $55.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Psoriasis Therapeutics Market," The psoriasis therapeutics market size was valued at $22.9 billion in 2021, and is estimated to reach $55.8 billion by 2031, growing at a CAGR of 9.3% from 2022 to 2031.

Psoriasis is a skin condition that typically affects knees, elbows, trunk, and scalp. It generates a rash with itchy, scaly spots. Psoriasis is a frequent, chronic condition that has no cure. It may hurt, keep patients up at night, and difficult to focus on. The illness frequently goes through cycles where it will flare up for a few weeks or months before decreasing. Infections, cuts, burns, and specific drugs are common psoriasis triggers in persons with a hereditary predisposition to the condition.

Treatments for psoriasis include oral or injectable drugs, light therapy, phototherapy, and lotions and ointments (topical therapy). The severity of psoriasis and how responsive it has been to prior therapies and self-care techniques can influence patient's choice of treatments. Before finding a strategy that works, patient might need to test out other medications or a combination of treatments. The condition typically reappears even after a successful treatment.

Psoriasis therapeutics market trends that drive growth of the market is increase in geriatric population, growing prevalence of plaque and psoriatic arthritis, favorable reimbursement policies, and rise in prescription volume of biological products. In addition, rise in awareness among people regarding different treatments available in the market is further expected to boost the market growth during forecast period.

However, health risks posed due to medication along with high costs of therapies is expected to hamper the growth of psoriasis therapeutics market size during the forecast period. Moreover, increasing development of new biologics and novel pipeline drugs and high growth potential in untapped emerging countries are expected to provide numerous opportunities for the market growth during the forecast period.

By drug class, the interleukin inhibitor segment dominated the market in 2021, and is expected to remain dominant during psoriasis therapeutics market forecast. This is attributed to increase in number of research trials being conducted across the globe to evaluate efficiency of these drugs in treatment of this disease propel the market growth during the forecast period. Moreover, increase in prevalence of chronic inflammatory diseases such as arthritis, psoriasis, and asthma are anticipated to fuel growth of the market. 

Depending on type, the plaque psoriasis segment dominated the market in 2021, and is expected to remain dominant during psoriasis therapeutics market analysis, owing to growing number of novel and innovative products for treatment of this disorder type by various key players are expected to fuel the plaque psoriasis segment growth during the forecast period.

On the basis of route of administration, the parenteral segment was the major revenue contributor in 2021, and is anticipated to continue this trend during the forecast period, owing to rise in adoption of biologics and surge in approval of biologics are expected to propel the parenteral segment. 

Region wise, North America has the highest psoriasis therapeutics market share in 2021 registering a CAGR of 8.1% during the forecast period. This is attributed to factors such as presence of large population base and rise in patient pool in countries such as the U.S., Moreover, high disposable income among people in North America 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.  

However, Asia-Pacific is projected to register the highest CAGR of 12.0% in psoriasis therapeutics industry during the forecast period. This is attributed to increase in awareness toward psoriasis therapeutics and rise in adoption of psoriasis therapeutics products. Furthermore, improvements in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare are the key driving factors that boost growth of the market in the region.

Key Findings of the Study

• On the basis of drug class, the interleukin inhibitors segment dominated the psoriasis therapeutics industry in 2021, and is expected to continue this trend during the forecast period.
• On the basis of type, the plaque psoriasis segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• On the basis of route of administration, the parenteral segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
•Region-wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR 12.0% during the forecast period.