Psoriasis Treatment Market Size, Share, Growth, Trends, and Global Industry Analysis: By Drug Class (TNF Inhibitors, Interleukins, and Others), By Type (Plaque Psoriasis, Psoriatic Arthritis, and Others), By Route Of Administration (Oral, Parenteral, Topical), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy), and Region

Psoriasis treatment market size was valued at US$ 2,746.6 million in 2023 and is expected to grow at an 8.2% CAGR from 2024 to 2030. Psoriasis is an autoimmune inflammatory disorder, resulting from the rapid overgrowth of skin cells causing itchiness resulting in inflammation, red lesions, and plaque formation. The increasing prevalence of plaque and psoriatic arthritis, the increasing geriatric population, and the presence of huge pipeline drugs in the market are the key driving factors in the market.

For instance, according to U.S. census data, the number of psoriasis cases reported is approximately 7.55 million in 2020.

In addition, the rising investments in research and development of biologics and biological therapy by the key market players are expected to fuel the market growth over the forecasted years. For instance, in April 2019, Novartis AG announced that the China Health Authority NMPA approved their product Cosentyx, first in class interleukin 17A inhibitors used to treat moderate to severe plaque psoriasis in adults. However, the high medication cost and lack of reimbursement policies in emerging countries and patients hesitant to visit dermatology for psoriasis treatment are expected to hinder the growth of the psoriasis treatment market over the forecasted years.

For instance, according to the economic analysis of psoriasis treatment, the proportion of medication cost is 20% of the total cost.  It was estimated that one in three patients face trouble paying for the cost of treatment. Furthermore, the market key players are involved in adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share which is expected to drive the market at a significant rate over the forecasted period.  

Market Key Developments:

• In November 2021, AbbVie Inc. got the approval for SKYRIZI subcutaneous injection to treat active psoriatic arthritis from the European Commission.
• In September 2021, LEO Pharma A/S announced the partnership with Veeva Systems to continue clinical trials with high significance.
• In December 2021, Amgen announced that the U.S. Food and Drug Administration (FDA) had approved Otezla (apremilast) to treat adult patients with plaque psoriasis candidates for phototherapy or systemic therapy.
• In October 2021, Sun Pharmaceutical Industries Ltd. announced the availability of ILUMYA in Canada to treat moderate-to-severe plaque psoriasis to strengthen its presence in Canada.