Psoriasis Biologicals Market: By Type of Treatment (Biologic Drugs, Small Molecule Systemic Drugs, and Tropical Therapies), By Mechanism of Action (TNF Alpha Inhibitors, PDE4 Inhibitors, Interleukin Inhibitors, and Other Mechanisms of Action), By Route of Administration (Oral, Parenteral, and Topical) and Geography

Psoriasis Biologicals market size was valued at USD 24,874.9 million in 2022 and is expected to grow at a CAGR of 9.8% from 2023-2029. Psoriasis is a skin condition that is an autoimmune inflammatory disorder caused by an overproduction of tissue cells on the skin. Over time, the patient will experience symptoms such as excessive dryness, itching, bleeding, and local irritation. In severe cases, the patient feels pricking pain and inflammation on the skin. Psoriatic arthritis and plaque psoriasis are the two types of the disease. Psoriatic arthritis treatments patients typically present with skin conditions as well as joint complaints and pain. Plaque psoriasis, on the other hand, is usually seen in patients with noticeable skin disorders. Many people in the older population have also increased the incidence of psoriasis cases. The widespread usage of biosimilar products has significantly boosted the market.

The lucrative offers and programs provided by insurance companies in the form of reimbursement facilities have significantly increased the size of the market over the predicted period. Rapid prescriptions issued by clinics and hospitals to treat these skin disorders drove sales of biologic products into the market, facilitating industry expansion to a large extent. The exorbitant cost of current medications and procedures has severely impeded market expansion. The shortage of disposable income among the population impacted drug sales and demand. The long-term therapy associated with chronic skin conditions costs a lot of money over time, which makes market expansion difficult. The pandemic’s breakout had a huge influence on the psoriasis treatment business. On the one hand, follow-ups and routine hospital visits were impeded due to limited transit and movement due to the lockdowns. On the other hand, due to the growing popularity of online shopping among customers, online retail shops saw increased demand and supply. The patients responded better to this system than to the previous ones. Improved self-care resulted in better outcomes during the epidemic.

Psoriasis Biologicals Market Key Developments:

• November 2021 – The European Commission has approved AbbVie Inc.’s SKYRIZI subcutaneous injectable for the treatment of active psoriatic arthritis.