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Description
Psoriasis Drugs Market size is estimated to be valued at USD 12,000 million in 2021 and is poised to grow at a significant CAGR of 7% over 2022–2028. Psoriasis is an immune-mediated illness that results in a skin condition caused by systemic inflammation. The psoriasis drugs market players will benefit from an increase in psoriasis research and pipeline therapeutics and an increase in disease burden and demand for psoriasis treatments in emerging economies. 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. Rising awareness programs about psoriasis disease and treatment alternatives, increased reimbursement support, and increased research and development with the introduction of biologics and biosimilars are all aspects that are influencing the psoriasis pharmaceuticals market and boosting sales growth. Furthermore, prominent market players engage in various business strategies such as product launches to grow their product portfolios and gain a competitive advantage. For example, in July 2020, Fujifilm Kyowa Kirin Biologics received regulatory approval in Japan to manufacture and market the first adalimumab biosimilar for treating psoriasis, Vulgaris arthritic psoriasis, and pustular psoriasis.
Recent Market Developments:
In January 2022, AbbVie announced the U.S. Food and Drug Administration (FDA) had approved SKYRIZI (risankizumab-rzaa) for the treatment of adults with active psoriatic arthritis (PsA). This systemic inflammatory disease affects the skin and joints and impacts approximately 30 % of patients with psoriasis.
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.
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