Psoriasis Treatment Market Size To Hit USD 57.7 Bn By 2032

The global psoriasis treatment market size reached USD 29.11 billion in 2023 and is estimated to hit around USD 57.7 billion by 2032 and is poised to grow at a CAGR of 7.9% from 2023 to 2032.

Key Points

North America psoriasis treatment market accounted for USD 10.9 billion in 2022.
In 2022, the TNF inhibitors drug class segment accounted for 47.5% revenue share.
The Asia Pacific market is expected to exhibit the strongest CAGR between 2023 to 2032.
North America region generated a revenue share of around 41.7% in 2022.

Psoriasis is a skin disease which is produced as a result of autoimmune disorder which occurs in the individual it is an inflammatory process that the body undergoes in which the skin cells are produced in excess. and the symptoms include extreme itching all over the body or in the particular part affected, pain may be associated with the condition sometimes and extreme dryness of the skin with flakiness.

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This disease does not spread through touch or contact but may be inherited from the ancestors but cannot be labeled as a genetic disorder. The red lesions which appear on the skin are accompanied by flaky skin eruptions. This disease has been divided under two headings of psoriatic arthritis and plaque psoriasis. In certain individuals so this is also associated with joint complaints which is termed as psoriatic arthritis.

Regional Snapshots

The region of North America has the largest market for psoriasis treatment as a result of the huge population suffering with this autoimmune disorder. The geriatric population has also proved to be a driving factor for the growth of the psoriasis treatment market. The prevalence of psoriasis in the region of North America is such that special campaigns have been organized by the government in order to spread awareness regarding the treatment facilities and symptoms of the disease. The modern lifestyle which is followed in this region has hampered the food habits of the people which also increases the risk associated with the disease.

The European market has proved to be the next largest after the region of North America which has shown great prevalence for this disease.

Table of Contents

Psoriasis Treatment Market Scope

Report Coverage	Details
Market Size in 2023	USD 29.11 Billion
Market Size by 2032	USD 57.7 Billion
Growth Rate from 2023 to 2032	CAGR of 7.9%
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Drug Class, Treatment Type, Type, Route of Administration, Distribution Channel, Geography

Psoriasis Treatment Market Dynamics

Drivers

The rapidly increasing number of patients of psoriasis has helped to increase the demand for its treatment. This has led to a rapid demand and supply of medicines which are used to treat psoriasis in the market. The key market players have conducted rapid research and development programs in order to introduce effective medicines and treatment options to the patients. this autoimmune skin disorder has not remained restricted to a particular age group and has shown its prevalence in people belonging to almost every age. It has no specific causative factor but is seen to be developed as a result of autoimmune disorder in the body. The symptoms of this disease present itself in the form of dry skin eruptions and can reach a severe stage if not managed in time.

Restraints

The high cost associated with the use of modern medicines have imposed and additional pressure on the common man suffering with this autoimmune skin disorder. The lack of disposable income in the hands of the people as a result of inflation has affected the growth of the market to a great extent. The occurrence of the pandemic had a considerable effect on the psoriasis treatment market as a result of the restricted movements imposed by the government and the strict guidelines of the hospital regarding follow-ups and regular visits. As a result of this the treatment of many patients got hampered and hence the symptoms aggravated over the period of time. Though the online pharmacies played an important role in maintaining the speed of the market it did not play a significant role.

Opportunities

The rapid demand for faster and better treatment of psoriasis within a shorter period of time has proved to be a great opportunity for the market. With the increasing life expectancy, the number of elderly people suffering with this skin disorder has increased. Parenteral applications which are available in the market over the counter has proved to be the biggest opportunity for the growth of the market. Lucrative offers and schemes which are offered by the insurance companies in order to encourage the people for psoriasis treatment has proved to be a great opportunity for the market.

The long-term treatment which is associated with this autoimmune skin disorder is also a wonderful opportunity as the demand and supply keeps continuing over the period of time of treatment. With the rapid advancements seen in the method of treatment and the use of modern medicine the number of side effects associated with the use of these chemically formulated drugs have also reduced.

Challenges

The treatment of this autoimmune skin disorder takes a very long period of time which proves to be a challenge for the growth of the market. The patient usually loses confidence and patience which results in a breach of the treatment and shows a direct impact on the growth of the market. With the use of advanced medicine for the treatment of the disease the cost of the treatment also increases tremendously. This makes it impossible for the common man to opt for the treatment with the help of advanced medicines.

Recent Developments

In September 2021 – LEO Parma disclosed it’s strategic collaboration with Veeva systems in order to conduct clinical trials and obtain better results during the procedure.
In July 2020 – Johnson and Johnson company was granted approval by the FDA regarding Stelara. This product is mainly used in order to treat severe to moderate plaque psoriasis in children who belong to the age group of 6 to 11.
In November 2021 – AbbVie limited was granted approval by the European Commission regarding SKYRIZI which is a subcutaneous injection. This product is expected to heel active psoriatic arthritis.