Major players in the psoriasis drugs market are AbbVie Inc., Pfizer Inc., Novartis, Eli Lilly and Company and Celgene Corporation.
The global psoriasis drugs market is expected to decline from $16.2 billion in 2019 to $14.4 billion in 2020 at a compound annual growth rate (CAGR) of -10.8%. The decline is mainly because of drop in sales due to the lockdown measures to contain COVID-19 spread. Apart from restricting non-emergency medical services, new rules of the governments across the globe has forced many companies in the dermatology drug market to halt their business operations which has impacted the market growth. The market is then expected to recover and grow at a CAGR of 9.5% from 2021 and reach $24.4 billion in 2023.
The psoriasis drugs market consists of sales of psoriasis drugs. Psoriasis is a persistent skin disorder which causes distress and pain through patches of abnormal skin. Psoriasis can be caused due to injuries to skin, medications, genetics, infection, diet, weather, etc. The drugs vary depending on the severity of the infection and provide relief from infections. Examples of drugs in the psoriasis market include Clobetasol (Temovate), triamcinolone (Aristocort), fluocinolone (Synalar), and betamethasone (Diprolene).
North America was the largest region in the psoriasis drugs market in 2018. This region is expected to remain the largest during the next five years. The psoriasis drugs market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
The process of approval of psoriasis drugs is becoming easier globally. This is evident from the increasing approvals of drugs for psoriasis in the recent years. Some of the examples include the first regulatory approval of SKYRIZI™ (risankizumab) for the treatment of plaque psoriasis in Japan in 2019, and the approval of a new treatment for plaque psoriasis in Europe in 2018. Hence, the increasing ease of drug approvals is expected to drive the psoriasis drugs market in the coming years.
The high cost of psoriasis therapy is a restraint for the psoriasis market. According to a study conducted by JAMA Dermatology in 2019, the typical psoriasis treatments with biologics are very costly, ranging between $10,000 and $25,000 per year. The high cost is because patent protections are preventing many alternative drugs.
Combination therapy is an emerging trend in the psoriasis market. Combination therapy is an f treatment that combines two different psoriasis treatments at the same time. When two drugs with different mechanisms of action are combined (combination therapy), the effect is greater than that obtained by monotherapy (treatment with a single drug). Studies suggest that combination therapy eases psoriasis symptoms more effectively than a single therapy and has lesser side effects. An example of combination therapy for the treatment of active psoriatic arthritis (PsA) is taltz (ixekizumab) with methotrexate developed by Eli Lilly and Company.
The rise in the prevalence of psoriasis patients is driving the Psoriasis market. Psoriasis is caused due to immune system, genetics and environment. The rise in psoriasis patients in the past few years can be mainly attributed to climate change, stress and unhealthy lifestyle. According to the World Health Organization (WHO), psoriasis had affected at least 100 million individuals worldwide in 2016.
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