Psoriasis Treatment Market Size & Forecast

The Psoriasis Treatment Market is expected to reach $35.07 billion by 2031, at a CAGR of 9.8% from 2024 to 2031. The growth of this market is driven by the high burden of psoriasis, advancements in treatment options, improved psoriasis diagnosis, improved understanding of disease pathogenesis, high rate of elderly people being more susceptible to psoriasis. Moreover, the rising awareness regarding psoriasis, growing use of combination therapies for treatment, and growing research regarding psoriasis are expected to generate growth opportunities for the players operating in the psoriasis treatment market.

Psoriasis Treatment Market Growth Drivers

High Burden of Psoriasis

The burden of psoriasis encompasses a range of physical, emotional, and social challenges for individuals affected by the condition. Psoriasis, a chronic autoimmune disorder, manifests as red, scaly patches on the skin, often accompanied by itching, pain, and discomfort. Beyond its visible symptoms, psoriasis can significantly impact the quality of life, leading to feelings of embarrassment, self-consciousness, and low self-esteem.

The significant impact of psoriasis fuels the growth of the psoriasis treatment market. Affecting millions worldwide, psoriasis causes recurring skin inflammation and lesions, deeply impacting patients both physically and emotionally. According to the National Psoriasis Foundation, around 125 million people, or 2-3% of the global population, are affected by psoriasis. As a chronic condition, psoriasis requires ongoing treatment. The visible symptoms and associated health problems exacerbate the burden for patients. Despite current treatments, many individuals do not experience sufficient relief, indicating a substantial need for better options. Consequently, the extensive global burden of psoriasis drives the adoption of treatment options, propelling the market growth.

Elevated Susceptibility of Elderly Individuals to Psoriasis

The elderly are at a higher risk of developing psoriasis due to various factors. With age, the immune system tends to weaken, leading to less efficient regulation of inflammatory responses, which play a significant role in psoriasis. Moreover, older individuals often contend with other chronic ailments or medications that can either trigger psoriasis or hinder its treatment. Age-related changes in the skin, such as thinning and decreased elasticity, can also heighten susceptibility to psoriasis lesions. Additionally, stress, which may be more prevalent among the elderly due to life transitions and health issues, is a recognized trigger for psoriasis flare-ups. Consequently, the increasing elderly population worldwide is expected to fuel the demand for psoriasis treatment. As per the United Nations, the proportion of individuals aged 65 and above is rising rapidly, with the global percentage projected to escalate from 10% in 2022 to 16% by 2025.

Psoriasis Treatment Market Trends

Targeted Therapy/Personalized Medicine

In the realm of psoriasis treatment, personalized medicine approaches are gaining ground, spurred by a deeper understanding of the disease's underlying mechanisms. These strategies aim to customize treatment plans to match the unique characteristics of individual patients. Through the incorporation of advanced diagnostic tools like biomarker-based diagnostics, genetic testing, and patient-specific disease profiling, healthcare providers can pinpoint the most suitable treatment options for each patient. For instance, genetic testing can offer insights into treatment response and the likelihood of experiencing adverse effects, aiding in medication selection. Moreover, treatment algorithms based on factors such as patient demographics and disease severity facilitate the creation of personalized treatment regimens for every patient. As personalized medicine continues to advance, it holds great promise for enhancing treatment effectiveness, minimizing side effects, and boosting patient satisfaction in managing psoriasis.

Steroid-free Topicals

The movement towards steroid-free topicals within the psoriasis treatment market reflects a growing demand for safer and more sustainable therapeutic choices. Unlike traditional steroid-based treatments, steroid-free topicals provide effective relief from psoriasis symptoms without the potential side effects associated with prolonged steroid use, such as skin thinning and resistance development. These formulations often utilize innovative ingredients like calcineurin inhibitors or vitamin D analogs, which target inflammation and abnormal skin cell growth without compromising the skin's integrity. As patients increasingly seek alternatives to corticosteroids, steroid-free topicals emerge as a promising option for addressing mild to moderate psoriasis while mitigating treatment-related risks.

Psoriasis Treatment Market Opportunity

Growing Use of Combination Therapies for Treatment

Combination therapies for psoriasis treatment involve using two or more treatment modalities simultaneously to enhance efficacy and address multiple aspects of the disease. These approaches are particularly useful for patients with moderate to severe psoriasis or those who have not responded adequately to monotherapy. One common combination involves the use of topical treatments alongside phototherapy. Topical treatments may include corticosteroids, vitamin D analogs, calcineurin inhibitors, or tar preparations, which can be applied directly to affected areas. Phototherapy, which involves exposure to ultraviolet light, can complement topical treatments by targeting inflammation and slowing down the excessive growth of skin cells.

Another combination approach includes combining systemic medications with biologic agents. Systemic medications such as methotrexate, cyclosporine, or acitretin work internally to modulate the immune system and reduce inflammation. Biologic agents, on the other hand, are proteins that target specific molecules involved in the immune response, such as tumor necrosis factor-alpha (TNF-alpha) or interleukins. Combining these two types of medications can provide a more comprehensive approach to managing psoriasis by targeting different pathways involved in the disease process. Combination therapies offer a potent approach to managing psoriasis, effectively keeping the condition in check for extended periods.

Moreover, healthcare providers can tailor treatments to suit each patient's specific requirements, ensuring optimal outcomes. This personalized approach to treatment aligns with the increasing demand for tailored healthcare solutions, presenting a significant opportunity for market players. By integrating various treatments, providers can address diverse patient needs and preferences, enhancing their competitiveness in the market.

Psoriasis Treatment Market Analysis: Key Findings

By Treatment Type: In 2024, the Biologic Drugs Segment to Dominate the Psoriasis Treatment Market

Based on treatment type, the market is segmented into biologic drugs, topical treatments, and systemic treatments. In 2024, the biologic drugs segment is expected to account for the largest share of 43.7% of the psoriasis treatment market. The largest market share of this segment is attributed to their high efficacy and targeted approach in treating moderate to severe psoriasis, ongoing research and development efforts, along increasing adoption by healthcare providers.

Similarly, the biologics drugs segment is projected to witness the highest growth rate of 7.4% during the forecast period of 2024–2031. The expansion of this segment is propelled by the increasing acceptance of Interleukin inhibitors, attributed to their notable effectiveness and favorable safety records. As both patients and healthcare providers increasingly favor biologic therapies over conventional systemic medications, coupled with continuous progress in biologic drug innovation, the momentum continues to grow. Moreover, the concerted efforts of industry players to introduce new biologic drugs for psoriasis further stimulate the segment's advancement. For instance, in March 2023, Eli Lilly and Company (U.S.) unveiled Copellor, an interleukin inhibitor drug designed for psoriasis treatment in India.

By Disease Type: In 2024, the Plaque Psoriasis Segment to Dominate the Psoriasis Treatment Market

Based on disease type, the psoriasis treatment market is segmented into plaque psoriasis, psoriatic arthritis, and others. In 2024, the plaque psoriasis segment is expected to account for the largest share of 56.3% of the psoriasis treatment market. The large segmental share is attributed to the high prevalence of plaque psoriasis, increasing accuracy in psoriasis, improved diagnostic techniques, growing use of combination therapies, and the launch of new drugs for plaque psoriasis.

However, the psoriatic arthritis segment is expected to grow at the highest CAGR of 7.1% during the forecast period of 2024-2031. Psoriatic arthritis, a form of inflammatory arthritis often accompanying psoriasis, affects approximately 30% of individuals with psoriasis. With heightened awareness of this condition and advancements in diagnostic techniques, the demand for treatments addressing psoriatic arthritis is anticipated to rise, thereby fueling the growth of this segment.

By Administration Route: In 2024, the Injectable Segment to Dominate the Psoriasis Treatment Market

Based on administration route, the psoriasis treatment market is segmented into oral, topical, and injectable. In 2024, the injectable segment is expected to account for the largest share of the psoriasis treatment market. This segment is driven by the increasing adoption of biologic therapies, which are mainly administered via injections, advancements in injection technology such as prefilled syringes and autoinjectors, and the expanding availability and accessibility of injectable medications through various distribution channels, including specialty pharmacies and online platforms.

The increasing adoption of biologic therapies, primarily administered via injections, is driving significant growth within the segment. Biologic drugs are highly effective in treating moderate to severe psoriasis, prompting widespread usage by healthcare providers. Moreover, advancements in injection technology, including prefilled syringes and autoinjectors, have enhanced patient convenience and comfort, further amplifying the demand for injectable medications. Additionally, the escalating prevalence of chronic conditions like psoriasis and psoriatic arthritis necessitates long-term treatment strategies, with injectable therapies often preferred for their consistent dosing and monitoring capabilities. Consequently, this segment is poised to exhibit the highest CAGR during the forecast period.

By Distribution Channel: In 2024, the Hospital Pharmacies Segment to Dominate the Psoriasis Treatment Market

Based on distribution channel, the psoriasis treatment market is segmented into hospital pharmacies, retail pharmacies, and online/e-commerce platforms. In 2024, the hospital pharmacies segment is expected to account for the largest share of the market. Hospitals play a pivotal role as primary hubs for diagnosing and treating psoriasis, with hospital pharmacies serving as crucial distribution channels for psoriasis medications. These pharmacies typically maintain extensive stocks of medications to meet the diverse requirements of psoriasis patients, encompassing biologic, systemic, and topical treatments. Furthermore, healthcare practitioners within hospitals often prescribe medications for acute or severe psoriasis cases, resulting in a heightened volume of prescriptions fulfilled through hospital pharmacies.

However, the online/e-commerce platforms segment is expected to grow at the highest CAGR during the forecast period. The expansion of this market segment can be attributed to the widespread adoption of e-commerce platforms, which have transformed the accessibility of healthcare products for consumers. The growing prevalence of digitalization and the convenience of online shopping have further propelled this trend. Online platforms provide a vast array of products, enabling patients to compare prices, peruse reviews, and gather information about various treatment options—all from the comfort of their homes.

Geographical Analysis

In 2024, North America is expected to account for the largest share of 43.1% of the psoriasis treatment market. Among the U.S. and Canada, in 2024, the U.S. is expected to account for the largest share of the psoriasis treatment market in North America. The large market share is attributed to the high prevalence of psoriasis, high adoption rate of personalized therapies, well-developed health infrastructure, and continuous research and development for psoriasis, translating into new treatment approaches and drugs.

However, Asia-Pacific is slated to register the highest CAGR of 10.2% during the forecast period. The growth of this region is attributed to the rising psoriasis prevalence, growing demand for quality healthcare, shift towards medicine for dermatology conditions from homemade remedies, and a large population base.

Psoriasis Treatment Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. The key players operating in the psoriasis treatment market are AbbVie Inc. (U.S.), AstraZeneca Plc (U.K.), Boehringer Ingelheim (Germany), Celgene Corporation (U.S.), Eli Lilly and Company (U.S.), Johnson and Johnson (U.S.), Merck KGaA (Germany), Novartis AG (Switzerland), Pfizer Inc. (U.S.), Takeda Pharmaceutical Company Limited (Japan), Biogen, Inc. (U.S.), LEO Pharma A/S (Denmark), Sun Pharmaceutical Industries Ltd. (India), and Dr. Reddy’s Laboratories Ltd. (India).

Psoriasis Treatment Industry Overview: Latest Developments from Key Industry Players

• In November 2023, Lords Mark Biotech (India) launched Tinefcon, a patented medicine for treating Psoriasis.
• In November 2023, Amgen Inc. (U.S.) received U.S. FDA approval for a biosimilar version of Johnson & Johnson's (U.S.) psoriasis treatment, Stelara.
• In 2023, Biocon Limited (India) entered into an agreement with Biocon Limited Janssen Biotech Inc. (U.S.) and Johnson & Johnson (U.S.) to commercialize Bmab 1200, a biosimilar to Stelara used for treatment in plaque psoriasis in the U.S.

Psoriasis Treatment Market Research Summary

Key questions answered in the psoriasis treatment market report: