Published Date : 26 Apr 2024
The global psoriasis treatment market size surpassed USD 29.11 billion in 2023 and is estimated to attain around USD 57.7 billion by 2032, growing at a CAGR of 7.9% from 2023 to 2032 The increasing demand for variable frequency drives by several end users drives the VFD market growth. The increasing prevalence of psoriasis over the world is a major factor driving the psoriasis treatment market.
The psoriasis treatment consists of oral medications, light therapy, topical therapy, and creams. The psoriasis treatment market fulfills all the requirements needed to diagnose, treat, and monitor psoriasis disease. Psoriasis is an immunological inflammatory disease resulting from the excessive production of skin cells and arising in a painful and itchy skin condition by plaque formation, red lesions, and inflammation. Psoriasis is classified into two types- Psoriatic Arthritis and plaque psoriasis. Psoriatic arthritis, the increasing prevalence of plaque, and the highly increasing aging population are expected to drive market growth. In addition, the increasing volume of prescribed biological products, favorable refund policies, and a huge pipeline of biosimilar and biologic products are anticipated to enhance the market growth. Moreover, the increasing prevalence of chronic diseases, increasing awareness regarding treatment, increasing collaborations between manufacturers, increasing healthcare spending, and increasing R&D for improvement of treatment are expected to drive the growth of the psoriasis treatments market.
Continuous treatment process fuels the growth of the psoriasis treatment market
Psoriasis disease is a non-curable disease. Once it has occurred or covered the skin areas, then it will not cure. So, continuous treatment is the most suitable process for this disease. Psoriasis can make it hard to concentrate, interfere with sleep, and, most of the time, be very painful. There is presently no permanent treatment for curing psoriasis, but continuous treatment can bring nearly complete suspension of skin patches. Continuous treatment focuses on meeting physical manifestations and minimizing inflammation, including skin lesions. With continuous and effective treatment, a patient living with psoriasis can handle their symptoms properly and aiming remission. Most of the doctors used multiple combinations of treatments to cure psoriasis. Therefore, a continuous treatment process can be the major driver in this market growth.
The market's expansion could be hampered, nevertheless, by the scarcity of available treatment choices. Fewer treatment options are available for psoriasis-affected skin regions. One group of individuals has nail-predominant psoriasis. Moreover, topical creams don't work and don't cover enough ground to justify systemic therapy. Topical medications might result in skin issues, which are typically troublesome in these places, which makes inverse or genital psoriasis an even more serious condition. Those who suffer from psoriasis limited to the scalp may find it difficult to apply topical steroids, or their hair may become shiny. Due to their hair's inability to absorb light, patients with scalp-only psoriasis frequently aren't eligible for appropriate treatment. These are the main causes limiting the market for psoriasis treatments from expanding further.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 29.11 Billion |
| Projected Forecast Revenue by 2032 | USD 57.7 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 7.9% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by Lord’s Mark Biotech
Recent Development by UCB
North America dominated the psoriasis treatment market in 2023. The increasing prevalence of chronic diseases and psoriasis disease is estimated to drive market growth in North America. The United States and Canada are the major emerging countries in North America.
The increasing prevalence of psoriasis is expected to be 2 to 3 percent of the total population, and roughly millions of patients are found in adults. In the United States, pharmacy claims from geographically diverse and patient-level medical information are systematically updated. The qualified patients in the U.S. aged 18 years initiated a new psoriasis treatment with approval from the U.S. Food and Drug Administration. Considering the cost-effectiveness and clinical evidence of the advantages and harms of psoriasis treatments, associated healthcare costs, and reviewing real-world treatment patterns may help US players. In the United States, people are utilizing reliable data, providing robust and observed treatment patterns for the advanced psoriasis treatment process.
Advancements in topical therapy
Biological, photodynamic, and systemic therapy are used to treat low-to-high severe types of psoriasis, which account for around 70% of patients receiving topical treatment. In addition to treating a significant portion of psoriasis, topical treatment offers new developments, therapeutic significance, and commercial prospects for the topical administration of steroids for psoriasis. For many patients, the use of biological molecules and novel immunomodulatory delivery systems for topical psoriatic therapy has shown to be a safe and effective choice.
These are the most recent developments in topical medicine. Once the clinical relevance of traditional topicals over psoriasis has been established, their potential to revolutionize and penetrate the global market is measured by their success rate. Because they have a considerable potential to influence the treatment of psoriasis, the emergence of innovative drug delivery systems based on contemporary topical products in the market is eagerly anticipated. These are the main factors that are expected to propel the market for psoriasis treatments upward in the next years.
Market Segmentation
By Drug Class
By Treatment Type
By Type
By Route of Administration
By Distribution Channel
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