Plaque psoriasis is the most common type of psoriasis characterized by raised, red patches covered with a silver or white layer of dead skin cells. The patches typically appear on the elbows, knees, scalp, and back and itch or feel sore. The global plaque psoriasis market is primarily driven by the rising prevalence rate of psoriasis disorder coupled with the development of new advanced systemic therapies. According to statistics, approximately 125 million people globally are living with psoriasis. The increase in healthcare expenditure is also contributing to the market growth.
The plaque psoriasis market is estimated to be valued at USD 30.14 Bn in 2024 and is expected to reach USD 48.1 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.
Key Takeaways
Key players operating in the plaque psoriasis market are AbbVie Inc.,Novartis International AG,Johnson & Johnson (Janssen Pharmaceuticals),Eli Lilly and Company,Amgen Inc. In the last few years, these players have actively focused on commercialization of advanced biologics and pipeline candidates for disease management. The growing demand for biologics over other conventional therapies has provided an impetus to market growth. Furthermore, the launch of affordable biosimilars is also augmenting the demand for psoriasis treatments. Advancements in gene therapy and combination therapies have opened new avenues and are expected to accelerate revenue generation in the coming years.
The global prevalence rate of Plaque Psoriasis Market has increased significantly over the past few decades. The growing patient pool worldwide is prompting manufacturers to focus on new product launches to expand their footprint. Self-administrable drugs with enhanced convenience and cost-effectiveness are gaining popularity among consumers. Additionally, growing awareness regarding the treatment options available is encouraging more patients to seek medical help.
Technological advancements have revolutionized plaque psoriasis management. The approval of targeted systemic therapies and biologics has improved clinical outcomes. Ongoing R&D in gene therapies, pipeline candidates, and combination regimens hold potential to further expand treatment choices. Companies are also exploring novel mechanisms of action to develop superior drugs against recalcitrant forms of psoriasis.
Market Trends
Increased adoption of biosimilars - The patent expiry of several blockbuster drugs and subsequent launch of biosimilars have improved treatment accessibility and affordability. Several companies are introducing biosimilar versions of infliximab, etanercept, and adalimumab to gain market share.
Focus on pipeline candidates - Pharmaceutical firms are actively evaluating drug candidates in early to mid-stage clinical trials for diseases with high unmet needs. Gene and cell therapies as well as combination products hold promise for long-term remission of plaque psoriasis
Market Opportunities
Undiagnosed population - Only a fraction of people with psoriasis symptoms currently seek medical help, indicating high unmet needs. Initiatives to enhance awareness can boost the diagnosed patient numbers.
Emerging economies - Developing Asian and Latin American countries with sizeable psoriasis populations still have inadequate medical infrastructure. These overlooked regions offer lucrative opportunities for industry players.
Impact of COVID-19 on Plaque Psoriasis Market Growth
The COVID-19 pandemic has significantly impacted the growth of the plaque psoriasis market. During the peak of the pandemic in 2020 and early 2021, there was a significant decline in dermatologist visits and access to treatment facilities. The travel restrictions and lockdowns imposed by various governments made it difficult for patients to visit medical facilities for consultations and treatment. Many clinics and medical practices also closed down temporarily or shifted their focus to COVID care. This led to reduced diagnosis of new cases as well as suboptimal control and management of existing cases of plaque psoriasis. However, as vaccination drives progressed worldwide and lockdowns were gradually lifted, access to healthcare started improving from mid-2021. The market is expected to bounce back strongly in the coming years as normalization of medical practices and increased awareness help drive demand. Teleconsultations and home delivery options for medications also helped sustain treatment to some extent during the peak pandemic period.
Geographical Regions with Highest Market Concentration
North America accounts for the largest share of the global plaque psoriasis market in terms of value. This can be attributed to the high diagnosis and treatment rates in countries like the US and copyright. North America is followed by Western Europe, where countries like Germany, UK, France have a sizable plaque psoriasis patient pool and high healthcare expenditures. The availability of advanced treatment options and higher affordability for biologics in these developed regions has ensured their dominance. However, the market is witnessing faster growth in emerging economies of Asia Pacific and Latin America.
Fastest Growing Region in the Plaque Psoriasis Market
The Asia Pacific region is expected to witness the fastest growth in the global plaque psoriasis market during the forecast period. Factors such as rising medical infrastructure, increasing healthcare expenditures, growing incidences of psoriasis, and higher focus on cosmetic skin disorders are driving the growth of the APAC market. The large population base, emergence of new clinical testing labs, and proliferating health insurance schemes are also contributing to market expansion. Countries like China, India, South Korea and Australia are recognizing psoriasis as a major public health issue, helping improve diagnosis and treatment rates consistently. This is making Asia Pacific an attractive region for targeted investment and new product launches by major international plaque psoriasis drug makers.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)