Antipsoriatics Market
Number of pages: 100 | Report Format: PDF | Published date: June 16, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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CAGR |
7.9% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Drug Type, Route Of Administration, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global antipsoriatics market is expected to register a revenue CAGR of 7.9% during the forecast period.
Antipsoriatics Market Fundamentals
Psoriasis is a chronic autoimmune skin condition that affects the life cycle of skin cells. It causes cells to build up rapidly on the surface of the skin, leading to the formation of thick, red, scaly patches. Psoriasis is a non-contagious condition that can vary in severity, ranging from mild, localized patches to severe involvement of large body areas. Psoriasis is a persistent autoimmune skin illness characterized by red, scaly patches on the skin, and antipsoriatics are drugs particularly made to treat it. These drugs try to control the underlying immunological reaction that leads to psoriasis and the symptoms, inflammation, and fast cell proliferation of the skin. The antipsoriatics business is extremely competitive, and many pharmaceutical companies are engaged in creating, testing, and marketing new medications. Major pharmaceutical corporations, biotechnology businesses, and producers of generic drugs are important market participants.
Antipsoriatics Market Dynamics
The global antipsoriatics market is driven by several factors contributing to its growth and development. Psoriasis is a common chronic skin condition affecting millions of people worldwide. The rising prevalence of psoriasis is a significant driver for the global antipsoriatics market. As the number of individuals diagnosed with psoriasis increases, there is a growing demand for effective treatments, thereby boosting the market. For instance, the reported number of cases in the U.S. in 2020 was almost 7.55 million, according to data from the U.S. Census. Additionally, as published in the article by MedPage Today, LLC, even a six-month delay in diagnosing psoriatic arthritis increases the risk of joint erosions, damage, and disability. Biologic medicines, such as fusion proteins and monoclonal antibodies, have transformed psoriasis treatment. These medications offer considerable therapeutic advantages by targeting immune system elements involved in psoriasis development. The market for antipsoriatics has benefited from the launch and expanding use of biologic medicines.
For instance, Otezla, developed by Amgen Inc., was given the go-ahead to treat mild to moderate plaque psoriasis in adults in December 2021. These factors have aided the business in increasing the number of products it offers for oral administration. The available treatments for psoriasis have improved thanks to technological developments, particularly in phototherapy and laser therapies. The development of more focused and effective phototherapy due to advances in light-based therapies has increased the variety of treatment options and fueled market expansion. The global antipsoriatics market has benefited from the general rise in healthcare spending in both developed and developing nations. As healthcare budgets increase, more funding is given to dermatological disorders like psoriasis, fostering growth in the global market. The concept of personalized medicine, where treatments are tailored to individual patients based on their specific characteristics and needs, is gaining prominence. In psoriasis treatment, personalized approaches, such as genetic profiling and biomarker identification, are being explored to determine the most appropriate antipsoriatic therapy for each patient. This personalized medicine approach drives market growth by providing more effective and customized treatments.
However, treating psoriasis is expensive because it is a chronic condition. According to economic research, approximately 20.0% of the overall cost of the psoriasis therapy is attributed to medicine expenditures. According to the NPF, a tube of topical drugs may cost between USD 500 and USD 600, and it is believed that one in three people with the condition have financial difficulties paying for their medical care. Additionally, biologics could cost between USD 15,000 and USD 20,000 per year as a treatment for plaque-type psoriasis. Therefore, despite the disease's growing prevalence, the market growth over the projection period would likely be constrained by expensive treatment pharmaceutical costs and unfavorable reimbursement regulations in developing nations.
Antipsoriatics Market Ecosystem
The global antipsoriatics market is analyzed from the following perspectives: type, drug type, route of administration, distribution channel, and region.
Antipsoriatics Market by Type
Based on the type, the global antipsoriatics market is segmented into plaque psoriasis, psoriatic arthritis, and others.
The plaque psoriasis segment accounts for the largest revenue share in the global antipsoriatics market. This form of skin problem is prevalent, and as a result, it generates the biggest return during the predicted period. The skin disorders industry has experienced considerable growth thanks to the quick advances being made to treat them.
Psoriatic arthritis forms the next segment under this heading, which is commonly found in people. The new products launched by the key market players to treat these diseases have proved to be the driving forces for market growth during the forecast period.
Antipsoriatics Market by Drug Type
Based on the drug type, the global antipsoriatics market is segmented into TNF inhibitors, interleukins, retinoids, biologic agents, and others.
Interleukin inhibitors are anticipated to witness the fastest growth during the forecast period. Interleukin inhibitors' advantages over other psoriasis medications include greater safety and efficacy, which inevitably results in more patient acceptance. Major licensed antibodies that target interleukins include Siliq (Brodalumab), Tremfya (Guselkumab), Ilumya (Tildrakizumab), SKYRIZI (Risankizumab), Taltz (Ixekizumab), Cosentyx (Secukinumab), and others. The regulatory authorities' clearance of pharmaceuticals is another factor fueling the segment's growth. For instance, in January 2022, the United States Food and Drug Administration granted AbbVie approval for the interleukin-23 (IL-23) inhibitor SKYRIZI (risankizumab-rzaa), which is used to treat adults with active psoriatic arthritis (PsA).
Antipsoriatics Market by Route of Administration
Based on the route of administration, the global antipsoriatics market is segmented into oral, topical, and parenteral.
The parenteral segment accounts for the highest revenue share in the market during the forecast period, as biologics are administered parenterally. The segment is growing due to multiple launches, increased biologics acceptance, and rising biologics approval rates. For example, in February 2019, the U.S. FDA approved using TREMFYA, One-Press, a single-dose, patient-controlled injector, for treating adult moderate-to-severe plaque psoriasis. This was done by Janssen Pharmaceuticals, Inc. (Johnson & Johnson Services, Inc.). Due to the quick prescriptions, the oral delivery method has lost prominence in the market. The main market players' quick research and development on these applications has significantly increased the market's size.
Antipsoriatics Market by Distribution Channel
Based on the distribution channel, the global antipsoriatics market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The retail pharmacies segment has a significant revenue share in the global antipsoriatics market. This is a result of the enormous sales and supply that have been observed due to the market's high demand. The market's supply and demand have increased due to greater knowledge about the medications and products that may be used to treat various skin conditions.
Antipsoriatics Market by Region
Geographically, the global Antipsoriatics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The antipsoriatics market in North America is a significant segment. It is projected that the demand for efficient treatment options for controlling the illness will increase due to the increasing burden of this condition in the area and increasing efforts to increase public awareness. For instance, in August, Psoriasis Awareness Month is held in the U.S. Psoriasis Awareness Month is held in the U.S. in August to inform and educate patients about this disorder's diagnosis and available therapies. During the estimated term, the region is anticipated to continue to rule. The dominance is attributed to factors such as more long-term & preventive healthcare facilities, higher acceptance of advanced treatment methods, and increased research and development spending by regional businesses on clinical trials for psoriasis therapy.
Due to the increasing number of government initiatives to educate the populace about the negative effects of chronic psoriasis, analysts predict that the Asia Pacific region will have the fastest growth rate. For instance, the Australian government stated in January 2019 that the Pharmaceutical Benefits Scheme (PBS) would now cover two new therapy medications, Ilumya and Tremfya, saving patients up to USD 32,600 annually.
Antipsoriatics Market Competitive Landscape
The prominent players operating in the global antipsoriatics market are: -
Antipsoriatics Market Strategic Developments
Antipsoriatics are medications specifically designed to treat psoriasis, a chronic autoimmune skin condition characterized by red, scaly patches on the skin. These medications aim to alleviate the symptoms, reduce inflammation, slow down the rapid growth of skin cells, and manage the underlying immune response associated with psoriasis.
The revenue CAGR for the antipsoriatics market is 7.9% during the forecast period.
Pfizer Inc., AbbVie Inc., Novartis AG, Evelo Biosciences, Inc., and Amgen Inc. are some major players in the global antipsoriatics market.
Asia Pacific is the key growth region in the global antipsoriatics market.
Antipsoriatic medications, particularly new biological agents, can be expensive. The high cost of these drugs can limit access to treatment for some patients, especially those without adequate insurance coverage or in regions with limited healthcare resources.
*Insights on financial performance are subject to the availability of information in the public domain