Plaque Psoriasis Market
Number of pages: 100 | Report Format: PDF | Published date: March 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 27.45 billion |
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Revenue Forecast in 2031 |
US$ 47.98 billion |
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CAGR |
6.4% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Drug Class, 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 plaque psoriasis market was valued at US$ 27.45 billion in 2022 and is expected to register a revenue CAGR of 6.4% to reach US$ 47.98 billion by 2031.
Plaque Psoriasis Market Fundamentals
Plaque psoriasis is the most common presentation of psoriasis. It is an inflammatory skin condition that affects nearly millions of people across the globe. It can be characterized by small to large, well-demarcated, red, scaly, and thickened areas of skin. It is most likely to affect elbows, knees, and lower back but may arise on any part of the body. Genetics plays a crucial role in developing plaque psoriasis, which is believed to be an inherited condition. Environmental factors, such as exposure to certain irritants and allergens, can also increase the risk. Stress can also trigger an outbreak of plaque psoriasis, as can certain medications and weakened immune systems. Treatment for plaque psoriasis usually involves topical creams, light therapy, and oral medications. The goal of treatment is to reduce inflammation, reduce the number of flare-ups, and improve the patient’s quality of life. In some cases, lifestyle changes, such as avoiding smoking and reducing stress, can also help reduce symptoms.
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Plaque Psoriasis Market Dynamics
The global plaque psoriasis market has been growing steadily in recent years, driven by various factors and trends. The prevalence of plaque psoriasis has been increasing across the globe due to various factors such as genetic predisposition, environmental triggers, and lifestyle changes, thus resulting in a larger patient pool. Additionally, rapidly growing advancements in treating plaque psoriasis, including the introduction of biologics and biosimilars, also contribute to market revenue growth. These new treatment options have revolutionized the management of the disease, providing more effective and targeted therapies for patients. Patients are becoming more aware of plaque psoriasis and its management due to its increasing prevalence. Patients seek better treatment options and are more informed about the available therapies, driving the demand for more effective treatments. In addition, governments and regulatory bodies are taking steps to improve the diagnosis and management of plaque psoriasis. For instance, the U.S. Food & Drug Administration (FDA) approved several biologics for treating plaque psoriasis.
Many research and development activities are being carried out in the field of plaque psoriasis. Pharmaceutical companies are investing heavily in developing new treatments and therapies, driving the market revenue growth.
However, challenges such as high treatment costs and side effects associated with certain therapies may limit the plaque psoriasis market revenue growth. The exorbitant expense of contemporary drugs further strains the average person suffering from plaque psoriasis disease.
Plaque Psoriasis Market Ecosystem
The global plaque psoriasis market has been analyzed from four perspectives: drug class, route of administration, distribution channel, and region.
Plaque Psoriasis Market by Drug Class
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The global plaque psoriasis market is segmented based on drug class into interleukin inhibitors, TNF-inhibitors, corticosteroids, anti-inflammatory, and others.
The TNF-inhibitors segment is estimated to dominate the global market during the projected timeline. TNF inhibitors are highly effective in the treatment of plaque psoriasis. This drug blocks the action of TNF alpha, a cytokine involved in inflammation and immune system dysfunction that is overproduced in people with psoriasis, thus enhancing the effectiveness and results. Additionally, TNF inhibitors have a broad spectrum of activity. They can treat various forms of psoriasis, including moderate to severe plaque psoriasis, psoriatic arthritis, and other inflammatory conditions. A large availability and insurance coverage in many countries further helps the market expansion. However, they can increase the risk of serious infections, so patients must be monitored carefully throughout the treatment.
The corticosteroids segment is estimated to show steady revenue growth during the forecast period. For short-term usage, topical corticosteroids are the first-line treatment. The medication works quickly; however, the risk of adverse effects such as atrophy, striae, telangiectasias, and tachyphylaxis restricts the duration of administration. While these adverse effects are listed, they are rarely encountered on the scalp. The usage of powerful steroids should be limited to four weeks since the safety of usage beyond four weeks has not been demonstrated. The patient determines which preparation to use, such as ointment, cream, gel, lotion, foam, spray, or shampoo.
Plaque Psoriasis Market by Route of Administration
Based on the route of administration, the global plaque psoriasis market can be segmented into oral, topical, and parenteral.
The oral segment accounts for the largest revenue share of the global market. Oral drugs are easier to administer than other forms of medication, such as topical and parenteral. Patients benefit from administrating the pills or capsules alone without needing regular healthcare visits for treatment procedures. Additionally, oral drugs can have systemic effects, as they can work throughout the body and not just at the site of psoriasis lesions. This can be beneficial for patients with widespread plaque psoriasis. Moreover, oral drugs are effective in treating plaque psoriasis. They can target the underlying causes of psoriasis, such as inflammation and immune system dysfunction. Many oral medications are available for psoriasis, including biologics, immunosuppressants, and retinoids. This allows for a personalized treatment plan based on the patient’s needs and symptoms. Moreover, some patients may prefer oral medications over other forms of treatment as they are familiar with taking pills and feel more comfortable with this route of administration.
Plaque Psoriasis Market by Distribution Channel
Based on the distribution channel, the global plaque psoriasis market can be segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
Hospital pharmacies play a significant role in treating plaque psoriasis and are important contributors to the revenue growth of the plaque psoriasis market. The hospital pharmacies can provide patients access to a wider range of medications, including biologics, which may not be available in other settings. This can help to ensure that patients receive the most appropriate treatment for their condition. Additionally, hospital pharmacies can work closely with other healthcare providers, such as dermatologists and rheumatologists, to provide coordinated and personalized care for patients with plaque psoriasis. This can lead to better treatment outcomes and improved patient satisfaction. These pharmacies can educate patients about their medications and how to use them properly, thus, helping to improve medication adherence and reduce the risk of adverse events. Moreover, hospital pharmacies can monitor medications and support managing side effects and other issues during treatment. This can help ensure that patients receive optimal care and improve treatment outcomes. Furthermore, these pharmacies can participate in clinical trials and other research activities related to plaque psoriasis. This can contribute to developing new treatments and therapies for the disease, benefiting patients and driving market revenue growth.
Plaque Psoriasis Market by Region
Based on the region, the global plaque psoriasis market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounts for the largest revenue share in the plaque psoriasis market. This trend is expected to continue throughout the forecast period. This is due to the presence of significant key market players and the rise in the number of plaque psoriasis patients in the United States. Additionally, the high disposable income in the region has propelled the development of the healthcare industry owing to the affordability of investing in highly sophisticated medicine that matches the specific medical needs of the people, which further propels market expansion in the region.
Asia Pacific is expected to develop at the highest revenue CAGR throughout the projection period. This is due to an increase in the number of major companies manufacturing plaque psoriasis products, a rise in the incidence of skin diseases (plaque psoriasis), and a high population in the countries such as India, China, and Japan that are more vulnerable to psoriasis. Additionally, an increase in the number of government initiatives to improve public awareness about the negative consequences of long-term psoriasis drives market expansion in the region.
Plaque Psoriasis Market Competitive Landscape
The prominent players operating in the global plaque psoriasis market are:
Plaque Psoriasis Market Strategic Developments
The global plaque psoriasis market is expected to grow at a revenue CAGR of 6.4% during the forecast period from 2023 to 2031.
AbbVie Inc., Johnson & Johnson (J&J), Novartis AG, Merck & Co. Inc., and Bristol-Myers Squibb are among the key players in the global plaque psoriasis market.
The TNF-inhibitors segment dominates the global plaque psoriasis market.
Asia Pacific is expected to register the highest revenue share in the global plaque psoriasis market during the forecast period.
The global plaque psoriasis market was valued at US$ 27.45 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain