The global plaque psoriasis market involves the treatment and management of plaque psoriasis, a skin condition characterized by itchy or sore patches of thick, red skin with silvery scales. These plaques most commonly appear on the elbows, knees, scalp, back, face, palms, and feet. Treatments for plaque psoriasis aim to reduce inflammation and scaling and include topical corticosteroids, vitamin D analogs, retinoids, and biological drugs.
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. Key players are investing in research and development of more effective biologics and biosimilars to treat plaque psoriasis.
The global Plaque Psoriasis Market is experiencing increased growth due to the rising prevalence of psoriasis worldwide. According to the World Psoriasis Day consortium, psoriasis affects over 100 million people globally. The increased awareness among patients and availability of targeted therapies are contributing to the growing demand for plaque psoriasis treatment.
Globally, the plaque psoriasis market is witnessing expansion fueled by the increasing access to diagnosis and treatments in developing regions. Manufacturers are focusing on the Asia Pacific, Latin America, and Middle East & Africa markets by entering partnerships with local players or through acquisitions. The emerging economies provide large revenue opportunities owing to their huge patient pools.
Market Drivers
The global plaque psoriasis market is driven by the rising prevalence of plaque psoriasis. Genetic and environmental factors such as infection, stress, and skin injury are increasing the risk of psoriasis incidence. There is no permanent cure for psoriasis currently, thereby promoting repeat prescriptions and market growth. Moreover, the launch of advanced biologics for plaque psoriasis is providing new treatment alternatives and boosting the market revenue.
Geopolitical Impacts on Plaque Psoriasis Market Growth
The current geopolitical instability across several regions is negatively impacting the plaque psoriasis market growth. The ongoing Russia-Ukraine war has disrupted supply chains and trade flows. Sanctions on Russia by Western nations have made it difficult for patients in Eastern Europe to access advanced biologic drugs. This is a major setback as the region has one of the highest prevalence rates of psoriasis globally. Additionally, economic downturns caused by rising inflation and uncertain macro conditions have reduced disposable incomes. As a result, treatment adherence for psoriasis is declining in many markets.
To overcome these challenges, companies must diversify their supplier networks and look for alternative supply routes. Partnering with local distributors and focusing on affordable generic versions of drugs can help penetrate markets facing currency devaluations and economic turmoil. Further, increasing awareness initiatives especially in rural regions can aid early diagnosis and management of the disease. Telehealth solutions may also help provide consistent care if geopolitical issues disrupt regular access to hospitals or clinics. Overall, finding innovative ways to make treatments affordable and accessible will be key to sustained market expansion in the current volatile global environment.
Geographical Regions of Market Concentration
The North American region currently accounts for the largest share of the global plaque psoriasis drug market in terms of value. This is attributed to the high adoption of biologics drugs in countries like the United States. Biologics provide targeted treatment for moderate to severe cases and have thus gained more usage over conventional oral therapies. Additionally, favorable reimbursement policies and presence of major pharmaceutical players in the region have supported market growth. However, Asia Pacific is projected to witness the fastest growth during the forecast period driven by China, India, and other Southeast Asian countries. This is due to the large patient pool coupled with rising healthcare investments in these emerging economies.
Fastest Growing Regional Market
The Asia Pacific region is poised to be the fastest growing regional market for plaque psoriasis drugs over the next decade. This is because several Asia Pacific countries like China, Japan and India are experiencing economic development along with growing health awareness and better access to healthcare facilities. The increasing prevalence of autoimmune disorders including psoriasis, rising disposable incomes, growing generic drug markets, and improving access to advanced treatments are some key factors driving strong market growth. Further, local pharmaceutical companies actively launching affordable biosimilars will aid market penetration in rural areas. Overall, combination of large underdiagnosed population and supportive regulatory environment makes Asia Pacific an attractive high potential market for plaque psoriasis drug manufacturers.
Get More Insights on- Plaque Psoriasis Market
About Author:
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)