Plaque psoriasis is a common, chronic skin condition that causes red, scaly patches to form on the skin. The main symptoms include silvery scale-like lesions and redness on the skin. Psoriasis appears when the immune system reacts strongly, causing skin cells to reproduce up to 10 times faster than normal. These extra skin cells pile up on the skin surface to form scales and itchy, dry patches known as plaques. Treatment options include topical medications, light therapy, systemic drugs, and biologics. It affects nearly 7.5 million Americans and 125 million people worldwide.
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. AbbVie Inc. and Johnson & Johnson are the market leaders with their biologics, namely Humira and Stelara. Emerging opportunities include combination therapies that can provide greater efficacy with reduced risk of side effects. The market sees high potential in Asia Pacific and Latin America due to growing health awareness, diagnosis rates, and demand for cost-effective therapies. North America dominates currently due to high acceptance of new therapies and developed healthcare infrastructure.
Key opportunities in the Plaque Psoriasis Market include approval and launch of new pipeline drugs, adoption of combo-therapies, and growing awareness programs. Emergence of biosimilars is also likely to increase treatment access and bring down costs substantially over the forecast period. Globally, prevalence of psoriasis is rising primarily due to growing life expectancy, unhealthy lifestyle habits, genetic predisposition, and management of other immunological diseases. This is prompting increased R&D investments to fulfil the demand.
Market drivers
The key driver for the plaque psoriasis market is the rising awareness about available treatment options. Growing educational campaigns by patient advocacy groups and pharma companies have improved awareness among public and healthcare providers. Increasing understanding of the disease's pathogenesis and new mechanisms of action is also driving drug innovation and combination therapies. Growing prevalence of obesity, diabetes and heart diseases, which have links with psoriasis, further expands the patient population and market opportunities. Support from regulatory bodies to speed up drug development and approvals has also boosted market growth.
PEST Analysis
Political: Governments are focusing more on affordable healthcare facilities for skin diseases including investments and forming supportive regulations to develop new treatment options for plaque psoriasis.
Economic: Rising income levels are allowing people to spend more on advanced treatment options for managing plaque psoriasis. Growing healthcare expenditures across major countries is also positively impacting the market growth.
Social: Increasing awareness about various skin diseases like plaque psoriasis and available treatment options is encouraging people to seek proper medical care without any hesitation. Growing social support from public as well as private organizations is also driving the patients to get treated.
Technological: Significant developments in biologics formulation and gene therapy continue to aid new product launches. Advancements in screening and diagnostic methods are helping detect plaque psoriasis at an early stage enabling timely intervention.
The market in terms of value is highly concentrated in regions like North America and Europe due to many established manufacturers, strong healthcare infrastructure and high per capita healthcare spending. The Asia Pacific market is expected to grow at a fastest rate during the forecast period supported by large patient population, increasing awareness levels and rapid economic development in various countries.
The United States holds the leading market share currently, however, China is likely to emerge as a fast-growing regional market attributed to rapidly improving healthcare services, favorable government policies and rising medical tourism. Rising income levels are allowing more patients in developing nations to opt for quality treatment options including advanced biologics.
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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)