Psoriasis Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Psoriasis Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The psoriasis drugs market is expected to register a CAGR of 9.89% during the forecast period, 2022-2027.

The COVID-19 pandemic initially had an adverse impact on the psoriasis market, mainly because of the guidelines published by various regulatory bodies suggesting that patients receiving psoriasis treatment are at more risk of getting infected by COVID-19. In March 2020, the International Psoriasis Council (IPC) recommended physicians to discontinue or postpone the prescription of immunosuppressant medications. However, later in September 2020, researchers from the Perelman School of Medicine at the University of Pennsylvania and 16 other research institutions from the United States and Canada, in collaboration with the National Psoriasis Foundation, created guidelines to care for patients with psoriasis during the coronavirus pandemic. The scientists found no evidence that medical interventions to treat psoriasis and psoriatic arthritis should be interrupted or altered to minimize COVID-19 risks. Such guidelines are expected to augment the market growth pace over the pandemic phase.

An increasing disease burden and demand for psoriasis medicines in emerging economies and the increase in psoriasis research and pipeline drugs are the major factors responsible for the market's growth. Novel drugs with oral administration are opening avenues for needle-averse patients. For instance, in November 2020, Bristol Myers Squibb presented Late-Breaking Phase 2 Data Demonstrating the Safety and Efficacy of Deucravacitinib (BMS-986165) in patients with psoriatic arthritis. It is a driving factor for better uptake among patients averse to injectables.

Also, in December 2021, Amgen received the United States Food and Drug Administration approval for Otezla (apremilast) for treating adult patients with plaque psoriasis. In addition, key players in the market are involved in various business strategies, such as product launches, to expand their product portfolios and gain a competitive edge in the market.

Due to the abovementioned factors, the market is expected to register a high growth rate during the forecast period. However, the adverse side effects of most of the existing medications and the high cost of treatment are expected to hamper the market’s growth.

Key Market TrendsInterleukin Inhibitors Segment are Expected to Register a High CAGR Over the Forecast Period

Interleukin inhibitors are anticipated to witness the fastest growth during the forecast period. The factors aiding interleukin inhibitors are their improved safety and efficacy compared to other classes of psoriasis drugs, consistently leading to increased patient adoption. Major approved antibodies targeting interleukins include Taltz (Ixekizumab), Cosentyx (Secukinumab), Siliq (Brodalumab), Tremfya (Guselkumab), Ilumya (Tildrakizumab), and SKYRIZI (Risankizumab) and others.

The approvals of drugs by the regulatory authorities are also contributing to the growth of the segment. For instance, in January 2022, AbbVie received United States Food and Drug Administration approval for SKYRIZI (risankizumab-rzaa), an interleukin-23 (IL-23) inhibitor for treating adults with active psoriatic arthritis (PsA). This systemic inflammatory disease affects the skin and joints and impacts approximately 30% of psoriasis patients.

Additionally, in June 2021, UCB reported that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for recommending, granting, and marketing authorization for BIMZELX (bimekizumab), an investigational IL-17A and IL-17F inhibitor, for the treatment of moderate to severe plaque psoriasis in adults who are candidates for systemic therapy. Such approvals and launches are contributing to the growth of the market segment.

Thus, owing to the abovementioned factors, the market segment is expected to show significant growth over the forecast period.

North America Dominates the Market and is Expected to do so in the Forecast Period

North America has been one of the worst affected regions by the ongoing COVID-19 pandemic. The growth of the psoriasis market is expected to slow down to some extent because patients avoid visiting dermatology clinics for psoriasis treatment. Apart from restrictions on non-emergency medical services, new rules by the governments across this region have forced several players in the psoriasis drug market to halt their business operations, which has impacted the growth of the market.

However, the region is expected to dominate the psoriasis market during the forecast period due to an increase in disease burden and demand for psoriasis medicines, increasing use of combination therapies, and an upsurge in psoriasis research and pipeline drugs. In North America, the United States holds the largest market share due to the high psoriasis prevalence. As per the article titled "Prevalence of Psoriasis in Children and Adolescents in the United States" published in the JAMA Network 2021, an estimated 7.55 million United States adults were living with psoriasis. Psoriasis prevalence was similar between women and men, with 3.2% in women and 2.8% in men. Other factors that will propel the market's growth include the presence of favorable government initiatives and the presence of developed healthcare infrastructure.

Moreover, MC2 Therapeutics, a Europe-based company, collaborated with EPI Health LLC in August 2020 to commercialize its WYNZORA Cream (calcipotriene and betamethasone dipropionate, w/w 0.005%/0.064%) in the United States. The WYNZORA Cream was approved in July 2020 by the US FDA for the topical indication of plaque psoriasis in adults. The upcoming launch of WYNZORA Cream in the North American market may further propel the market's growth in this region.

As a result of the aforementioned factors, the market's growth in the region is expected to accelerate over the forecast period.

Competitive Landscape

The psoriasis drugs market is moderately competitive and consists of several key players. Concerning the market share, few of the key players currently dominate the market. Companies are focusing on business expansion in developing regions or emerging markets, such as India, China, and South Korea, by adopting strategies, including alliances and acquisitions, to develop novel products. Some of the major players operating in the market include AbbVie Inc., Amgen Inc., AstraZeneca plc, Biogen Idec, Boehringer Ingelheim, Celgene Corporation, Dr. Reddy`s Laboratories, Eli Lilly and Company, Forward Pharma, Johnson and Johnson (Janssen Biotech Inc.), Leo Pharma AS, Merck and Co. Inc., Novartis AG and Pfizer Inc. among others.

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