What is Biggest Trend Currently Witnessed in Psoriasis Drugs Market?
From 100 million in 2016, the global psoriasis prevalence surged to 125 million cases in 2020, as per the National Psoriasis Foundation. In the U.S. alone, 8 million suffer from this common disease, which is caused by strep throat and skin infections, cold, dry conditions, cuts, scrapes, bug bites, severe sunburn, stress, first- and second-hand smoke, family history, and heavy alcohol consumption. Further, almost 30% of the people suffering from this condition develop psoriatic arthritis, wherein joint stiffness, swelling, and pain occur.
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As psoriatic arthritis can itself be disabling, especially if it transforms into arthritis mutilans, the focus on managing psoriasis has increased in recent years. As per P&S Intelligence, due to this reason, the psoriasis drugs market value will witness a robust 14.0% CAGR between 2021 and 2030, reaching $53,210.6 million by 2030 from $14,504.0 million in 2020. Moreover, the geriatric population is increasing, which is driving the demand for psoriasis drugs.
Many of the drug candidates in the pipeline of pharma companies are sponsored by Pharmaceutical Research and Manufacturers of America (PhRMA). BIOCAD, Boehringer Ingelheim International GmbH, UCB S.A., Coherus BioSciences Inc., Sandoz International GmbH, Eli Lilly and Company, Pfizer Inc., Maruho Co. Ltd., MC2 Therapeutics A/S, and Dermavant Sciences Inc. are among the dermatology drug companies extensively engaged in developing medicines to manage psoriasis. In addition, many companies have received the regulatory approvals for their drugs in recent years, which is enhancing people’s access to them.
The drugs being developed or launched for psoriasis are of several types, including biologic drugs, topical therapies, and small-molecule systemic drugs, among which biologics have been in the highest demand. With the increasing knowledge on the genetics and immunopathogenesis of the disease, highly effective biologics have been created, with many more under various stages of development. Many of the biologics are being designed to reduce the risk of the comorbidities of this condition, which include certain cancers.
Currently, North America accounts for the highest consumption of drugs to treat this condition, since the awareness of people on psoriasis and the medicines available for its management is rising in the region as a result of the initiatives being taken by public and private organizations. Moreover, the region is home to the largest pharma sector in the world, which leads to the easy availability of drugs to manage this autoimmune condition.