The chronic plaque psoriasis market is estimated to be valued at USD 22.9 Bn in 2024 and is expected to reach USD 35.6 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031. The rising prevalence of autoimmune and inflammatory diseases is expected to boost the number of new patients entering the market.

Market Driver - Increasing global incidence rates are driving demand for effective treatments

The global prevalence of chronic plaque psoriasis has been steadily rising over the past few decades. According to epidemiological studies, about 2-3% of the world's population suffers from some form of psoriasis. This poses serious medical challenges as well as financial burden on healthcare systems

Conventional topical therapies sometimes prove inadequate in controlling symptoms or undesirable due to frequent application. Phototherapy using UV light helps but access is limited. Meanwhile, people are seeking more convenient and effective treatment options to manage their condition and maintain an acceptable quality of life.

Biopharmaceutical firms are investing heavily in clinical research to offer patients more targeted solutions backed by strong clinical evidence. Injectables and oral medicines represent major improvements over traditional topical creams if they can demonstrate high skin clearance rates and minimal side effects. Successful launches satisfy unmet demand and also encourage more individuals to seek diagnosis and management of mild cases.

As awareness rises regarding available treatment alternatives, even partial reimbursement by insurance provides an incentive to actively control the disease. This steadily drives up consumption of effective chronic plaque psoriasis medications worldwide. Their long-term success depends on continuous innovation to achieve remission for more patients through safer formulations.

Market Driver - Development of Novel Biologics Drives Optimism

Having achieved remarkable progress over the last decade, development of novel biologic agents remains one of the most promising areas for chronic plaque psoriasis therapy. Biologics target specific components of the immune system known to play a key role in psoriasis pathogenesis.

This fueled intensive R&D efforts to design biologics attacking newer targets. The IL-17 inhibitors secukinumab, ixekizumab and brodalumab were breakthrough achievements, demonstrating superior efficacy to TNF inhibitors in clinical trials. They gained rapid regulatory approvals and commercial uptake based on high rates of total skin clearance after 12-16 weeks of treatment. Approvals of the IL-23 inhibitors guselkumab, tildrakizumab and risankizumab followed suit, with similarly strong efficacy data against placebo.

Effect sizes of newer biologics also surpass most historical psoriasis medications which bolsters optimism in the patient community. Significant progress continues in biosimilar development as well to improve accessibility through lower costs.

The biologics pipeline remains robust with several targets under investigation.

This promises further innovation to address unmet needs in harder-to-treat populations including pediatric patients and those with co-morbid conditions like psoriatic arthritis. Sustained high R&D productivity in the domain ensures a thriving chronic plaque psoriasis market globally driven by launch of novel safe and effective biologic treatments.

Market Challenge - The Expensive Nature of Biologic Therapies Limits Accessibility for Some Patients

One of the major challenges faced in the chronic plaque psoriasis market is the expensive nature of biologic therapies which limits their accessibility for some patients. Biologics have revolutionized the treatment of moderate to severe psoriasis however their high list prices pose affordability issues.

For instance, the top selling drug Humira has an annual list price of over $67,000 in the US. While cost sharing programs and discounts offered by pharma companies help offset the costs for insured patients, the out-of-pocket costs still remain unaffordable for many. This is a significant barrier especially in regions with less robust public healthcare systems and for patients who are uninsured or underinsured.

The costs of biologics also put pressure on public and private drug formularies to limit access in order to control prescription drug spending. This financial challenge affects treatment outcomes as some patients discontinue or ration their biologic prescriptions due to affordability reasons leading to suboptimal management of their psoriasis conditions.

Market Opportunity - Potential in Developing Markets

A major opportunity for growth in the chronic plaque psoriasis market is the untapped potential existing in developing markets. While the prevalence rates of psoriasis are high across the globe, treatment rates remain low in developing countries largely due to lack of access and awareness.

According to some estimates, over 80% of psoriasis patients in developing nations remain untreated. This presents a massive commercial opportunity for pharmaceutical companies to expand access to effective treatments.

Firstly, companies can pursue strategies such as developing low-cost biosimilar and generic versions of drugs specifically targeting these underserved populations.

Secondly, investments in building healthcare infrastructure and raising awareness can help boost diagnosis and treatment rates over time. As incomes rise across emerging economies, more patients will be able to afford standard therapies, representing considerable long term growth prospects for market players. However, ensuring drug availability at affordable price points suitable for these markets will be critical to fully capitalizing on this significant market potential.

Chronic plaque psoriasis is generally treated through a step-care approach based on the severity and extent of involvement. Initial treatment for mild disease involves topical therapies like corticosteroids and vitamin D analogs applied topically. Brands commonly prescribed include Mometasone furoate (Elocon) and Calcipotriol (Dovonex).

For patients with more extensive mild-moderate disease, phototherapy may be recommended. Narrowband UVB machines are widely used in clinics. Biologics are reserved for moderate-severe cases unresponsive to other options. The TNF-alpha inhibitors, Etanercept (Enbrel) and Infliximab (Remicade), were blockbuster drugs but have reduced in popularity due to loss of patent protection. Newer biologics like Ixekizumab (Taltz), Brodalumab (Siliq), and Guselkumab (Tremfya) are gaining prominence, especially for treating difficult-to-manage areas like hands, feet, and face.

Prescribers consider disease severity, financial status, lifestyle restrictions, and risks of long-term immunosuppression when choosing a treatment plan. Biologic preferences differ based on a drug's mechanism of action, administration method, efficacy and safety data, insurance coverage, and pharmaceutical company promotions. The ideal treatment provides long remission periods while avoiding major flares or adverse effects impacting quality of life.

Chronic plaque psoriasis can range from mild to severe based on the percentage of body surface area affected. First-line treatment for mild disease typically involves topical therapies like corticosteroids and vitamin D analogues applied directly to the plaques.

For moderate disease affecting 2-10% of the body, topical therapies may be combined with phototherapy using UVB light. Narrowband UVB (NB-UVB) is preferred over broad-band UVB due to better safety profile. NB-UVB 3 times a week is effective and better tolerated than Psoralen-UVA (PUVA).

In cases where topicals and phototherapy don't provide adequate control, systemic therapies are considered. For moderate disease, oral treatments include methotrexate, cyclosporine and acitretin. Methotrexate once weekly is a commonly used first-line oral option due to its efficacy. Cyclosporine, usually prescribed short-term, can rapidly clear plaques but requires monitoring due to nephrotoxic risks.

For patients with severe plaque psoriasis affecting >10% body surface area, biologics are recommended. Tumor necrosis factor inhibitors adalimumab and etanercept demonstrated good efficacy and safety in clinical trials. The interleukin blockers secukinumab, ixekizumab, brodalumab and guselkumab have superior skin clearance compared to prior biologics and are preferred second-line options. Their subcutaneous self-administration provides convenience over intravenous biologics.

Focus on novel drug development - Development of innovative and highly efficacious drug therapies has been a winning strategy for top players. For example, J&J's Tremfya (guselkumab), approved in 2017, was the first approved monoclonal antibody with a new mechanism of action in over a decade.

Life-cycle management of blockbuster drugs - Drugs like Humira from AbbVie and Enbrel from Amgen/Pfizer continue to dominate the market due to extensive life-cycle management strategies. For instance, in 2015 Humira gained approval for chronic plaque psoriasis indication, which extended its patent by a few years.

Aggressive marketing and awareness campaigns - Companies spend heavily ondirect-to-consumer advertising campaigns on TV, internet and social media to raise awareness about new treatment options. This has been a highly effective strategy. For example, Eli Lilly's marketing blitz for Taltz helped it capture over 10% market share within a year of launch, making it one of the fastest growing drugs.

Strategic partnerships and M&A activity - Companies like J&J have pursued strategic partnerships to co-develop and co-promote new drugs, a lower-cost strategy to expand portfolios. Amgen's 2017 acquisition of global rights to Otezla from Celgene expanded its presence significantly.

Insights, By Drug Class: >Biologics Demonstrate Higher Efficacy and Better Tolerability

The biologics segment dominates the chronic plaque psoriasis market with an estimated market share of 64.3% in 2024, due to its superior efficacy and safety profile as compared to small molecule drugs. Biologics target specific components of the immune system known to be involved in the onset and progression of psoriasis.

Drugs like tumor necrosis factor inhibitors and interleukin inhibitors have revolutionized treatment by selectively blocking signals that cause inflammation and skin cell overproduction. Clinical studies have consistently proven biologics to achieve clearer skin and greater disease clearance compared to other options. They offer patients the promise of better symptom relief, improved quality of life, and reduced stigma associated with visible skin lesions.

Additionally, biologics have a favorable tolerability risk-benefit ratio with systematic monitoring and management of side effects. This positions them as a preferred choice among both physicians and patients. With the development and approval of newer biologic agents with enhanced selectivity, improved convenience, and strong real-world outcomes data, their market share is expected to continue rising in the future.

Insights, By Route of Administration: Injectable Contributes the Highest Market Share Owing to Higher Efficacy With Infrequent Dosing

Within route of administration, the injectable segment holds the largest share. In 2024, Injectable route of administration segment is projected to account for 57.6% of market share. While topical and oral drugs provide convenient dosing options, injectables have demonstrated superior efficacy due to their ability to rapidly raise drug concentrations at disease sites through the circulatory system. This is especially important for chronic conditions requiring long-term management such as psoriasis.

Furthermore, injectables allow for infrequent dosing schedules ranging 2-12 weeks, thereby improving patient compliance over the lifelong daily regimens of alternative dosage forms. The development of user-friendly injection devices and nursing support services have addressed apprehensions around delivery discomfort.

This coupled with the understanding that benefits of improved results outweigh costs from occasional facility visits has made patients increasingly open to injections. With pharma innovation poised to bring more long-acting injectables delivering multi-month effects, their convenience advantage is expected to be further cemented in the future chronic plaque psoriasis treatment landscape.

• Psoriasis affects approximately 2-3% of the global population, with chronic plaque psoriasis being the most common form.
• Biologic therapies account for over 65% of the total market revenue due to their higher efficacy and targeted action.
• The integration of tele-dermatology services has improved patient access to specialist care, particularly in remote regions.
• Increased investment in R&D by key players is accelerating the development of innovative therapies for chronic plaque psoriasis.

The major players operating in the Chronic Plaque Psoriasis Market include Novartis AG, Eli Lilly and Company, AbbVie Inc., Johnson & Johnson (Janssen Biotech), Amgen Inc., UCB S.A., Celgene Corporation, Merck & Co., Inc., Pfizer Inc., and Biogen Inc.

• In July 2024, Eli Lilly announced the FDA approval of their new biologic, which has shown superior efficacy in clearing skin plaques compared to existing therapies. This approval strengthens their product portfolio and offers patients a new treatment option with potentially better outcomes. This biologic demonstrated significant efficacy in clinical trials, including skin clearance and symptom relief, particularly for eczema.
• In May 2024, Novartis launched a global Phase III clinical trial for a next-generation small molecule inhibitor targeting chronic plaque psoriasis. This development could lead to a more convenient oral treatment, impacting patient adherence and market dynamics.

• By Drug Class
  • Biologics
  • Small Molecule Drugs
• By Route of Administration
  • Injectable
  • Oral
  • Topical