Report: Psoriasis market set to double in value by 2024

19 May 2016 (Last Updated May 19th, 2016 18:30)

The psoriasis market is forecasted to grow at a compound annual growth rate of 7.3% and increase twofold from $6.6bn in 2014 to $13.3bn by 2024, according to a report by GlobalData.

The psoriasis market is forecasted to grow at a compound annual growth rate of 7.3% and increase twofold from $6.6bn in 2014 to $13.3bn by 2024, according to a report by GlobalData.

Titled 'PharmaPoint: Psoriasis - Global Drug Forecast and Market Analysis to 2024', the report attributes the exponential growth to the imminent launch of promising new systematic therapies, increase in accessibility to affordable treatment options, and growing acceptance of biosimilars for the available biologics.

The global reach of some of the existing therapies, including dimethyl fumarate, are expected to increase from Germany to US and other major European markets.

Growth in the psoriasis market will also be driven by the impending patent expiration of prominent drugs such as Humira, Enbrel and Remicade, resulting in a change in priorities from these traditional TNF inhibitors to different therapies, analyses the report.

"The global reach of some of the existing therapies, including dimethyl fumarate, are expected to increase from Germany to US and other major European markets."

The report further anticipates the treatment space of psoriasis to be flooded with new treatments and products such as Eli Lilly's anti-interleukin (IL)-17 drug, ixekizumab, and Johnson & Johnson's (J&J's) IL-23 inhibitor and guselkumab.

Owing to their long-term efficacy and safety profiles, these products are estimated to achieve more than $1bn in sales by 2024.

Merck's tildrakizumab and AstraZeneca / Valeant's brodalumab are two pipeline therapies that are also expected to change the landscape of the psoriasis market.

Nikhilesh Sanyal, Ph.D., GlobalData's analyst covering immunology, explains: "AbbVie and Amgen are expected to lose some market share as their respective psoriasis products, Humira (adalimumab) and Enbrel (etanercept), will go off patent early in the forecast period.

"With many options currently available and additional therapies arriving in the market over the next few years, along with a constant need for reduced drug costs, GlobalData believes that further new entrants will find it difficult to distinguish themselves enough to enter the psoriasis therapy space."