The psoriasis market will more than double to $13.3 billion by 2024 as drugs greatly improve, according to a new report from GlobalData.

The market will rise from $6.6 billion in 2014 to over $13.3. billion by 2024, at a compound annual growth rate of 7.3%. The growth will be driven by the launch of novel psoriasis products, uptake of biosimilars for currently marketed biologics, and the expansion of existing psoriasis therapies such as dimethyl fumarate from Germany into the US and major European markets.

“Although the psoriasis market will be crowded, novel products such as Eli Lilly’s anti-interleukin(IL)-17 drug, ixekizumab, and Johnson & Johnson’s (J&J’s) IL-23 inhibitor, guselkumab, are expected to achieve sales in excess of $1 billion each by the end of the forecast period, primarily due to their high clinical efficacy and safety profiles,” says Nikhilesh Sanyal, PhD., GlobalData’s Analyst covering Immunology. “Other pipeline therapies with exceptional efficacy and safety credentials include Merck’s tildrakizumab and AstraZeneca/Valeant’s brodalumab, which will go a long way towards addressing the current need for therapies that can provide long-lasting results without side effects or an increased risk of comorbidities.”

Biosimilars will have a substantial presence within the market, due to their lower price. These treatments first emerged in 2014 after the loss of patent protection for J&J’s Remicade (infliximab), and will continue to enter the market over forecast period. “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,” Sanyal adds.

“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.”

The new report analyzes the psoriasis treatment space across the eight major markets of the US, France, Germany, Italy, Spain, the UK, Japan, and India, including annualized market data from 2014 and forecast to 2024.