The company's latest report states that this impressive 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.

Dr Nikhilesh Sanyal, GlobalData's Analyst covering Immunology, explains: "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.

"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."

Despite the clear advantages of these biologics, 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.