NEW YORK, April 7, 2021 /PRNewswire/ — In 2020, 125 million people around the world had psoriasis, compared to 100 million in 2016, as per the National Psoriasis Foundation. On account of the rising number of people suffering from this skin condition, the global psoriasis drugs market size will likely grow to $53,210.6 million by 2030 from $14,504.0 million in 2020, at a 14.0% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.
A wide range of conditions and diseases can result in psoriasis, including strep throat, cold, dry weather, cuts, scrapes, bug bites, severe sunburn, stress, smoking and exposure to second-hand smoke, family history of psoriasis, and heavy alcohol consumption. Another key driver for the psoriasis drugs market is the booming geriatric population, since the disease is most common in the elderly.
Key Highlights of Global Psoriasis Drugs Market
- Market recovering well after initial COVID-19 jitters
- Biologic most-popular type of drugs
- North America largest consumer of psoriasis drugs
- Drug demand to rise most rapidly in APAC
- Increasing awareness of psoriasis strongest market driver
- Pharma companies launching improved drugs for higher revenue
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The impact of COVID-19 on the psoriasis drugs market has been negative on account of the shutting down of cosmetic clinics and dermatology departments of hospitals during the initial period. Moreover, financial distress forced people to only spend on essential stuff, including food and important healthcare services. However, the launch of several drugs for the disease recently helped the market recover to a significant extent.
The biologic drugs category is expected to witness the fastest growth in the psoriasis drugs market in the coming years, based on type. With the increasing knowledge of the immunopathogenesis and genetics associated with the diseases, better biologic drugs are being created, which not only treat psoriasis but also lower the risk of its comorbidities, including inflammatory bowel disease (IBD), psoriatic arthritis (PsA), and cancers.
In the past, the psoriasis drugs market was dominated by the interleukin inhibitors category, on the basis of mechanism of action (MoA). On account of the rising prevalence of this disease and autoimmune conditions, the demand for interleukin inhibitors is increasing. These drugs reduce the degree of the immune response, by targeting immune signaling molecules, or cytokines, which prevents the occurrence of psoriasis.
Browse detailed report with COVID-19 impact analysis on Psoriasis Drugs Market Research Report: By Type (Biologic Drugs, Small-Molecule Systemic Drugs, Topical Therapies), Mechanism of Action (Tumor Necrosis Factor-Alpha Inhibitors, Phosphodiesterase Type 4 Inhibitors, Interleukin Inhibitors), Route of Administration (Oral, Parenteral, Topical) – Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/psoriasis-drugs-market-outlook
In the years to come, the highest CAGR in the psoriasis drugs market is predicted to be seen in the Asia-Pacific (APAC) region. With the rising disposable income of the people in regional countries, they are spending more freely on skincare than ever before. Moreover, the region is home to the largest geriatric population in the world, which results in a high prevalence of psoriasis.
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Major companies in the global psoriasis drugs market are Novartis AG, Bristol-Myers Squibb Company, Pfizer Inc., Johnson & Johnson, AbbVie Inc., Merck & Co. Inc., Eli Lilly and Company, Mylan N.V., GlaxoSmithKline plc, Bausch Health Companies Inc., Galderma S.A., Amgen Inc., and LEO Pharma A/S.
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SOURCE P&S Intelligence