Rising Prevalence of Psoriasis Driving Psoriasis Drugs Market

The global psoriasis drugs market revenue stood at $14,504.0 million in 2020, and it is expected to surge to $53,210.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 14.0% from 2021 to 2030 (forecast period). The market is being propelled by the mushrooming population of geriatric people, surging incidence of psoriasis, growing per capita income, soaring healthcare expenditure, and increasing number of research programs across the world.

Besides, the rising incidence of psoriasis is also propelling the advancement of the psoriasis drugs market. As per the National Psoriasis Foundation, 125 million people all over the world were living with psoriasis in 2020, which was considerably higher than the number of people diagnosed with the disease in 2016, which stood at around 100 million. Depending on type, the psoriasis drugs market is divided into small-molecule systematic rugs, topical therapies, and biologic drugs. Out of these, the biologic drugs category contributed the highest revenue to the market in the past, primarily because of the increasing patient pool around the world.

Additionally, the surging private and public funding being provided to various research programs associated with the disease is fueling the development of effective and highly targeted biologic drugs, thereby pushing up the demand for psoriasis drugs. Globally, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the psoriasis drugs market in the coming years. This is credited to factors, such as the rising prevalence of skin diseases, growing disposable income of people, which is resulting in increased expenditure on skincare products, launch of advanced medications, rapidly improving healthcare infrastructure, and existence of various market players in the region.

The players operating in the industry are focusing on product approvals and launches in order to strengthen their position. For example, Janssen, which is the pharmaceutical division of Johnson & Johnson, announced in July 2020 that it has received approval from the Food and Drug Administration (FDA) for the use of TREMFYA (guselkumab) in adult patients suffering from active psoriatic arthritis (PsA). TREMFYA is administered as a 100-mg subcutaneous injection every eight weeks after two starter doses at weeks 0 and 4.

Hence, the demand for psoriasis drugs will shoot up across the world in the coming years, primarily because of the growing incidence of psoriasis and ballooning population of geriatric people across the world

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