Psoriasis Drugs Market to Witness Robust Growth in Coming Years

Factors such as the surging geriatric population, escalating per capita income, soaring number of patients with psoriasis, rising number of research programs, and booming healthcare spending will drive the psoriasis drugs market at a CAGR of 14.0% during the forecast period (2021–2030). The market was valued at $14,504.0 million in 2020, and it is projected to reach $53,210.6 million by 2030. Presently, the surging number of drug approvals has become a notable trend in the market.

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One of the prime factors boosting the psoriasis drugs market growth is the rising population of the elderly. Aging leads to lowered functionality of the human skin, causing slow healing of wounds, increased sensitivity to ultraviolet (UV) radiation, greater susceptibility to skin diseases, such as psoriasis and infections, and loss of subcutaneous fat. The World Population Ageing 2020 report states that the population of individuals aged 65 years and above will reach 1.5 billion by 2050 from 727 million in 2020.

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Geographically, North America accounted for the largest share in the psoriasis drugs market during the historical period. This can be owed to the surging awareness about the newly developed drugs and rising per capita income in the region. The Asia-Pacific (APAC) region will witness the fastest growth during the forecast period owing to the surge in the disposable income, which has led to the wide-scale adoption of skincare products. Moreover, an exponential rise in the healthcare expenditure and product launches will boost the market growth in the region.

Thus, the rising population of the elderly and soaring number of drug approvals will propel the market growth in the forecast years.

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