Psoriasis Drugs Industry Witnessed Fastest Growth in the APAC

(MENAFN- P&S Intelligence) The psoriasis drugs market will grow at a rate of 14% in the future and reach USD 53,210.6 million by 2030, as stated by a market report by P&S Intelligence.

The key factors accountable for the industry growth are quickly aging populace, increasing patient count suffering with psoriasis, increasing per capita income, escalating healthcare spending, and snowballing number of research programs.

Biologics Drugs led the industry, and this trend will continue like this in the upcoming years. This will have a lot to do with the increasing count of psoriasis patients globally.

Furthermore, the growing research programs to decode the genetics of Psoriasis has brought about the development of highly targeted and effective drugs.

Therefore, the obtainability of an enhanced treatment to clear psoriasis and reducing the risk of its comorbidities, as well as psoriatic arthritis, IBD, and certain cancers, has allowed biologic drugs to attain a large customer base.

Based on MoA, interleukin inhibitors will grow the fastest in the industry in the years to come. This has a lot to do with the growing acceptance of these drugs for the psoriasis treatment and growing incidence of autoimmune conditions.

Based on RoA, the parenteral category dominated the industry in the past. This was as a result of the increasing acceptance of biologic drugs to be given intravenously.

Also, the increase in the preference for parenteral administration is because of the large count of brands accessible for injection and general growth in the rate of psoriasis.

North America dominated the psoriasis drugs market in the past. This had a lot to do with the growing awareness on newly developed drugs and high per capita income in the region.

However, APAC will grow the fastest in the years to come. This has a lot to do with the increase in the disposable income, leading to the high acceptance of skincare products, for example increase in the healthcare spending, psoriasis drugs, and growth in the count of product launches.

The functionality of the human skin reduces with age, causing slow healing of wounds, loss of subcutaneous fat, increased sensitivity to UV radiation, and greater vulnerability to skin contaminations and ailments, for example psoriasis.

As per the National Psoriasis Foundation, 125 million people globally had psoriasis, as of 2020, which is considerably higher as compared to the disease prevalence in 2016, which was about 100 million. Therefore, the growing incidence of psoriasis is bringing about the high requirement for the related treatments and drugs, which is driving the industry.

The growing awareness about psoriasis among people all over the world, has a lot to do with the increasing demand for psoriasis drugs in the years to come.

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