The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Psoriasis Global Market Report 2024, the psoriasis market is expected to show significant growth in the forecast period.

The psoriasis market has experienced substantial growth in recent years, and its trajectory suggests a promising future. With the market size set to reach $26.5 billion in 2024 and a projected surge to $39.17 billion by 2028 at a CAGR of 10.3%, several factors contribute to this upward trend.

Historical Growth Catalysts

• Epidemiology and Healthcare Infrastructure: Robust healthcare infrastructure and improved understanding of psoriasis epidemiology contribute to historical growth.
• Patient Awareness and Education: Increasing awareness and education among patients have driven the demand for psoriasis treatments.

Forecasted Growth Drivers

• Regulatory Approvals and Novel Therapies: Anticipated growth is linked to regulatory approvals for novel psoriasis treatments.
• Aging Population and Patient Preferences: The aging population and evolving patient preferences play a significant role in the market’s expansion.
• Increased Awareness: Growing awareness about psoriasis and available treatments fuels market growth.

Key Trends in the Forecast Period

• Advancements in Research and Development: Ongoing advancements in research and development drive innovation in psoriasis treatment.
• Biologics and Targeted Therapies: The market witnesses a surge in biologics and targeted therapies for more effective psoriasis management.
• Oral Small Molecule Therapies: The introduction of oral small molecule therapies offers alternative treatment options.
• Personalized Medicine: Tailored treatment approaches gain prominence, aligning with the concept of personalized medicine.
• Telemedicine and Digital Health: The integration of telemedicine and digital health enhances patient care and accessibility.
• Patient-Centric Care: Focus on patient-centric care ensures a holistic approach to psoriasis management.
• Biosimilars: The emergence of biosimilars contributes to market competitiveness.
• Artificial Intelligence and Machine Learning: Technological advancements like AI and ML reshape diagnostics and treatment strategies.

View More On The Psoriasis Market Report 2024 – https://www.thebusinessresearchcompany.com/report/psoriasis-drugs-global-market-report

Growing Geriatric Population Driving Psoriasis Market
The increasing geriatric population is expected to be a significant catalyst for the growth of the psoriasis market. Individuals aged 65 or older show a higher prevalence of conditions such as hypertension and diabetes, which can exacerbate psoriasis. According to the World Health Organization, by 2030, one in six individuals globally will be 60 or older, reaching 1.4 billion people. The rise in the geriatric population contributes to the prevalence of psoriasis and, consequently, the demand for effective treatments.

Major Players Shaping the Psoriasis Market

Leading companies influencing the psoriasis market include:

• AbbVie Inc.
• Pfizer Inc.
• Novartis AG
• Eli Lilly and Company
• Celgene Corporation
• Johnson & Johnson
• Amgen Inc.
• Boehringer Ingelheim GmbH
• Merck & Co. Inc.
• Janssen Biotech Inc.
• Takeda Pharmaceutical Company Limited
• Stiefel Laboratories Inc.
• AstraZeneca Inc.
• Union Chimique Belge SA
• Sun Pharmaceutical Industries Ltd.
• Biogen Inc.
• Biocon Biopharmaceuticals Pvt. Ltd.
• LEO Pharmacy.

Innovative Products Spearheading Psoriasis Market Growth
Major companies are channeling efforts into introducing innovative products approved by regulatory agencies to maximize market share. For instance, Boehringer Ingelheim’s announcement of FDA approval for SPEVIGO, a treatment for generalized pustular psoriasis, showcases the industry’s commitment to innovation. SPEVIGO, a highly selective antibody, inhibits the activation of the interleukin-36 receptor, addressing a rare and potentially fatal skin condition.

Market Segmentation: Unraveling Psoriasis Complexity

The psoriasis market is segmented based on:

1. Drug Class: Interleukin Inhibitors, Corticosteroids, Anti-Inflammatory, Tumor Necrosis Factor Inhibitor
2. Drug Types: Small Molecules, Biologics
3. Disease Indication: Plaque Psoriasis, Nail Psoriasis, Guttate Psoriasis, Pustular Psoriasis, Erythrodermic Psoriasis
4. Route of Administration: Oral, Tropical, Injectable
5. Distribution Channel: Hospitals, Retail Pharmacies, E-Commerce.

Regional Dynamics: North America Leading, Middle East Emerging

• North America: The largest region in the psoriasis market in 2023.
• Middle East: Expected to be the fastest-growing region during the forecast period.

Conclusion: A Thriving Future for Psoriasis Management
With a blend of demographic shifts, technological innovations, and pharmaceutical advancements, the psoriasis market is poised for continuous growth. The focus on personalized medicine, novel therapies, and patient-centric care reflects the industry’s commitment to addressing the complexities of psoriasis and improving the quality of life for those affected.

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