According to the business intelligence report titled ‘Global Psoriasis Drugs Market is Segmented by Treatment Type (Biologic Drugs, Small Molecule Systemic Drugs, and Tropical Therapies); by Mechanism of action (TNF Alpha Inhibitors, PDE4 Inhibitors, Interleukin Inhibitors, and Other Mechanisms of Action), by Route of Administration type (Oral, Parenteral, and Topical), Regional Forecasts 2021-2027’, available with MarketStudyReport LLC, global psoriasis drugs market was assessed at USD 13.418 billion in 2020 and is anticipated to be worth USD 26 billion by 2027, expanding at 9.89% CAGR between 2021-2027.
 

Surging product demand from developing countries, and growing alcohol consumption are the key factors driving global psoriasis drugs market expansion.
 

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For the unversed, psoriasis is a non-communicable, and chronic skin disease without any clear cause and cure. It is known to affect people of all ages across the globe. Widespread adoption of sedentary lifestyle and unhealthy diet have made people more prone to psoriasis, thus aiding in the market revenue inflow.
 

On the other hand, side effects of existing medicines, long development & approval process, and high cost of treatment are poised to hinder revenue generation.
 

Based on treatment type, worldwide psoriasis drugs market is divided into small molecule systemic drugs, biologic drugs, and topical therapies. Speaking of mechanism of action, the industry is split into PDE4 inhibitors, TNF alpha inhibitors, interlukin inhibitors, and others. As per route of administration, the business sphere is bifurcated into oral, topical, and parenteral.
 

From regional frame of reference, North America held majority of global psoriasis drugs market share in the recent past and is projected to expand rapidly between 2021-2027, primarily due to increasing incidence of psoriasis, availability of a well-developed healthcare infrastructure, and favorable government initiatives.
 

Leading players shaping worldwide psoriasis drugs market dynamics are Amgen Inc., Novartis International AG, AstraZeneca plc, Pfizer Inc., Biogen Idec Limited, Eli Lilly and Company, Johnson & Johnson, Celgene Corporation, Sun pharmaceutical Industries Limited, and Dr. Reddy`s Laboratories.
 

These companies have been focusing on acquiring a competitive lead in this business space through innovative product launches, mergers & acquisitions, and other strategic collaborations.