The Latin American Psoriasis Drugs Market is expected to grow USD 1.06 billion by 2027 from USD 0.74 billion in 2022, showcasing a CAGR of 7.41% from 2022 to 2027.
Strep throat, cold, dry weather, wounds, scrapes, bug bites, severe sunburn, stress, smoking and second-hand smoke, family history of psoriasis, and heavy alcohol consumption are some of the factors and diseases that can cause psoriasis.
The rising prevalence of psoriasis has raised the use of various psoriatic pharmaceutical products and therapies across Latin America, fueling the expansion of the psoriasis pharmaceuticals market. In addition, Y-O-Y growth in the geriatric population in the Latin American region is one of the significant factors promoting the psoriasis drugs market in this region. Furthermore, the psoriasis drugs market in the Latin American region is further predicted to be growing due to an increase in psoriasis research and pipeline products and an increase in disease burden and demand for psoriasis treatments in emerging nations.
However, the market's growth is projected to be hampered by the harsh side effects of most available medications and the high cost of therapy. Though the efficacy of drugs supports market growth in treating the condition, undesirable market considerations such as the high cost of psoriasis therapy may hinder the market growth. In addition, people are becoming more prone to this ailment due to factors such as changing lifestyles and greater predisposition toward alcohol drinking and smoking, bad diets, and sedentary living.
This research report on the Latin American psoriasis drugs market has been segmented and sub-segmented into the following categories:
By Drug Type:
By Route of Administration:
Geographically, Latin America accounted for a moderate share of the worldwide market in 2020. However, it is forecasted to accelerate at a healthy CAGR during the forecast period. Due to the high prevalence of psoriasis in Latin America and the rise in the geriatric population, the market in this region is expected to experience prominent growth. This regional market for psoriasis drugs is moderately competitive, with several significant competitors. In terms of market share, the market is currently dominated by a few leading companies. Companies are focusing on expanding their business in growing regions or emerging markets, such as Mexico, Brazil, and Argentina, using partnerships and acquisitions to produce new goods.
In the Latin American market, the Mexican market is predicted to dominate during the forecast period due to the favorable government efforts, well-developed healthcare infrastructure.
KEY MARKET PLAYERS:
Companies playing an influential role in the Latin American Psoriasis Drugs Market profiled in this report are Johnson & Johnson (USA), Novartis International AG (Switzerland), Pfizer Inc (USA), Merck, and Co. Inc (USA), Celgene Corporation (USA), Janssen Biotech Inc (USA), Stiefel Laboratories Inc (USA), Takeda Pharmaceutical Company Limited (Japan), Amgen (USA), and AbbVie (USA).
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