Market research firm anticipates substantial growth in the dermatology drugs market through 2032, forecasting a valuation of $50.47 billion over 10 years.

According to the latest market analysis, factors expected to drive growth include rising prevalence rates of skin diseases world-wide. Related to this growth in demand may be the increasing elderly population, which is at increased risk for skin diseases. Advancements in biologic therapies and topical treatments will also drive demand, ResearchandMarkets says.

Analysts note that the psoriasis segment accounts for the largest market share, while the corticosteroids segment holds the highest CAGR.