Dermatological Therapeutics Market Outlook 2031
The Global Dermatological therapeutics market size was valued at USD 37.56 Billion in 2022 and is likely reach to USD 86.20 Billion by 2031, expanding at a CAGR of 9.67% during the forecast period, 2023–2031. The growth of the market is attributed to increasing aging population, rising prevalence of skin diseases, and increasing disposable income in developing countries.
Dermatology is a field of medicine that specializes in the diagnosis, prevention, and treatment of various conditions related to skin, nails, and hair, such as pigmentation, acne, wrinkles, and psoriasis. Dermatological agents, also known as dermatological products, are applied topically to the skin.
In addition, these drugs are used to treat various skin conditions such as acne, dermatitis, psoriasis, eczema, and acne.
The Covid-19 pandemic affected the demand and supply of global dermatological therapeutics market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing incidence of dermatological diseases is expected to boost the market during the forecast period.
- Rapid growth of the healthcare industry owing to rising footfall in dermatologic clinics and increasing expenditure on personal care is major factors fueling the market in the coming years.
- Growing geriatric population and rising demand for rapid diagnosis, in addition to the surge in skin cancer diseases is anticipated to drive the market during the forecast period.
- High cost of dermatological treatment and stringent regulations by government on drugs due to certain side effects is projected to restrict the market growth.
- Lack of awareness among people about new treatment techniques and drugs in market act as major challenges that can hamper the market growth during the forecast period.
- R&D investment and innovation of new products and increasing merger & acquisition by vendors is expected to offer significant opportunities for the market players.
Scope of Dermatological Therapeutics Market Report
The report on the global dermatological therapeutics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Dermatological Therapeutics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Alopecia, Herpes, Psoriasis, Rosacea, Atopic Dermatitis, and Others), and Drugs Class (Anti-infective, Corticosteroids, Anti-acne, Calcineurin Inhibitors, Retinoid, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Almirall SA; Amgen Inc.; Novartis AG; Bausch Health Companies Inc.; and AbbVie Inc.
Dermatological Therapeutics Market Segment Insights
The psoriasis segment is projected to account for a major market share
In terms of applications, the dermatological therapeutic market is divided into alopecia, herpes, psoriasis, rosacea, atopic dermatitis, and others. The psoriasis segment is expected to represent a key share of the market during the forecast period.
Psoriasis is a chronic autoimmune skin disease that accelerates the growth cycle of skin cells and causes thick red and silvery patches of skin on the elbows, face, palms, knees, scalp, lower back, and soles of the feet.
The most common form of psoriasis is plaque psoriasis, which is caused by an abnormal attack by the T cells of the skin.
The retinoid segment is expected to grow at a significant pace
Based on drug class, the dermatological therapeutics market is segregated into anti-infective, corticosteroids, anti-acne, calcineurin inhibitors, retinoid, and others. The retinoid segment is expected to hold a key share of the market in the coming years.
Retinoid are a type of vitamin A derivative that has been used in skin care since the 1970s. It plays an important role in acne treatment by targeting primary microscopic lesions. They also treat oil production by slowing the growth of bacteria that cause acne and inflammation.
On the other hand, the corticosteroids segment is anticipated to expand at a rapid pace during the forecast period. Corticosteroids are known as a cortisone-like drug that is used as a pain reliever to reduce inflammation in the body. These medicines are known to have effects such as reducing itching, swelling, allergic reactions and redness.
Dermatological Therapeutics Market Regional Outlook
North America is anticipated to dominate the market
On the basis of regions, the dermatological therapeutics market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to rising healthcare spending, growing awareness of skin diseases, and a strong presence of pharmaceutical companies.
- Atopic Dermatitis
- Calcineurin Inhibitors
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the dermatological therapeutics market include Almirall SA; Amgen Inc.; Novartis AG; Bausch Health Companies Inc.; and AbbVie Inc. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.