Coherent Market Insights

Dermatological Therapeutic Market to Surpass US$ 63,917.4 Mn by 2028

Dermatological Therapeutic Market to Surpass US$ 63,917.4 Mn by 2028 - Coherent Market Insights

Publish On: Jan 18, 2023

Dermatology is an area of medicine dealing specifically with the skin. Skin disease makes as great an impact as other serious medical conditions when assessed by effects on health-related quality of life. Skin diseases have a serious impact on the people's quality of life. Dermatology therapeutics are used for the treatment of increasing cases of pigmented skin, skin resurfacing, skin tightening, and age-related dermal/vascular lesions, among others. Dermatology therapeutics are non-invasive require less time, cost-effective, and offer better results compared to surgeries. While, dermatology devices are installed in hospitals and clinics to help dermatologist in the diagnosis of skin cancer and also help in the treatment of skin diseases.

Market Statistics:

The global Dermatological Therapeutic Market is estimated to account for US$ 40,167.1 Mn in terms of value by the end of 2022.

Drivers:

Growing burden of dermatology diseases across the globe is expected to propel the growth of the global dermatological therapeutic market during the forecast period. For instance, with the increase in prevalence/incidence of dermatology diseases, the demand for safe and effective dermatological therapeutics is also increasing with a rapid pace. In May 2020, Sanofi received the U.S. Food and Drug Administration (USFDA) approval for Dupixent (dupilumab) for the treatment of moderate-to-severe atopic dermatitis whose disease is not adequately controlled with the topical prescription therapies or when those therapies are not advisable.

Opportunities:

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the global dermatological therapeutic market. For instance, in elderly, skin diseases may become more numerous and noticeable. As people age, the risk of developing skin disorders also increases. Older people bear the burden of disability from psoriasis, alopecia areata, urticaria, fungal skin diseases, and decubitus ulcers. According to the United Nations, today, there are 703 million people aged 65 or older, a number that is projected to reach 1.5 billion by 2050. According to the UN DESA’s Population Division, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050.

Restraints:

Serious side effects of certain dermatological drugs, delays in product approvals, and termination of the clinical trials are major factors expected to hamper the growth of the global dermatological therapeutic market over the forecast period. For instance, common dermatological side effects are rash, pruritus, and photosensitivity. While, severe side-effects associated with corticosteroids, anti-acne, anti-infective, retinoids, and other drugs are quite prominent compared to others. However, most adverse drug interactions are not clinically expressed and may not be of serious concern, but it is important for the dermatologist to be aware of these interactions.

Global Dermatological Therapeutic Market - Impact of Coronavirus (Covid-19) Pandemic:

Worldwide, due to the outbreak of COVID-19 (pandemic), several countries across the world have faced and are suffering a huge burden on both the country's economy and their healthcare system. The dermatological therapeutic market has also observed some indirect and direct impacts during the forecast period. For instance, according to the study published in October 2020 in Dermatologic Therapy Journal, management of dermatological diseases was quite difficult during the pandemic. Patients with chronic skin diseases reduced or discontinued treatment during the global pandemic. In short, the pandemic had a severe impact in the market growth.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/dermatological-therapeutic-market-5490

Key Takeaways:

The global dermatological therapeutic market was valued at US$ 37,198.7 Mn in 2021 and is forecast to reach a value of US$ 63,917.4 Mn by 2028 at a CAGR of 8.0% between 2022 and 2028.

Among drug class Anti-infectives segment held dominant position in the global dermatological therapeutic market in 2021, accounting for 33.9% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

Technological advancements is one of the key trends expected to propel the growth of the global dermatological therapeutic market. Technological advances in the field of dermatology supported by the Food and Drug Administration (FDA) approvals have proven beneficial for players in the market to capitalize on market opportunities. Moreover, the development of novel therapeutics or devices to manage dermatology diseases is expected to aid in the growth of the market. This trend is expected to continue during the forecast period, driving the growth of the market.

Competitive Landscape:

Major players operating in the global dermatological therapeutic market include Leo Pharma, Pfizer Inc., Novartis AG, Johnson and Johnson, GlaxoSmithKline PLC, Galderma, Amgen Inc., Almirall, XBiotech USA Inc., AbbVie Inc, and Bausch Health Companies Inc., among others.

Recent Developments:

In January 2020, Almirall and WuXi Biologics signed a strategic agreement for multiple bispecific antibodies targeting dermatology diseases.

In July 2019, LEO Pharma completed the acquisition of Bayer’s prescription dermatology business and strengthened its position in the dermatology portfolio worldwide. This acquisition broadened its treatment range within the areas of acne, fungal skin infections, and rosacea, as well as a range of topical steroids.

In April 2019, Abbvie Inc. announced that the Food and Drug Administration (FDA) has accepted SKYRIZI, an interleukin-23 (IL-23) inhibitor, for the treatment of moderate to severe plaque psoriasis in adults.

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