Number of pages: 100 | Report Format: PDF | Published date: September 05, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global dermatology drugs market was pegged at US$ 34.56 billion in 2021 and is expected to witness a CAGR of 10.5% during the forecast period.
Dermatology is the branch of medicine that deals with diagnosing and treating skin, hair, and nail diseases. The most common conditions are acne, eczema, psoriasis, etc. Dermatology drugs of various classes such as antifungal, antibacterial, retinoids, and corticosteroids are used to treat various skin conditions. These drugs can be taken orally or applied topically depending on the underlying disease severity.
Increasing dermatological disease burden globally is the main factor responsible for the dermatology drugs market growth. Also, the rising elderly population is accompanied by age-related changes in skin conditions like decreased firmness and flexibility of skin, and decreased secretion from sebaceous glands also increases the risk of skin problems, which drives the global market. Increased focus on aesthetic appearance amongst youngsters and young adults has led to major product demand. Furthermore, an increase in funding by the government and a rise in research and development activities by major players in the market to bring innovative drugs also boosts the global dermatological drugs market growth.
However, side effects associated with the usage of certain classes of drugs such as skin thinning, rashes, edema, etc. are anticipated to restrain the market growth. Even the alternative treatment present in the market such as laser therapy, micro-needling, etc. is a challenge for the market growth.
The global dermatology drugs market has been analyzed from five perspectives: drug class, disease indication, route of administration, distribution channel, and region.
Dermatology Drugs Market by Drug Class
Based on drug class, the global dermatology drug class market is subdivided into antifungal, corticosteroids, anti-inflammatory & anti-pruritic, antibacterial, and retinoids. Retinoids dominate the dermatology drugs market. This is attributed to their high demands in acne treatment and in the management of aging. They are known to cause less irritation application which is one of the added advantages.
Dermatology Drugs Market by Disease Indication
By disease indication, the dermatology drugs market is segmented into acne, psoriasis, atopic dermatitis, rosacea, and skin cancer. Due to the rising product demand for acne treatments among teenagers and young adults, acne is the most noticeable segment contributing to the largest proportion of the dermatology market.
During the projection period, the psoriasis segment is anticipated to have a sizable market share. A chronic autoimmune skin disease called psoriasis quickens the development cycle of skin cells. On the elbows, face, palms, knees, scalp, lower back, and soles of feet, it results in regions of thickly red skin with silvery scales. Plaque psoriasis, the most prevalent kind, is brought on by mistaken T-cell attacks on the skin.
Dermatology Drugs Market by Route of Administration
Based on the route of administration, the global dermatology drugs market is divided into oral, topical, and parenteral. The parenteral segment holds most of the market share owing to the introduction of biologics in the treatment of skin conditions.
Dermatology Drugs Market by Distribution Channel
Based on the channel of distribution of drugs the market is subdivided into retail pharmacy, online pharmacy, and hospital pharmacy. The hospital pharmacy segment dominates the dermatology drugs market, owing to the increased amount of prescribed drug and huge patient footfall for the diagnosis and treatment in the hospitals.
Dermatology Drugs Market by Region
The global Dermatology Drugs market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW), based on region. Because skin conditions are becoming more common and people are becoming more aware of the potential uses of dermatological treatments, North America currently accounts for the greatest share of the global market for these medications. Europe came next because of population aging and technological developments. Due to rising skin disease prevalence, rising public awareness of skin conditions and how to treat them, and rising healthcare spending, the Asia Pacific area maintains the third position in terms of value share of the global market for dermatological pharmaceuticals.
Some of the prominent players operating in the global dermatology drugs market are: -
The global dermatology drugs market is expected to witness a CAGR of 10.5% in the forecast period.
The recent increase in drug approvals and rising investments in R&D activities govern the market.
AbbVie, Roche, Merck, etc are a few of the key players in the dermatology drugs global market. Every existing and emerging company is coming up with innovative drugs and technology in the market.
Asia Pacific is expected to witness the highest growth in the future owing to the increased market penetration of major players and prevalence of skin conditions.
*Insights on financial permanence is subject to availability of information in public domain