Dermatology Market Size to Worth Around USD 3,140 Million by 2032

Ottawa, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The global dermatology market offers multiple treatments, therapies and short-term or prolonged solutions for numerous skin conditions. A growing demand for aesthetic procedures and an aging population make dermatology an appealing industry. Numerous causes, such as rising disposable incomes, older people, and expanded health insurance coverage, will be blamed for this market size expansion. Male pattern baldness is one of the most severe common hair problems worldwide.

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During the projected period, the market expansion is anticipated to be fueled by the growing influence of the fashion sector, the desire to have the perfect body form, and recent technological advancements, particularly in the laser-based medical aesthetic segment.

Regional Insights

Europe is expected to grow at a significant rate during the forecast period. The high frequency of skin illnesses, escalating age, expanding demand for cosmetics, and most recent developments in dermatological issues contribute to considerable growth in Europe. The market expansion is accelerated by the preferred innovations of beauty enhancement professionals, increased public awareness of esthetic appeal, and technological breakthroughs in dermatology equipment. The British Association of Aesthetic Plastic Surgeons (BAAPS) estimated that 31,057 cosmetic treatments were performed in 2022, an increase of 102% from the year before. Due to the pent-up demand during the pandemic, figures were anticipated to climb; nonetheless, the numbers have increased.

Latin America's aging population, growing skincare concerns and growing disposable income for healthcare will probably spur the development of the market. Due to the growing use of technology in healthcare including tele-dermatology has expanded the popularity dermatological treatments in Brazil. More people can now consult dermatologists at home, increasing access to dermatology services.

Report Highlights

• By type, the cosmetic dermatology segment holds the dominant position in the dermatology market owing to the rising demand for aesthetic dermatology treatments.
• By application, the acne segment shows a significant growth in the dermatology market owing to the substantial availability of cleansers, creams, moisturizers, and other cosmetics with high, as well as some antibiotics for acne solutions.
• By end-use, the skin clinics segment is expected to be the largest revenue holder during the projection period due to the emergence of advanced laser treatments at skin clinics.
  
  

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Scope of this report

Market Dynamics

Driver

• Increasing prevalence of skin issues
  
  

Skin conditions are typically among the most prevalent disorders in primary care facilities in tropical regions. They become the predominant manifestation in some areas when transmissible illnesses like tinea imbricata or onchocerciasis are endemic. A serious public health issue is skin conditions. Between 30% and 70% of people globally are impacted. The National Library of Medicine reports that a fungal skin infection (8.92%) had the highest prevalence, followed by alopecia (5.12%) atopic dermatitis or eczema (5.48%), and psoriasis (3.92%).

According to the National Library of Medicine, annually, there are around 150 million severe cases of fungi infections, which cause over 1.7 million fatalities. These figures are alarmingly rising, and during the past few decades, several social and medical advances have helped to spread fungus diseases. Thus, the rising prevalence of skin issues is observed to act as a driver for the market.

Restraint

• Resistance in adopting new dermatology products
  
  

People generally trust specific tried-and-true goods they have consistently used for years. Due to their familiarity with the products, they are familiar with, individuals may need more time to transition to new ones. Due to legal and liability issues, they may only be willing to utilize a novel product if the appropriate health authorities have approved it. It may be difficult for new products to gain traction since dermatologists and patients can develop a sense of commitment to brands that have previously provided them with good service. Thus, the resistance in adopting new dermatology products creates a restraint for the market.

Opportunity

• Penetration of AI technologies
  
  

AI can analyze patient data and treatment outcomes to recommend personalized treatment plans based on individual factors like skin type, medical history, and genetic predisposition. This tailored approach can enhance the effectiveness of treatments and minimize adverse reactions. AI systems can aid in the early detection of skin cancer and other skin disorders by recognizing subtle changes that might be challenging to detect with the human eye. This early detection can lead to more successful treatment outcomes and, in some cases, even save lives. AI systems can aid in the early detection of skin cancer and other skin disorders by recognizing subtle changes that might be challenging to detect with the human eye. This early detection can lead to more successful treatment outcomes and, in some cases, even save lives. Thus, the penetration of AI technologies is expected to create opportunities for the market.

Challenge

• Regulatory hurdles
  
  

It can take time and money to develop novel dermatological medications and get regulatory approval. Before applying for clearance from regulatory bodies like the European Medicines Agency (EMA) in the European Union or the Food and Drug Administration (FDA) in the United States, pharmaceutical companies must conduct comprehensive clinical trials to prove the safety and efficacy of their medications. Companies manufacturing medical equipment for dermatological procedures must abide by specific laws, including getting the required certifications (such as CE Marking in the EU) and meeting safety criteria.

For businesses competing in the market, protecting intellectual property rights for novel dermatological medications and medical equipment is essential. Patent concerns and the possibility of generic competition may impact market exclusivity and profit margins. Companies seeking regulatory clearance for dermatology products must present substantial and well-documented clinical data to prove the product's safety and effectiveness. To avoid delays or permission denials, more conclusive data must be gathered. Considering the complicated regulatory guidelines, the factor creates a challenge for the market.

Related Reports

• Dermatology Lasers Market - The global dermatology lasers market was valued at USD 1.25 billion in 2022 and it is expanding around USD 2.54 billion by 2032 with a CAGR of 7.4% from 2023 to 2032.
• Dermatoscope Market - The global dermatoscope market was valued at USD 0.82 billion in 2022 and is expanding around USD 2.4 billion by 2032 with a CAGR of 12.92% from 2023 to 2032.
• Dermatology Endoscopy Devices Market - The global dermatology endoscopy devices market was valued at USD 1.69 billion in 2022 and is expanding around USD 3.31 billion by 2032 with a CAGR of 7% from 2023 to 2032.
  
  

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Recent Developments

• In March 2023, Eris Lifesciences obtained nine dermatology brands from Dr. Reddy's Laboratories for Rs 275 crore. Most purchased companies are in the cosmetology industry and include melasma, anti-acne, moisturizers, cleansers, anti-aging, and hair health products.
• In September 2022, MCI Onehealth Technologies Inc., which aims to improve healthcare access and quality, and Oro Health, a provider of asynchronous telemedicine and AI-based solutions for medical professionals, announced the release of MCI Dermatology Connect. With the introduction of MCI Dermatology Connect, Ontarians will have easier access to dermatologists regardless of location. They will no longer have to wait as long for appointments for minor dermatological issues.
• In September 2022, the Dental Clinic at the Pearl, Derma Al Waab Branch of the Pearl Dermatology and Laser Centre just announced its official debut. Representatives from various businesses, prominent influencers, cherished patients, family members, and friends who have supported Pearl Dermatology since its founding in 2012 attended the event to celebrate the clinic's successful opening.
  
  

Market Segmentation

By Type

• Medical Dermatology
• Surgical Dermatology
• Pediatric Dermatology
• Cosmetic Dermatology
• Cutaneous Lymphoma
• Dermatoimmunology
• Others
  
  

By Application 

• Acne
• Dermatitis
• Psoriasis
• Skin Cancer
• Rosacea
• Alopecia
• Others
  
  

By End-Use

• Hospitals
• Skin Clinics
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  
  

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