Dermatology Drug Market Size to Worth Around USD 39.78 Bn by 2030

Ottawa, Nov. 18, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global dermatology drugs market is anticipated to grow quickly during the forecast period as a result of factors such as the growing geriatric population, rising prevalence of dermatological diseases, rising awareness of skin problems, rising consumer spending power, and a sizable pipeline of dermatological drugs.

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One of the main factors driving the growth of the dermatological medicine market is the rising prevalence of skin disorders. The main causes of skin illnesses in millions of individuals worldwide include age, trauma, and hereditary as well as environmental factors. The World Health Organization (WHO) has shown that skin disorders are among the most prevalent types of health problems, affecting about 900 million people worldwide at any one moment.

The deterioration of human skin function with aging, which results in the emergence of several skin diseases, is what drives the growth of the dermatological medicines industry. The body also starts to encounter a variety of additional problems as we age, such as delayed wound healing, increased susceptibility to infections, greater sensitivity to ultraviolet radiation and diminished subcutaneous fat. As a result, there is an increased risk of acquiring various skin conditions, which is driving up demand for dermatological drugs.

Regional Snapshots

The market in North America is expected to grow significantly over the following few years. The increase in the area is due to an increase in the incidence of dermatological illnesses. The region will continue to grow thanks to the presence of major firms and the introduction of innovative goods. Europe is projected to grow quickly throughout the projection period as a result of considerable R&D investments in the development of efficient pharmaceuticals. In the upcoming years, dermatological product sales are probably going to rise, enabling the sector to expand swiftly.

Asia Pacific is expected to dominate the market throughout the projection because to the rising public awareness about acne care and treatment.

Report highlights

• The psoriasis category dominated the market in 2021 with a revenue share of more than 35.5%. From 2022 to 2030, it is expected to expand at the highest CAGR of 11.8%.
• The alopecia market is predicted to expand at the second-highest CAGR of 11.2% from 2021 to 2029.
• The hospital pharmacy sector has the largest share of the global dermatology drug market as a result of an increase in patient visits and sales of prescription-only drugs for the treatment of dermatological skin diseases.
• Parenteral has dominated the market in terms of route of administration.
• North America accounted for the majority of the market since skin problems and illnesses are more common on the region. The North America region has captured 39.50% of the total market share in 2021.
• The Asia-Pacific region is predicted to see the biggest market growth due to the region's growing awareness of skin problems and availability to efficient skin treatments.

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Scope of the Report

Market dynamics

Drivers

Dermatological Diseases Are Becoming More Common, Fueling Market Growth

One of the main causes of non-fatal illnesses worldwide is skin disease. Skin illnesses can be caused by aging, trauma, as well as environmental and hereditary causes. Nearly 900 million people throughout the world are currently affected by skin diseases, which are among the most prevalent conditions affecting human health, according to the World Health Organization (WHO). The most prevalent skin conditions recorded worldwide are scabies, warts, pyoderma, acne, and eczema. As many as 50 million Americans have acne each year, making it the most prevalent skin ailment in the country. Additionally, 31.6 million Americans have some kind of eczema in 2019, according to the Eczema Association. Thus, due to the rise in incidence of dermatological diseases, it is anticipated that linked medications would be in high demand in the upcoming years.

Skin Disease Awareness Is Driving the Market

Another important driver of market expansion for dermatological medications is the rising awareness of skin problems. Many pharmaceutical firms run campaigns to raise public awareness of skin conditions. For instance, Kisaco Research organized the virtual conference Microbiome Connect Skin in June 2020 to acknowledge the importance of skin-microbiome-based products as the next phase in a consumer's skincare routine. Thus, the demand for dermatological pharmaceuticals will rise in the next years as a result of the increased awareness of skin problems.

Restraints

Dermatology drug demand will decline due to COVID-19, impeding the market.

Because of the declining need for dermatological medications, the COVID-19 pandemic has had a significant effect on the global market. Due to the lockdown enforced by governments, pharmaceutical businesses that make skin-related medications suffered enormous losses. disrupting supply and demand as a result. Regulations regarding social distance combined with a decreased demand for dermatological prescription drugs will further limit market expansion. The American Association of Dermatology reports that during the pandemic crisis, dermatologists in the U.S. observed a 43% decrease in patient consultations. Additionally, during the coronavirus pandemic, market sales will be simultaneously impacted by diminishing production and demand.

Opportunities

During the projection period, a growing patient population will support market growth for dermatological medications.

It is anticipated that the rising number of patients with dermatitis, vitiligo, and acne would create new market expansion prospects. Around 50 million Americans have acne in 2018, according to the American Association of Dermatology. The market will increase favorably as a result of the rising demand for goods that effectively treat skin infections and illnesses and the increasing level of awareness among the youthful population. According to Australian studies, acne vulgaris affects more than 4% of people over the long run. In the years to come, the market growth may be greatly impacted by millennials' increased propensity for skin health and care. Due to the high demand for therapeutically effective and affordable pharmaceuticals, prominent businesses are boosting their R&D expenditures, which will support the market's healthy expansion in the near future.

Challenge

The potential for adverse consequences from improper product usage may serve to constrain the market for dermatological medications.

Due to poor food, pollution, and bad behaviors like smoking and drinking, a sizable portion of the world's population suffers from dermatological illnesses. In low-middle-income countries, the use of dermatological treatments has declined due to a lack of knowledge about skin conditions and a higher percentage of illiteracy. Another problem preventing the market's expansion is the unfavorable impacts associated with the items.

For instance, the US Food and Drug Administration (FDA) has released a warning about the usage of a few over-the-counter medications that may cause potentially fatal allergic responses. The market value of dermatological drugs is expected to decline as a result of decreased product acceptance.

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Recent developments

• The USFDA approved TREMFYA (guselkumab) for the treatment of individuals with active psoriatic arthritis, a chronic, progressive illness marked by painful joints and skin inflammation, in July 2020. Janssen Pharmaceutical Companies, a division of Johnson & Johnson, developed the drug.
• AbbVie Inc. said in April 2019 that SKYRIZI (risankizumab) has been given the green light by the European Commission (EC) for the treatment of plaque psoriasis. This authorized the marketing of SKYRIZI throughout all of the European Union's member nations as well as in Iceland, Liechtenstein, and Norway.

Market Segmentation

By Indication

• Acne
• Psoriasis
• Rosacea
• Alopecia
• Others
  
  

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies 
  
  

By Administration Analysis

• Topical Administration
• Oral Administration
• Parenteral Administration
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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