Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Dermatology CRO Market Size, Share & Trends Analysis Report By Type (Preclinical, Clinical), By Service Type (Laboratory, Regulatory/Medical Affairs), By Region (North America, Asia Pacific), And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global dermatology Contract Research Organization (CRO) market is poised to reach a market size of USD 8,057.9 million by 2030, registering a compound annual growth rate (CAGR) of 6.8% over the forecast period. This anticipated growth is driven by several key factors.
Market Drivers
One of the primary drivers behind this market's growth is the increasing influx of contract research organizations (CROs) to address the disease burden associated with dermatological conditions. These CROs play a crucial role in advancing research and development efforts in dermatology.
Moreover, there is a rising demand for topical dermatological medications, including anti-infective, anti-inflammatory agents, local anesthetics, emollients, and cleansers, to treat conditions like acne. This surge in demand for effective dermatological treatments is fueling market expansion.
High demand for swift and accurate diagnosis, coupled with an increase in the prevalence of skin cancer and other dermatological issues, is further propelling market growth. Growing awareness regarding skin diseases and the need for early intervention are also significant factors contributing to the market's positive outlook.
Market Restraints
Despite the promising growth prospects, there are certain challenges in the dermatology CRO market. Quality issues associated with CRO services and concerns related to intellectual property rights pose constraints to the industry's growth. Addressing these issues will be crucial for market players.
Market Dynamics
Market Segment Analysis
- Clinical Segment Dominates: In 2022, the clinical segment accounted for the largest revenue share, constituting 76.10% of the market. This dominance is attributed to factors like the globalization of clinical trials, technological advancements, and the growing demand for dermatology CROs to conduct clinical trials.
- Regulatory/Medical Affairs Segment Rising: The regulatory/medical affairs segment is expected to exhibit significant growth in the forecast period. Increasing demand to obtain approval for new products and variations in drug regulations worldwide are driving the segment's expansion.
- Asia Pacific Leads: In 2022, Asia Pacific captured the largest revenue share, accounting for over 43.29% of the market. This region's dominance is due to its diverse population, high prevalence of skin disorders, an improving regulatory framework, and the ease with which patients can be recruited and retained.
Impact of COVID-19
The COVID-19 pandemic had a substantial impact on clinical trials across various therapeutic fields, including dermatology. Many trials were temporarily halted or delayed, affecting research progress and timelines. This disruption is expected to influence the growth and revenue of dermatology CROs, as their services are closely tied to clinical trial activities.
Future Outlook
Despite challenges, the dermatology CRO market is poised for growth, driven by factors like technological advancements, the desire for enhanced aesthetics, increased outsourcing of research and development activities, and favorable environments for clinical trials in developing nations.
As companies invest in research and development, the industry is set to witness innovation and expansion. For example, the acquisition of CDMO Arranta Bio by Recipharm in February 2022 is expected to enhance capabilities in developing medications for various diseases, including cancer and psoriasis.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $4737.7 Million |
| Forecasted Market Value (USD) by 2030 | $8057.9 Million |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
Companies Mentioned
- IQVIA, Inc.
- Labcorp Drug Development
- Aragen Life Sciences Ltd
- Pharmaceutical Product Development, Inc. (Thermo Fisher Scientific Inc.)
- Parexel International Corporation
- Charles River Laboratories
- Icon, Plc
- Medidata
- Syneos Health
- S Pharmaron
- Wuxi Apptec
- Medpace
- CTI Clinical Trial & Consulting
- Bioskin
- Proinnovera GmbH
- Biorasi, LLC
- Javara
- TFS
For more information about this report visit https://www.researchandmarkets.com/r/w6v4sd
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