Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Dermatology Drugs Market Analysis & Forecast 2024-2034: By Application; By Route of Administration; By Distribution Channel; and By Region" report has been added to ResearchAndMarkets.com's offering.
The global dermatology drugs market was estimated to be USD 42.71 billion in 2023 and is expected to reach at USD 171.66 billion by 2034 with a CAGR of 13.48% during the forecast period 2024-2034. Surge in prevalence of skin diseases, rising new product launches, growing research & development activities, increasing clinical studies, surge in introduction of therapeutically effective drugs, rising approvals of novel products by regulatory bodies, and growing collaborations within market players for the development of novel treatments are some of the key factors boosting the market growth. 
Growing collaborations within market players for the development of novel treatments is predicted to boost the market growth during the forecast period. Dermatological medications aim to prevent skin conditions. Skin treatments encompass a range of approaches, including laser therapy, topical and systemic medications, photodynamic therapy, radiotherapy, vitiligo surgery, and dermatological surgery. These dermatological drugs find application in skincare to preserve skin attributes such as radiance and overall health. For instance, in March 2023, LEO Pharma, a prominent player in the field of medical dermatology, has joined forces with ICON plc in a strategic partnership. This collaboration aims to enhance LEO Pharma's ability to conduct patient-focused and cost-efficient clinical trials, aligning with their overarching goal of establishing one of the most proficient and effective organizations for executing clinical portfolios in the industry.
By application, psoriasis was the highest revenue-grossing segment in the global dermatology drugs market in 2023 owing to surge in number of manufacturers launching effective drugs, growing prevalence of acne & atopic dermatitis, increasing launch of new products, and rising regulatory approvals of novel products. For instance, in June 2023, Novartis has reported that the European Commission (EC) has granted approval for the utilization of Cosentyx (secukinumab) in adults experiencing active moderate to severe hidradenitis suppurativa (HS) who have not responded adequately to conventional systemic HS treatment. Additionally, acne is predicted to grow at fastest CAGR during the forecast period owing to the increasing launch of advanced products by major market players, growing prevalence of acne vulgaris, and rising product approvals by regulatory bodies.
By route of administration, parenteral was the highest revenue-grossing segment in the global dermatology drugs market in 2023 owing to the increasing prevalence of dermatology disorders and rising launch of biologics for the treatment of dermatology conditions. Additionally, oral is predicted to grow at fastest CAGR during the forecast period owing to the increasing approvals of oral treatments by U.S FDA. For instance, in June 2023, Pfizer Inc. has disclosed that the U.S. Food and Drug Administration (FDA) has given the green light to LITFULOT (ritlecitinib), an oral treatment taken once daily, for individuals aged 12 and above who are dealing with severe alopecia areata.
By distribution channel, hospital pharmacy was the highest revenue-grossing segment in the global dermatology drugs market in 2023 owing to the availability of affordable OTC drugs, surge in patient preference for purchasing goods from neighboring pharmacies, increasing patient attendance & prescription medicine sales for the treatment of dermatological skin diseases, and rising collaborations within market players. For instance, in May 2023, Bausch Health Companies Inc. and its dermatology division, Ortho Dermatologics, have revealed that the U.S. Food and Drug Administration (FDA) has approved the New Drug Application (NDA) for investigational IDP-126 (clindamycin 1.2%/adapalene 0.15%/benzoyl peroxide 3.1%) Gel, with a Prescription Drug User Fee Act (PDUFA) action date set for October 20, 2023. Additionally, online pharmacy is predicted to grow at fastest CAGR during the forecast period owing to the ease of accessibility and increasing penetration of online shopping sites & portals such as Walmart, Amazon, etc.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising prevalence of dermatology infections, increasing launch of advanced products, growing investment in research & development activities for the development of advanced & effective drugs, surge in number of approvals for dermatological products by regulatory bodies, and rising number of clinical trial procedures. For instance, in March 2023, Encouraging findings have emerged from the clinical study investigating the effects of Dupixent (dupilumab) in adults and adolescents grappling with unmanaged moderate-to-severe atopic hand and foot dermatitis.
Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising awareness regarding the care & management of acne & skin conditions among population, surge in number of clinical trial procedures, and increasing launch of innovative products by major market players. For instance, in March 2023, Eli Lilly has introduced Copellor (Ixekizumab) in India for managing moderate-to-severe plaque psoriasis in adults. This medication will also be accessible for addressing active psoriatic arthritis in adult patients.
Dermatology Drugs Market Analysis & Forecast (Revenue US$ Billion) Through 2023-2034 by:
Application
- Atopic Dermatitis
- Psoriasis
- Acne
- Others
Route of Administration
- Oral
- Topical
- Parenteral
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Companies Mentioned
- Amgen Inc.
- AbbVie Inc. (Allergan PLC)
- Eli Lilly and Company
- LEO Pharma AS
- Bausch Health Companies Inc.
- Novartis AG
- Aurobindo Pharma Ltd.
- GlaxoSmithKline PLC
- Aclaris Therapeutics Inc.
- Johnson & Johnson
- Galderma SA
- Almirall SA
- Pfizer Inc.
- Sun Pharmaceuticals Ltd.
- Bristol-Myers Squibb Company
Key Attributes
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $42.71 Billion |
| Forecasted Market Value (USD) by 2034 | $171.66 Billion |
| Compound Annual Growth Rate | 13.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/36vloy
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