DUBLIN–(BUSINESS WIRE)–The “Dermatologicals Market by Disease, Type and Route of Administration: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The global dermatological market was valued at $19,974.3 million in 2020, and is projected to reach $59,309.3 million by 2030, registering a CAGR of 11.5% from 2021 to 2030.
Dermatological are a class of medicine used to treat patients suffering from skin disorders. These preparations are used to treat conditions such as psoriasis, acne, and rosacea. Different types of dermatological formulations are available in the market, including topical, parenteral, and oral. The treatment for skin diseases are prescribed depending upon the type and severity of symptoms. For instance, psoriasis requires the use of parenteral dermatological preparations for treatment.
The growth of the global dermatological market is majorly driven by alarming increase in prevalence of skin diseases such as acne, atopic dermatitis, psoriasis, and rosacea; rise in government initiatives to spread awareness & promote knowledge about skin disease; surge in number of dermatological drugs manufacturing; surge in expenditure on human healthcare services; and increase in adoption of skin care products.
For instance, the American Academy of Dermatology Association aims to develop frontiers of dermatologic care and increase dermatologic services for under-served population. This program further aims to increase consumer understanding about the importance of care delivered by board-certified dermatologists. Moreover, dermatological products are prescribed to patients suffering from COVID-19 and who develop skin diseases such as urticaria, morbilliform rash, and perni-like acral lesions.
Furthermore, rise in number of teenagers and younger population drive the growth of the market. This is attributed to the fact that the teenager population is highly vulnerable to skin diseases such as acne, due to change in hormonal level, which boosts the demand for various dermatological drug therapies for better health outcomes. This factors is expected to notably contribute toward the growth of the global dermatologicals market.
In addition, the development of the pharmaceutical sector is a major factor that drives the global dermatologicals market. Moreover, increase in number of clinical studies significantly contributes toward the market growth. Clinical studies aim to evaluate safety and efficacy of dermatological products. Rise in number of approval of dermatological products acts as a key driving force of the global market. For instance, in December 2021, Amgen, a biopharmaceutical company, announced the Food and Drug administration (FDA) approval of Otezla (apremilast), which is recommended for the treatment of patients diagnosed with plaque psoriasis.
Furthermore, rise in funds by governments of various countries and private organizations to develop pharmaceutical manufacturing units are expected to boost the market growth. For instance, in March 2020, the Department of Pharmaceutical, in India, announced the investment scheme of around $1,300 million to strengthen the domestic active pharmaceutical ingredient units and boost the manufacturing of pharmaceutical products. In addition, increase in R&D activities in pharmaceutical industry is anticipated to provide lucrative opportunities for the market expansion.
However, availability of alternative treatment options for acne and other skin diseases hinders the market growth. On the contrary, increase in awareness among population about various treatments available for skin diseases augments the growth of the dermatologicals market. This has further encouraged many key players to enter emerging markets, thus offering lucrative opportunities for the expansion of the dermatologicals market.
Key Benefits
- The report provides an in-depth analysis of the global dermatologicals market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global dermatologicals market
Market Dynamics
Drivers
- Increase in prevalence of skin diseases
- Increase in number of approval for dermatological products
- Rise in awareness among individuals regarding skin diseases
Restraint
- Availability of alternatives for acne treatment
Opportunities
- Increase in healthcare expenditure
- Development of pharmaceutical industry
Key Market Segments
By Disease
- Acne
- Dermatitis
- Psoriasis
- Skin Cancer
- Rosacea
- Alopecia
- Other
By Type
- Prescription-based drugs
- Over-the-Counter drugs
By Route of administrationn
- Topical administration
- Oral administration
- Parenteral administration
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- AbbVie Inc. (Allergan PLC).
- Amgen Inc.
- Galderma
- GlaxoSmithKline Plc.
- Johnson & Johnson Services Inc
- Leo Pharma A/S
- Novartis AG
- Organon & Co (Merck)
- Pfizer Inc.
- Sun Pharmaceutical Industries Limited.
For more information about this report visit https://www.researchandmarkets.com/r/9md9zl
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