The global dermatological drugs market size was valued at USD 17.09 billion in 2021, and it is anticipated to reach USD 37.85 billion by 2030 at a CAGR of 10.45%. The primary focus of the medical speciality known as dermatology is the diagnosis, prevention, and treatment of a wide variety of skin-related illnesses, including those that affect the hair and nails. Medications employed in the dermatological treatment of skin conditions are referred to as dermatological drugs.
The prevention of skin problems is the primary objective of dermatological medications. Laser therapy, drugs applied topically and taken orally, photodynamic therapy, radiation, vitiligo surgery, and dermatological surgery are all forms of treatment for skin conditions. These dermatological medications are also utilized in the skincare industry to maintain skin characteristics like shine and healthiness.
Get more information on this report Download Sample Report
An increasing number of people suffering from dermatologic conditions will drive product demand
An expanding patient population suffering from acne, vitiligo, and dermatitis will almost certainly increase the need for novel solutions on a global scale. For example, the American Association of Dermatology estimates that around 50 million persons in the United States suffered from acne in 2018. As a result, this will invariably increase the demand for products capable of curing illnesses. According to studies conducted in Australia, more than 4 per cent of the population is affected with acne vulgaris over an extended period. The market will likely grow over the forecast period because of the rising frequency of skin diseases and the increased demand for effective treatments.
The Introduction of Therapeutically Effective Drugs to Assist in Development
A stronger influence will probably be made on the global market for dermatology pharmaceuticals by consistently launching novel products focused on customers' needs. For instance, in May 2020, the United States Food and Medicine Administration (FDA) gave Sanofi a license to market its drug Dupixent, which treats atopic dermatitis in children aged 6 to 11. In addition, Cosmedix planned to introduce its Correct Rapid Relief acne treatment in March of that year. In addition, the implementation of marketing tactics for the product, such as the establishment of a website, awareness-raising initiatives, and commercials on television, social media, and other platforms, will contribute to the market expansion during the period covered by the forecast.
Increasing R&D expenditure in the health care industry and rising technological developments
Rising spending on personal care is a crucial factor driving the market's expansion, along with rising awareness of skin diseases, an increase in the number of patients with vitiligo, dermatitis, and acne, rising demand for dermatological treatments with high awareness among the young population, and an increase in the number of businesses investing in the market. During the projected period, the market for dermatological pharmaceuticals will see additional growth opportunities due to rising technological developments and modernization in healthcare equipment, as well as rising R&D efforts in the healthcare industry and emerging markets.
Side-effects Concerning Improper Product Use to Reduce Product Adoption
Emerging nations account for a significant share of the world's population with dermatological illnesses due to poor diet, pollution, and unhealthy habits like smoking, drinking, etc. Lack of knowledge about skin issues and a higher percentage of illiteracy in low- and middle-income nations have reduced the uptake of items used to treat dermatological conditions. The adverse effects linked to the products are another issue impeding market expansion. For instance, the U.S. FDA issued a warning on using some over-the-counter drugs that can result in potentially fatal allergic disorders. As a result, product acceptance will probably decrease, which will affect the market value of dermatology drugs.
The global dermatological drugs market is divided into seven parts based on dermatological diseases, prescription mode, drug classification, route of administration, distribution channel, end-user and region. Further, based on dermatological diseases, the market is divided into Acne, Dermatitis, Psoriasis, Skin Cancer and Others. The psoriasis sector dominated the market with a share of 35.0 per cent in 2021. The immune system incorrectly attacks healthy skin cells, which results in psoriasis. Psoriasis is not a disease that spreads quickly. Finger and toe swelling, lower back pain, altered nails, and eye irritation are signs of the disease. Stress, skin injuries, infections, medicines, and heavy drinking can cause psoriasis. Although it affects people of all ages, psoriasis is most common in adults, increasing the global demand for dermatology drugs.
Based on prescription mode, the market is bifurcated into Prescription Based Drugs and Over Counter Drugs. Due to a rise in skin disease prevalence and activities by government and private groups to address skin disease, prescription-based medications were the leading contributor in 2021 and are projected to maintain their lead throughout the projection period.
The market is classified into Anti-Inflammatory & Antipruritic Drugs, Corticosteroids, Astringents, Anti-Infective/Antibacterial Drugs and Antifungal Drugs based on drug classification.
According to the route of administration, the market is divided into Topical, Oral and Parenteral Administration. The parenteral sector dominated the market. The introduction of biologics for treating dermatological disorders is responsible for the segment's dominance.
Based on distribution channels, the market is divided Into Hospital Pharmacies, Retail Pharmacies and Online Pharmacies. Because of increased patient visits and sales of prescription-based medications for dermatological skin conditions, the hospital pharmacy segment dominates the global market.
According to end-users, the market is segmented into Hospitals, Speciality Clinics and Cosmetic Centres.
The global dermatological drug market is divided into North America, Europe, Asia-Pacific, Central & South America, and the Middle East & Africa. North America dominated the market.
The global dermatological drug market is divided into North America, Europe, Asia-Pacific, Central & South America, and the Middle East & Africa.
Regional Growth Insights Request Sample Pages
In 2021, the revenue share held by North America was the highest, at more than 35 percent of total revenue. The United States of America is making valuable contributions to the expansion of the market in the region. The presence of multiple well-established suppliers is one of the most critical factors contributing to the growth of the pharmaceutical market. This location is one of the most promising for launching new healthcare infrastructure and advanced R&D operations in new technologies. These activities help innovate and produce the most appropriate drugs to cure cancer, making this region one of the most promising regions for launching new technology. There has been observed a significant movement in the healthcare industry in the region, away from traditional treatment for providing diagnosis and provision-based health services and toward consumer-driven care as the primary focus. In addition, the market in the region is driven by factors such as the simplicity with which patients may obtain reimbursement for medical expenses and the accessibility of various pharmaceutical products.
During the forecast period, Asia Pacific is anticipated to experience the most significant CAGR growth. The most populous nations globally, such as China and India, are anticipated to have many skin disease sufferers during the projection period. The highest growth in this market is attributed to factors such as health services, life science industry advancements, and increased awareness of skin conditions and their treatments. Additionally, this industry is expanding at a fast rate due to rising incomes and consumer power.
Regarding revenue share, Europe was in second place with more than 30.0 per cent in 2021. The growth of the healthcare sector's substantial investment, the public's increased use of health insurance, and the favourable regulatory environments for the pharmaceutical industry in this area are all factors that contribute to the market's revenue generation.