Dermatological Therapeutics Market Size, Share & Trends Analysis Report By Drug Class (Anti-infectives, Corticosteroids, Anti-acne, Calcineurin inhibitors, Retinoids, Others), By Applications (Alopecia, Herpes, Psoriasis, Rosacea, Atopic dermatitis, Acne vulgaris, Other applications) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global dermatological therapeutics market size was valued at USD 41.88 billion in 2023. It is estimated to reach USD 95.56 billion by 2032, growing at a CAGR of 9.6% during the forecast period (2024–2032). In recent years, people have become more conscious about their looks, and good skin forms an important part of it. The global market for dermatological therapeutics is expected to be driven by the rising number of people seeking dermatological treatments due to the rising incidence of skin diseases around the world. Moreover, there has also been a rise in the approval of new dermatological therapeutics, which is anticipated to create new opportunities for market expansion.

Dermatological therapeutics is the field of medical research that specifically deals with the treatment of many skin problems and diseases, including acne, psoriasis, eczema, rosacea, alopecia, herpes, vitiligo, and others. This branch of medicine focuses on identifying, preventing, and managing disorders affecting the skin, hair, nails, and mucous membranes.
Dermatologists employ several therapeutic strategies to manage and mitigate skin disorders effectively, encompassing the use of topical drugs as well as systemic treatments. The field of dermatological therapeutics is constantly evolving and advancing due to breakthroughs in medical research and technology. Dermatologists work closely with their patients to create customized treatment methods that are suited to the particulars of their skin issues.

Highlights

• Anti-infectives dominate the drug class segment
• Psoriasis dominates the application segment 
• North America is the highest shareholder in the global market

Market Dynamics

Global Dermatological Therapeutics Market Drivers:

Increasing Incidence of Skin Diseases

The prevalence of skin diseases worldwide is increasing as a result of multiple factors, including environmental pollution, UV radiation, genetic mutations, age, changes in lifestyle, and immunological problems. Acne, psoriasis, eczema, rosacea, alopecia, herpes, vitiligo, and hidradenitis are prevalent skin illnesses that impact many individuals globally. These disorders can result in physical discomfort, pain, itching, inflammation, scarring, and deformity. They can also lead to social disgrace, depression, anxiety, and low self-esteem.

According to the World Health Organization (WHO), skin illnesses are highly prevalent and impact over 900 million individuals globally. Consequently, the prevalence of skin disorders is anticipated to stimulate the demand for dermatological therapeutics, as they can effectively alleviate symptoms, avoid complications, and improve the aesthetic and functional factors of the skin.

Growing Geriatric Population

The increasing number of geriatric residents significantly contributes to the growth of the dermatological therapeutics market. This is because older individuals are more susceptible to developing a range of skin illnesses, including xerosis, pruritus, dermatitis, infections, ulcers, and malignancies. The aging process can lead to several alterations in the skin, including a decline in suppleness, a decline in collagen production, a reduction in sebum secretion, delayed wound healing, and heightened vulnerability to environmental harm. 
Moreover, these alterations impact the visual aspect, functionality, and well-being of the skin while also elevating the likelihood of having skin-related problems. The geriatric population is growing in almost every country worldwide. According to the United Nations Report, the worldwide population of 65 and above reached 771 million in 2022, accounting for around 10% of the global population. Projections suggest that it is expected to increase to a rate of 16% by 2050 and is further predicted to rise to 24% by 2100. The increase in the elderly population is driving the market growth.

Global Dermatological Therapeutics Market Restraint:

Serious Side Effects of Certain Dermatological Drugs

An important obstacle the market encounters is the significant adverse effects of some dermatological drugs, particularly the systemic medications employed to treat severe and persistent skin conditions. Common adverse effects of these medications include hepatotoxicity, nephrotoxicity, myelosuppression, susceptibility to infections, hypertension, diabetes mellitus, osteoporosis, and cancers. 
Furthermore, the potential adverse effects of these drugs can restrict their usage due to their capacity to surpass the advantages and threaten the well-being and security of the patients. These adverse consequences can escalate healthcare expenses, necessitating supplementary surveillance, evaluation, and therapy. Hence, the adverse effects of some dermatological therapeutics can impede the expansion of the global market.

Global Dermatological Therapeutics Market Opportunities:

Regulatory Approvals

The increasing regulatory approvals for novel dermatological products and therapies by regulatory authorities are expected to stimulate market expansion by broadening the range of treatment alternatives. For instance, in October 2023, UCB, a global biopharmaceutical company, announced that the U.S. FDA had approved BIMZELX® (bimekizumab-bkzx) to be used in the treatment of adults with moderate-to-severe plaque psoriasis who are eligible for systemic therapy or phototherapy. BIMZELX is a novel psoriasis medication authorized as the sole option. It is specifically developed to target and suppress two crucial cytokines, interleukin 17A (IL-17A) and interleukin 17F (IL-17F), which promote inflammatory reactions.
Similarly, in November 2023, Almirall S.A., a global biopharmaceutical company specializing in medical dermatology, announced that the European Commission (EC) had approved EBGLYSS (lebrikizumab) to be used in the treatment of patients (aged 12 and above, weighing at least 40 kg) with moderate-to-severe atopic dermatitis (AD) who are suitable for systemic therapy. Almirall will initiate the commercial rollout in Germany as its first step. These aspects are projected to generate opportunities for market growth.

Regional Analysis

Based on region, the global dermatological therapeutics market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global dermatological therapeutics market shareholder and is expected to expand substantially during the forecast period. The North American market for dermatological therapeutics is projected to witness substantial development due to the increased incidence of skin diseases, including acne, psoriasis, eczema, rosacea, alopecia, herpes, vitiligo, and hidradenitis, within this region. As per the American Academy of Dermatology Association, acne is the predominant skin ailment in the United States, impacting over 50 million Americans yearly. Moreover, the number of individuals in the United States affected with psoriasis exceeds 8 million. The North American dermatological therapeutics market share is propelled by factors like the advanced healthcare infrastructure, widespread awareness and acceptance of dermatological therapeutics, and the significant presence of prominent industry players, including AbbVie, Johnson & Johnson, Pfizer, and Amgen, in this area.

Moreover, there has been an increase in the number of regulatory approvals for novel therapeutics that are now available in the market. For instance, in May 2023, the U.S. Food and Drug Administration approved Krystal Biotech Inc's (KRYS.O) groundbreaking topical gene therapy, the first of its type, for treating patients with a genetic skin condition. This announcement caused a 7% increase in the company's shares during afternoon trading. The therapeutic treatment, Vyjuvek, was introduced in the United States during the third quarter of 2023. Krystal's medication, which has obtained approval in the United States, is the first treatment authorized for patients aged six months or older with either recessive or dominant variants of the condition. In December 2023, the FDA approved Arcutis Biotherapeutics, Inc.'s Zoryve (roflumilast) topical foam, 0.3%, for treating seborrheic dermatitis in patients aged nine years and above. These approvals are expected to generate opportunities for market growth.

The Asia-Pacific market is projected to experience rapid growth, primarily driven by the region's substantial and expanding population, which is anticipated to drive the need for dermatological therapeutics in this area. The Asia-Pacific market is also impacted by the increasing disposable income, which is projected to improve the cost and availability of dermatological therapeutics in this region. Moreover, the expansion of healthcare infrastructure, the rising knowledge and acceptance of dermatological treatments, and emerging market participants, such as Sun Pharmaceutical, Dr. Reddy's Laboratories, and Cipla, are anticipated to bolster market growth in the region.

Furthermore, the market participants are launching novel goods in this area to enhance their market position. For instance, in November 2023, Lord's Mark Biotech, a Lord's Mark Industries subsidiary, introduced Tinefcon, a proprietary medication designed to cure psoriasis. Lord's Mark Biotech and INVEX Health have entered into an exclusivity agreement for the patented product created by Piramal Life Sciences in India. Tinefcon is being introduced as a comprehensive remedy for psoriasis, available in four different forms: tablets, creams, shower gels, and scalp washes. These factors enhance the growth of the region's market.

Segmental Analysis

The global dermatological therapeutics market is segmented by drug class and applications.
Based on drug class, the global dermatological therapeutics market is divided into anti-infectives, corticosteroids, anti-acne, calcineurin inhibitors, retinoids, and others.

The anti-infectives segment dominates the global market. The anti-infectives segment is projected to dominate the market due to its extensive use in treating diverse skin illnesses, including bacterial, fungal, viral, and parasitic infections. Skin infections can manifest with symptoms including erythema, edema, discomfort, purulence, blisters, and pyrexia, resulting in consequences such as cellulitis, abscess formation, sepsis, and necrotizing fasciitis. The anti-infectives sector is projected to grow significantly, driven by an increasing prevalence of skin diseases, particularly in developing nations, attributable to inadequate hygiene, sanitation, and immunization practices.

Based on application, the global dermatological therapeutics market is segmented into alopecia, herpes, psoriasis, rosacea, atopic dermatitis, acne vulgaris, and other applications.

The psoriasis segment owns the highest market share. Psoriasis is a chronic autoimmune dermatological disorder defined by the accelerated accumulation of skin cells. During a normal skin regeneration cycle, skin cells are generated and exfoliated for one month. However, in the case of psoriasis, this biological process is expedited to a few days, resulting in the buildup of cells on the skin's surface. The global prevalence of psoriasis is increasing, which is expected to drive growth in this market. According to the World Psoriasis Day consortium, around 125 million individuals globally, which accounts for 2 to 3 percent of the overall population, are affected by psoriasis.

Furthermore, market participants are offering novel therapies to address this medical condition. For instance, in March 2023, pharmaceutical company Eli Lilly announced their entry into the dermatological market in India by introducing a medicine specifically designed to treat moderate-to-severe plaque psoriasis. After obtaining approval from the Drug Controller General of India (DCGI), the company introduced Copellor. This is anticipated to augment the market expansion.

Impact of covid-19

Dermatological product supply chains are struggling on a global scale due to the COVID-19 healthcare crisis. Disruptions caused due to the pandemic have increased the strain on dermatological products’ availability in the market. Unless restrictions are relaxed, manufacturing operations in key dermatological companies are expected to face a shortage of resources, which will negatively impact manufacturing as well as product sale in the global market.

Recent Developments

• December 2023- Almirall, S.A. (ALM), a global pharmaceutical firm specializing in medical dermatology, and etherna, a business that develops mRNA/LNP technology platforms, established a collaborative partnership to explore and create novel mRNA-based treatments for serious skin diseases, such as non-melanoma skin cancer.
• October 2023- Aldena Therapeutics, a private biotech company specializing in siRNA-based therapies for dermatological indications, selected PCI Pharma Services (PCI), a globally renowned contract development and manufacturing organization (CDMO), to handle the formulation, packaging, and distribution of ALD-102. ALD-102 is an investigational injectable treatment for inflammatory dermatological conditions that is based on siRNA technology.