The global dermatological therapeutics market size is valued at USD 34,309 million in 2019 and is expected to register a CAGR of 9.6% during the forecast period, 2020–2029.
Dermatology is the specialization that deals with the treatment of conditions of the hair, skin, and nails. Dermatological therapeutics involves both clinical and surgical aspects. Generally, dermatologists prefer minimally invasive therapeutic procedures for treating skin disorders. Dermatological medicines can be available over-the-counter as well as on prescription, and many of the prescription dermatological medications are used for cosmetic applications. Drugs used to treat acne are the most common form of prescription dermatological drugs and also used for enhancing skin texture and color. Acne is the most prevalent skin condition, which affects around 50 million Americans every year, as per the American Academy of Dermatology.
Globally, the prevalence of skin conditions and diseases, such as fungal infections, scabies, acne, psoriasis, and atopic eczema, is increasing. As per a study by the Global Burden of Disease (GBD), in 2010, fungal skin disease, subcutaneous disease, and acne ranked among the top ten most prevalent dermatological diseases across the world. The growth of pollutants in the environment, the increasing use of cosmetics, and the increasing prevalence of chronic diseases are all contributing to the rising prevalence of skin conditions, which in turn is accelerating the demand for dermatological therapeutics.
Rising awareness about skin diseases and their treatments is a key factor that drives the dermatological therapeutics market. Novel and advanced dermatology drug products, such as Suncros, a highly efficient product for all skin disorders launched by Sun pharmaceutical industries in 2016, have contributed largely to the market growth. Some such recent product developments include,
Hairmax Laser Comb, Follinex Massager Comb, Lifemax Infrared Hair Brush, and Hair Growth Renewing Lasers are some of the advanced-technology products available in the market today. The pipeline of drug products for acne vulgaris has moved from small drug molecule therapeutics to biologics and peptides.
Most of the companies possess specialized technologies for the development of acne vulgaris treatment.
Similarly, the pipeline for psoriasis treatment drugs is undergoing more than ten head-to-head clinical trials, which have given a competitive advantage and clinical differentiation to the dermatological therapeutics market.
By drug class, the anti-infective drugs segment holds a significant market share globally, primarily due to the increasing incidence of infectious skin disorders. The WHO, in its 2018 report, estimated that over 900 million people can get affected by skin diseases at any time.. Anti-infective drugs are widely prescribed along with other dermatological products, such as retinoids and corticosteroids, and such combination therapies are found to be more effective in many skin diseases.
By application, the psoriasis segment holds a significant market share while the acne vulgaris segment is expected to record fast growth. The rising prevalence of psoriasis and the subsequent development of therapeutics for treatment drive the demand for dermatological therapeutics for psoriasis. On the other hand, the rising prevalence of acne, coupled with the increasing inclination to visit dermatological clinics for acne treatment, drive the demand for dermatological therapeutics for acne vulgaris. As per the WHO, acne is the eighth most prevalent skin disease across the world. Growing awareness about acne treatment and the availability of over-the-counter cosmetic medications for acne treatment are also contributing to the growth of this segment.
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 dermatological therapeutics market.
Geographically, the dermatological therapeutics market can be segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
North America is expected to lead the global dermatological therapeutics market. Growing expenditure on healthcare and cosmetics, rising awareness about skin diseases, and the strong presence of pharmaceutical companies are expected to drive the regional market. The American Academy of Dermatology (AAD) reported that one in three Americans visit dermatologists, and one in every four is affected by some or other skin disease every year. Therefore, there is a growing need for the treatment of skin disorders, which is driving the demand for dermatological therapeutics. Similarly, around 7,800 Canadians were estimated to be diagnosed with melanoma, and about 1,300 Canadians were estimated to die due to melanoma.
The increasing number of FDA approvals and new product launches also drive the market. For instance, in December 2016, Pfizer Inc. received U.S. Food and Drug Administration (FDA) approval for the dermatological product EUCRISATM (crisaborole) ointment 2%, which is a novel non-steroidal topical phosphodiesterase-4 (PDE-4) inhibitor used for the treatment of mild to moderate atopic dermatitis (AD).
Asia-Pacific is expected to exhibit the fastest growth during the forecast period owing to the increasing incidents of skin disorders and the approval and launch of new medications in developing countries, such as India and China. For instance, in October 2017, the Drug Controller General of India approved an oral medication Otezla for the treatment of psoriasis launched by the Indian pharmaceutical manufacturer Glenmark Pharmaceuticals Ltd., after conducting clinical trials on psoriasis patients for 16 weeks. Similarly, in China, in February 2019, Kaken Pharmaceutical Co., Ltd. received an exclusive license and distribution agreement for the topical formulation for Onychomycosis, a fungal infection of nails, in the People’s Republic of China. As per the agreement, Kaken Pharmaceutical Co., Ltd. was provided exclusive rights for the development and commercialization of the product in China.
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