The high prevalence of skin disorders and conditions has raised alarm bells in the field of dermatology, paving way for a wide range of dermatology diagnostic devices and therapeutics. Skin conditions such as rosacea, eczema, cell carcinoma, acne, psoriasis, dermatitis, and pruritus among others have created several growth opportunities for the uptake of dermatology diagnostic devices and therapeutics. The research report states that the about 30% to 70% of the global population is affected by these conditions. The global market is also likely to be driven by rising investments in the research and development of novel dermatology therapeutics.
In light these observations, the global dermatology diagnostic devices projected to reach a valuation of US$1 bn 2024 from US$0.6 bn in 2014, rising at a CAGR of 6.9% between 2016 and 2024. On the other hand, the therapeutics market is expected to expand at a CAGR of 1.9% to reach a valuation of US$20.1 bn by the end of 2024 from US$17.5 bn in 2014.
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Efficiency of Antibacterial Ointments Makes Segment Frontrunner in Global Market
On the basis of product, the global dermatology devices market is segmented into microscopes and trichoscopes, dermatoscopes, and imaging equipment. Analysts expect that the imaging equipment segment will dominate the global market as it is estimated to surge at a CAGR of 7.4% between the forecast period of 2016 and 2024. The imaging equipment is further sub-segmented into X-ray, ultrasound, magnetic resonance imaging (MRI), optical coherence tomography (OCT), and others.
On the other hand, the dermatology therapeutics market is segmented on the basis of drug class into antifungal agents, antibacterial agents, corticosteroids, antiviral agents, biologics, immunosuppressants, and retinoids. The report suggests that the antibacterial drugs segment will lead the global market in the coming years at it rises at a CAGR of 3.3% between 2016 and 2024. The efficiency of these drugs to treat and prevent skin conditions and disorders is expected to fuel their growth in the coming years. Additionally, the growing demand for oral antibiotics and topical antibacterial drugs is also projected to drive this market during the forecast period.
North America Emerges as Leading Geographical Segment with Accessible Healthcare for All
In terms of geography, the global dermatology diagnostic devices and therapeutics market is segmented into Latin America, Asia Pacific, North America, Asia Pacific, the Middle East and Africa, and Europe. Of these, North America is projected to lead the global market as it held a share of 43.8% in the global market 2014. The easy accessibility to healthcare, affordable healthcare, and high awareness about skin diseases and disorders amongst the overall population is projected to drive the regional market. The North America dermatology diagnostic devices and therapeutics market is also see a terrific rise as the region has a strong presence of pharmaceutical companies and excellent reimbursement policies.
Asia Pacific and Europe, on the other hand, are expected to witness a spurt of growth as well. The ever-increasing pool of geriatrics is anticipated to drive these regional markets. Analysts state that Asia Pacific will progress at a CAGR of 2.4% in the global market during the forecast period. The increasing expenditure on healthcare in the emerging economies is expected to be pivotal to this regional market’s growth.
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The leading players slated to define the trajectory of the global dermatology diagnostic devices and therapeutics market are Novartis International AG, Dino-Lite Europe/IDCP B.V., Astellas Pharma, Inc., Agfa-Gevaert N.V., Cutera, Inc., Genentech, Galderma S.A., LEO Pharma A/S, Valeant Pharmaceuticals International, Inc., and Michelson Diagnostics Ltd.
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