The industry for dermatological therapeutics has a value of US$37,198.7 million in 2022, and it is anticipated that it would grow by 8.0% between 2023 and 2030 to reach US$63,917.4 million. The higher incidence of dermatological illnesses and the growing geriatric (older) population globally are driving the expansion of the global market for dermatological therapeutics. The market is also anticipated to grow as a result of rising consumer demand for safe and effective therapies and increased public awareness of dermatological illnesses. The global dermatological therapeutic market is anticipated to develop, although growth will be constrained by elements including major adverse effects of some dermatological medications and the discontinuation of clinical trials.
Global Dermatological Therapeutic Market: Regional Insights
On the basis of geography, the global dermatological therapeutic market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Due to the rising prevalence of skin disorders, rising public awareness, and government campaigns and measures to increase public awareness in this region, North America is predicted to obtain the biggest market share among all other regions over the course of the projection period. For example, the American Academy of Dermatology Association claims that acne, which affects almost 50 million Americans yearly, is the most prevalent skin problem in the country. The number of Americans who have psoriasis exceeds 7.5 million. Consequently, it is anticipated that the demand for dermatological therapies in the area would rise.
Because of the rising incidence of atopic dermatitis and strategic measures done by the government and industry players in this region, Europe is also predicted to experience strong growth in the global dermatological therapeutic market. For instance, according to the European Union’s European Medicines Agency (EMA), up to 7% of people in Europe are thought to have atopic dermatitis, and 30% of adults have the disease’s moderate-to-severe type. As a result, it is anticipated that the need for dermatological therapies in the area would rise, boosting the market for these products worldwide.
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Growing burden of dermatology diseases to boost market growth
The rising prevalence of dermatological illnesses around the world is one of the main reasons anticipated to boost growth of the global market for dermatological therapeutics during the forecast period. With millions of victims worldwide, skin conditions are one of the main contributors to the rising disease burden. Skin conditions impact almost 900 million people worldwide at any given moment, according to the World Health Organization (WHO), making it one of the most prevalent illnesses that influence people’s health. The need for dermatological therapies is growing since skin illnesses are often linked to long-term deformity, disability, and stigma.
Growing geriatric population to underpin the market growth
The rise in the global geriatric (aged) population is another element boosting the global dermatological treatment market. As an illustration, age, as well as environmental and hereditary factors, cause a variety of skin illnesses. Skin conditions may develop more frequently and visibly in elderly persons. Age-related skin conditions are also more likely to develop in persons. The WHO predicts that by 2030, one in six persons worldwide would be 60 years of age or older, and that number will have doubled by 2050. (Around 2.1 billion). The market is being stimulated by this in turn.
Global Dermatological Therapeutic Market Opportunities:
For market participants in dermatological therapeutics, the rising need for safe and efficient dermatological treatments is anticipated to present considerable potential prospects. For instance, the demand for safe and effective therapies is rising at a rapid rate in tandem with the development in the burden of dermatological diseases worldwide. VTAMA (tapinarof), an aryl hydrocarbon receptor agonist, was approved by the U.S. Food and Drug Administration (FDA) in May 2022 for use as a topical therapy for adults with plaque psoriasis. The only steroid-free topical drug in its class that has received FDA approval is this one.
The market for dermatological therapeutics is predicted to have profitable expansion due to the increase in public awareness of dermatological illnesses. Skin conditions, for instance, seriously endanger patients’ physical and mental health as well as their capacity to function and engage in social activities. In order to help patients interact with healthcare providers about the treatment of dermatology diseases and to discuss how the skin diseases are affecting their emotional and mental health, Pfizer, Inc. launched a new programme called “Eczema Inside Out” in collaboration with patient advocacy organisations from various countries.
Global Dermatological Therapeutic Market Trends:
Technological advancements is a recent trend
The ability of market participants to take advantage of market possibilities and hold onto their market position has been made possible by technological developments in dermatology that have received FDA approval. The market will also expand as a result of the discovery of novel therapies or devices to treat dermatological conditions. The market for dermatological therapeutics is anticipated to increase at a faster rate over the forecast period due to the expected continuation of this trend.
Increase in research and development is another trend
To maximise the value of preclinical and clinical stage assets for patients with the dermatological condition, biotech businesses, pharmaceutical companies, universities, and research institutions worldwide are concentrating on establishing partnerships. To better the lives of patients, scientists and medical experts are concentrating on addressing their requirements. The market expansion will likely be fueled by this trend, which is anticipated to last throughout the projected period.
Global Dermatological Therapeutic Market Restraints:
Side effects for certain drugs to hinder growth of the market
The major adverse effects of several dermatological treatments are one of the main reasons anticipated to restrict the expansion of the global market for dermatological therapeutics. Rash, itching, and photosensitivity are typical adverse dermatological reactions. While serious side effects from corticosteroids, anti-acne, anti-infective, retinoids, and other medications are highly noticeable in comparison to others. It’s crucial for the dermatologist to be aware of harmful drug interactions, even though the majority of them don’t show clinical symptoms and may not be seriously worrying.
Termination of the clinical trials to hamper the market growth
The cessation of clinical trials is a further issue preventing the global market for dermatological therapeutics from expanding. As an illustration, in 2019 Galapagos NV and MorphoSys AG terminated their contract with Novartis for the development of the medication MOR106, which was intended for the development for atopic dermatitis. The Phase II trial for MOR106 was unsuccessful, according to Novartis AG. As a result, the market’s expansion is being constrained.
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Global Dermatological Therapeutic Market Segmentation:
Application, drug class, and geographic segments are used to segment the worldwide dermatological therapeutic market study.
Based on Application, Atopic Dermatitis, Herpes, Psoriasis, Rosacea, Alopecia, Acne Vulgaris, Vitiligo, Hidradenitis, and Other Applications are the market segments. Because to the rising prevalence of atopic dermatitis, the atopic dermatitis segment is anticipated to dominate the worldwide dermatological therapeutic market over the forecast period. Although it can develop at any age, it is frequently seen in young children.
Acne Vulgaris Segment With acne vulgaris becoming more prevalent, it is also anticipated to experience significant growth in the near future. A frequent skin condition, it can manifest as both inflammatory and non-inflammatory lesions.
Based on Drug Class, the market is divided into categories for retinoids, corticosteroids, calccineurin inhibitors, anti-infectives, and other drug classes. Of these, the Anti-infectives Segment is anticipated to dominate the market over the course of the projected period. This is due to the rise in demand for anti-infectives. Several dermatological conditions are treated with antibiotics.
Corticosteroids Segment since corticosteroids are being used more frequently, it is also anticipated to have significant rise in the near future. The majority of healthcare professionals around the world frequently prescribe these affordable medications.
Global Dermatological Therapeutic Market: Key Developments
In July 2020, The oral janus kinase inhibitor CTP-543 from Concert Pharmaceuticals Inc. has been given new drug designation by the US Food and Drug Administration (FDA) for the treatment of adults with moderate-to-severe alopecia areata.
In March 2020, The U.S. Food and Drug Administration (FDA) designated Baricitinib as a breakthrough medicine for the treatment of alopecia areata, according to an announcement made by Incyte Corporation and Eli Lilly & Company.
In February 2020, Seysara (sarecycline), an oral antibiotic derived from tetracyclines with anti-inflammatory effects for the treatment of inflammatory lesions of non-nodular moderate to severe acne vulgaris, was the subject of a licence agreement between Almirall and Paratek.
In February 2019, The treatment of recurrent herpes simplex (herpes labialis/genital herpes) in Japan has been approved in part by Maruho and Asahi Kasei Pharma’s anti-herpes virus agent “Famvir Tab 250 mg” (famciclovir).
Global Dermatological Therapeutic Market: Key Companies Insights
The market for therapeutic dermatological products is very cutthroat. This is due to an increase in the need for safe and effective therapies; as a result, market participants are concentrating on introducing fresh products to the marketplace.
Top players of the global dermatological therapeutic market are as Bausch Health Companies Inc., AbbVie Inc, XBiotech USA Inc., Almirall, S.A., Amgen Inc., Galderma, GlaxoSmithKline PLC, Johnson & Johnson, Novartis AG, Pfizer Inc., Leo Pharma, and others.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Dermatological Therapeutic Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Dermatological Therapeutic Industry Impact
Chapter 2 Global Dermatological Therapeutic Competition by Types, Applications, and Top Regions and Countries
2.1 Global Dermatological Therapeutic (Volume and Value) by Type
2.3 Global Dermatological Therapeutic (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Dermatological Therapeutic Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Dermatological Therapeutic Market Analysis
Chapter 6 East Asia Dermatological Therapeutic Market Analysis
Chapter 7 Europe Dermatological Therapeutic Market Analysis
Chapter 8 South Asia Dermatological Therapeutic Market Analysis
Chapter 9 Southeast Asia Dermatological Therapeutic Market Analysis
Chapter 10 Middle East Dermatological Therapeutic Market Analysis
Chapter 11 Africa Dermatological Therapeutic Market Analysis
Chapter 12 Oceania Dermatological Therapeutic Market Analysis
Chapter 13 South America Dermatological Therapeutic Market Analysis
Chapter 14 Company Profiles and Key Figures in Dermatological Therapeutic Business
Chapter 15 Global Dermatological Therapeutic Market Forecast (2023-2030)
Chapter 16 Conclusions
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