The dermatology biologics market has experienced significant growth in recent years, revolutionizing the treatment landscape for various skin conditions. Biologics are advanced pharmaceutical products derived from living organisms, such as proteins and antibodies, that are designed to target specific components of the immune system involved in the development of skin diseases. This market has witnessed remarkable advancements, offering new hope to patients with chronic and debilitating skin conditions. Here are five key factors driving the growth of the dermatology biologics market.
The global dermatology biologics market generated approximately US$ 5.1 Bn in revenue in 2021 and is predicted to expand at a CAGR of 6.6% to reach a market size of US$ 10.2 Bn by the end of 2032.
Revenue from dermatology biologics accounted for 29.2% share of the global dermatology market in 2021. Demand for dermatologic biologics is increasing with the rise in the number of biologics launched in recent years.
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Firstly, the rising prevalence of skin disorders is a major factor contributing to the expansion of the dermatology biologics market. Conditions such as psoriasis, atopic dermatitis, and hidradenitis suppurativa affect millions of people worldwide, leading to a growing demand for effective treatment options. Biologics have demonstrated superior efficacy in managing these diseases, providing relief to patients who have previously struggled with limited treatment options.
- Merck and Co. Inc.
- Novartis AG
- Pfizer Inc.
- AbbVie Inc.
- Amgen Inc.
- Celgene Corporation
- Eli Lilly and Company
- Johnson and Johnson (Janssen Biotech Inc.)
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Secondly, technological advancements and ongoing research and development efforts have led to the introduction of innovative biologic therapies. The development of monoclonal antibodies and recombinant proteins has opened up new avenues for targeted treatments in dermatology. These biologics offer high specificity, allowing healthcare professionals to directly address the underlying mechanisms of skin diseases while minimizing adverse effects on healthy tissues.
Thirdly, increasing patient awareness and the availability of information through various channels, including social media and patient support groups, have contributed to the growth of the dermatology biologics market. Patients are now better informed about the benefits of biologic therapies and are more likely to seek these treatments. Moreover, dermatologists and healthcare providers are also becoming more knowledgeable about the efficacy and safety profiles of these drugs, further driving their adoption.
Fourthly, favorable reimbursement policies and increased insurance coverage for biologics have played a crucial role in expanding the market. As these therapies can be expensive, reimbursement support and insurance coverage alleviate the financial burden on patients, making biologics more accessible. This has led to a broader patient population being able to benefit from these innovative treatments, driving market growth.
Leading manufacturers are obtaining FDA approvals for the introduction of their novel biologic product lines into the market to strengthen their product approach and accessibility across the world.
Consolidation operations such as mergers and acquisitions have been carried out by several significant competitors in the dermatology biologics sector. The expansion of corporate partnerships to strengthen their dermatology biologics is another key strategy observed in the market.
- In June 2022, AbbVie announced the European Medicines Agency’s approval for upadacitinib with the brand name RINVOQ®.
- In January 2022, Amgen and Generate Biomedicines announced a collaboration to develop protein therapeutics for around five clinical targets across various therapeutic areas and multiple modalities.
- In December 2021, Samsung Biologics and AstraZeneca expanded their manufacturing partnerships to improve COVID and cancer therapy facilities.
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Key Segments Covered in Dermatology Biologics Industry Research
Dermatology Biologics Market by Product Type:
- Interleukin Inhibitors
- Tumor Necrosis Factor Inhibitors
Dermatology Biologics Market by End User:
- Hospital Pharmacies
- Retail Pharmacies
Dermatology Biologics Market by Region:
- North America Dermatology Biologics Market
- Latin America Dermatology Biologics Market
- Europe Dermatology Biologics Market
- South Asia Dermatology Biologics Market
- East Asia Dermatology Biologics Market
- Oceania Dermatology Biologics Market
- The Middle East & Africa Dermatology Biologics Market
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