Global Dermatology Drugs Market was valued at US$ 18.42 billion in 2022 and is estimated to reach a valuation of US$ 45.35 billion and 79.24 metric tons in terms of volume by 2031. The market is anticipated to grow at a CAGR of 11.0% during the forecast period 2023-2031.
The dermatology drug market is set to experience significant expansion in the foreseeable future. The increase in revenue can be attributed to various factors, such as the increasing prevalence of skin disorders, government support for the approval of new drugs, and the improved purchasing power of consumers. Furthermore, advancements in technology, such as biologics and targeted therapies, are also contributing to the growth of market revenue.
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Skin conditions are a significant public health issue, impacting a considerable percentage of the global population, ranging from 30% to 70%. They are the most common reason for seeking medical advice in general practice. There are over 3000 different skin diseases, both acute and chronic, affecting individuals of all ages and social backgrounds. Skin diseases rank as the fourth leading cause of non-fatal burden, measured in terms of years lost due to disability. This diverse group of conditions includes chronic diseases like psoriasis and atopic dermatitis, as well as skin cancers, affecting a large portion of the population. For example, eczema is prevalent in developed countries, while infections and infestations are more common in developing countries.
Similarly, acne is the prevailing skin condition, impacting around 85% of teenagers and young adults. Another common chronic skin condition is psoriasis, affecting approximately 2-3% of the population. Conversely, skin cancer ranks as the 13th most prevalent type of cancer, with over 2-3 million new cases of non-melanoma skin cancer and more than 132,000 cases of melanoma diagnosed annually. Despite the existence of numerous effective treatments for these conditions, there remains a significant demand for more efficient and safe therapies.
Technological Advancement: Ropping a New Path for Market Players
Technological advancements, such as biologics and targeted therapies, have also led to the development of more effective dermatology drugs that provide better outcomes and fewer side effects. Additionally, there has been a growing awareness of skin health and an increased willingness to seek medical attention for skin-related conditions, leading to a higher demand for dermatology drugs. As healthcare expenditure continues to rise globally, more people can afford dermatology drugs and treatments, further driving demand for these products.
The demand for biologics in the dermatology drugs sector is experiencing rapid growth. According to Astute Analytica’s analysis, the number of patients using biologics has increased by over 50% in the last five years. This surge can be attributed to the effectiveness of biologics in treating chronic conditions like psoriasis and eczema, as well as their lower incidence of side effects compared to traditional drugs.
Astute Analytica Survey Finds 51.94 Metric Tons of Dermatology Drugs Sold in 2022
Global sales of dermatology drugs in 2022 reached an estimated 51.94 metric tons, encompassing both prescription and over-the-counter (OTC) products. The majority of these sales occurred in developed nations like the US, Canada, the UK, France, and Germany, where the demand for these products is highest. Notably, North America and Western Europe are projected to contribute significantly to the overall sales volume.
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The increasing prevalence of skin diseases is a key factor driving the growth of the dermatology drugs market. With the global population projected to reach 9 billion by 2050, the demand for dermatology drugs is expected to significantly rise in the coming years. Additionally, the growing awareness of skin diseases and available treatment options is anticipated to contribute to market expansion. Our findings suggest that by 2031, approximately 79.24 metric tons of dermatology drugs will be sold.
North America Leading the Global Dermatology Drugs Market
North America is at the forefront of the global dermatology drugs market, with the United States and Canada being the primary consumers of these drugs. This dominance can be attributed to the higher prevalence of skin conditions in these countries compared to other regions of the world. According to a report by the World Health Organization, over 80% of the population in the US and Canada suffer from some form of skin disease. The prominence of North America in the market is further supported by the fact that the region held the highest revenue share of approximately 39.50% in 2022.
The higher standard of living in these countries compared to other regions allows individuals to have more discretionary income available for purchasing dermatology treatment drugs and medications. As an example, Disposable Personal Income in the United States rose to US$ 20,327.26 billion in September 2023 from US$ 20,271.15 billion in August of 2023. This increased disposable income enhances consumers’ purchasing power, thereby driving market growth.
Additionally, the United States and Canada have significantly more sophisticated marketing and advertising strategies for dermatology drugs in comparison to other global regions. Pharmaceutical companies allocate substantial resources to advertise their products in these countries, resulting in increased demand. As a result, this factor plays a crucial role in driving market growth.
List of Key Companies Profiled
- Amgen Inc
- Bausch Health Companies Inc.
- Botanix Pharmaceuticals
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Johnson & Johnson
- LEO Pharma A/S
- Merck KGaA
- Mylan N.V.
- Novartis AG
- Pfizer Inc.
- Other Prominent Players
Segmentation Analysis of Global Dermatology Drugs Market
By Drug Type
- Branded Prescription Drugs
- Generic Prescription Drugs
- Over-The-Counter Drugs (OTC)
By Formulation
- Ointments
- Cream
- Lotion
- Gel
- Tablets
- Other Formulations
By Route of Administration
- Oral Medicines
- Topical Medicines
- Parenteral Medicines
By Therapeutic Application
- Acne
- Dermatitis
- Psoriasis
- Rosacea
- Inflammatory dermatoses
- Others
By Distribution Channel
- Retail Channel
- Non-retail
- Online Channel
By Region/Country
- North America
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- The U.S.
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- Canada
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- Mexico
- Europe
- Western Europe
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- The UK
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- Germany
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- France
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- Italy
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- Spain
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- Rest of Western Europe
- Eastern Europe
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- Poland
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- Russia
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- Rest of Eastern Europe
- Asia Pacific
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- China
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- India
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- Japan
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- Australia & New Zealand
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- South Korea
- ASEAN
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- Thailand
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- Singapore
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- Vietnam
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- Indonesia
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- Malaysia
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- Philippines
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- Cambodia
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- Rest Of ASEAN
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- Rest of Asia Pacific
- Middle East & Africa (MEA)
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- UAE
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- Saudi Arabia
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- South Africa
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- Rest of MEA
- South America
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- Argentina
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- Brazil
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- Rest of South America
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About Astute Analytica
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