DUBLIN, May 20, 2022--(BUSINESS WIRE)--The "Global Dermatological Drug Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Dermatological Drug Market is projected to grow at a CAGR of 11.22% during the forecast period to reach US$47.892 billion by 2027, up from US$22.747 billion in 2020.
Dermatology is a field of medicine that deals with diseases of the skin, hair, and nails, with psoriasis, eczema, and acne vulgaris being the most common. Dermatology medications are used to treat and manage diseases of the skin, nails, hair, and genital membranes.
Due to reasons such as nutritional inadequacy, bad eating habits, increased stress, pollution, and a lack of immunity in the worldwide population, the pool of people affected by dermatological problems has rapidly expanded in recent years. The demand for appropriate treatment methods and dermatological medications for the treatment of dermatological disorders has risen as a result. The global dermatological drug market is segmented by indication, route of administration, end-user, and geography.
The primary factors driving the market's growth are the increasing prevalence of dermatological conditions and the rise in research and development in healthcare.
One of the most important factors driving the dermatological medication industry is the rising prevalence of skin diseases. Trauma, environmental and hereditary factors, and age are only a few of the major variables that contribute to the development of skin diseases in millions of people around the world.
The healthy functioning of the human skin begins to deteriorate with age, leading to an incidence of various skin diseases, propelling the dermatology drug market forward. Furthermore, as people get older, they begin to experience a variety of other issues, including slower wound healing, increased sensitivity to ultraviolet (UV) radiation, increased susceptibility to infections, and a loss of subcutaneous fat. According to Australian research, acne vulgaris affects more than 4% of the population in the long run. As a result, the market is expected to develop at a faster rate during the projected period due to an increase in the frequency of skin diseases and the demand for effective medications.
Acne is the most common skin disorder, according to the American Academy of Dermatology, impacting 40 to 50 million people in the United States each year. Acne is more common in younger people, with 85% of people aged 12 to 24 suffering from some kind of acne. According to the National Rosacea Society, the rosacea patient population is rising, with 16 million people in the United States alone suffering from the condition.
The worldwide dermatological pharmaceutical market is likely to be impacted further by the regular release of novel and customer-centric products. For example, Sol-Gel Technologies announced FDA clearance of TWYNEO in July 2021. It's a topical cream for the treatment of acne vulgaris in adults and children aged 9 and above.
Risks of negative effects from incorrect product use can act as a limitation on the market for dermatological drugs.
Emerging countries account for a large share of the global population with dermatological infections owing to poor diet, pollution, and unhealthy habits such as smoking and drinking. Lack of information on skin problems, as well as a higher illiteracy rate, have resulted in decreased adoption of dermatological treatments in low-middle-income nations. The negative effects connected with the products are another issue impeding the market's growth.
For example, the US Food and Drug Administration (FDA) has issued an advisory regarding the use of certain over-the-counter drugs that might induce life-threatening allergic reactions. This is anticipated to reduce product adoption, resulting in a drop in the market value of dermatology medications.
During the forecast period, North America and the Asia Pacific region are expected to hold a significant share of the global market.
Due to the simple availability of dermatological drugs, North America is estimated to account for a large proportion of the dermatological drug market over the forecast period. Furthermore, an increase in the occurrence of skin ailments such as dermatitis, acne, and psoriasis is a prominent factor driving this market's rise.
On the other hand, due to increased awareness about the usage of dermatological medications, Asia-Pacific is expected to grow at the fastest rate throughout the projection period. The market in developing economies like India, China, and Malaysia is growing due to the ever-changing life science industry. As technology advances, there is a rise in public knowledge about the usage of dermatological medications. Furthermore, it helps with the expansion of the dermatological medication market by increasing people's aesthetic sensibility.
Because of the implementation of lockdown by governments in many countries, the COVID-19 pandemic had a negative impact on the worldwide market since pharmaceutical businesses have seen a setback in supply chain management. This resulted in fewer dermatologist appointments. Before using any drugs, a physician's consultation is required for skin infections or other dermatology issues.
Market expansion has also slowed as a result of strict social distancing restrictions. According to the American Association of Dermatology, dermatologists in the United States reported a 43 percent drop in inpatient consultations during the pandemic crisis. Furthermore, the decreased demand for products resulted in a fall in sales.
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. GLOBAL DERMATOLOGICAL DRUG MARKET, BY INDICATION
6. GLOBAL DERMATOLOGICAL DRUG MARKET, BY ROUTE OF ADMINISTRATION
7. GLOBAL DERMATOLOGICAL DRUG MARKET, BY END-USER
7.2. Hospitals And Clinics
7.3. Cosmetic Centers
8. GLOBAL DERMATOLOGICAL DRUG MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. South Africa
8.6. Asia Pacific
8.6.5. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
Johnson & Johnson
Leo Pharma A/S
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