Rising Skin Disease Prevalence Driving the Growth of Dermatology Drugs Market

Rising Skin Disease Prevalence Driving the Growth of Dermatology Drugs Market
The dermatology drugs market generated a revenue of $21.5 billion in 2017 and is expected to register a CAGR of 8.2% during the forecast period (2018–2023).

Due to the increasing geriatric population, rising incidents and awareness about dermatological diseases, a strong channel for dermatological drugs, and increasing purchasing power of people, the market for dermatology drugs is growing. An ample number of drugs have been approved by the FDA and other drugs regulatory bodies for various skin conditions and disorders, such as acne, wrinkles, and psoriasis.

The market has been segmented by treatment, drug, therapy area, prescription mode, distribution channel, end-user, and region. Based on treatment, the market is divided into retinoids, calcineurin inhibitors, topical corticosteroids, biologics, hormonal therapy, antihistamines, and others, wherein the others category consists of antibiotic, antifungal, antibacterial, and antiviral agents, and enzyme inhibitors. Out of these, topical corticosteroids led the dermatology drugs market in 2017 with a revenue share of 28.9%. The reason for its dominance was the increasing prevalence of eczema across the globe, which resulted in a growing demand for these drugs.

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The end-users of these drugs include hospitals, clinics, at-home, cosmetic centers, and others, which consists of research and clinical laboratories, ambulatory surgical centers and nursing homes. Among all these, hospitals dominated the dermatology drugs market during the historical period 2013–2017, accounting for 38.0% revenue share in 2017. Moving further to the global ground, North America has the largest market for dermatology drugs. In 2017, the region held a 43.3% share in the market due to high per capita income and growing awareness on newly developed drugs.

Across the globe, skin diseases are extremely common these days, affecting millions of people. These are the leading cause of non-fatal diseases around the world. Trauma, aging, environmental, and genetic factors are resulting in the development of skin diseases. According to the World Health Organization (WHO), skin diseases affect nearly 900 million people at any given time. Acne, eczema, pyoderma, scabies, and warts are some of the most common types of skin disease.

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Among these, acne is the most common skin disease in the U.S., affecting around 50 million each year. The cost incurred for the treatment of acne in the country was over $1.2 billion in 2013. There are a number of treatments along with dermatology drugs that are available in the market to prevent, manage, and treat dermatological diseases. Hence, the growing incidents of skin diseases is boosting the demand for dermatological drugs, which is further driving the growth of the dermatology drugs market.

Various dermatological drugs manufactured by market players are getting approval from authorized regulatory authorities, such as U.S. Food and Drug Administration and the European Union (EU) that are positively affecting the growth of the dermatology drugs market. For instance, in September 2018, Libtayo (cemiplimab-rwlc) developed by Sanofi received the USFDA approval for treating metastatic cutaneous squamous cell carcinoma in those, who have not qualified for surgical or radiation treatments.

Therefore, it is clear that as more people are affected by dermatological issues in the future, the market for related drugs will also grow.

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