The alarming rise in the prevalence of dermatological diseases, and progress in research and development activities in the pharmaceutical industry for the manufacture of dermatological products.
PORTLAND, Oregon, US, Jan 27, 2022 / EINPresswire.com/ – Dermatologists are medicines that are used to treat or prevent conditions related to the skin. Moreover, dermatological preparations are applied directly to the skin by topical application or given by injection. Moreover, dermatological medicines are also taken orally to treat skin diseases. Some of the conditions that are treated with dermatology include psoriasis, rosacea, acne and dermatitis. For example, psoriasis is a medical condition that results in the buildup of skin cells causing inconvenience to the patient. Therefore, dermatologists play an important role in treating skin disorders. The global dermatology market was valued at $19.974 billion in 2020, and is estimated to reach $59.309 billion by 2030, at a compound annual growth rate of 11.5% from 2021 to 2030.
The high demand for topical dermatological medications, such as anti-inflammatories, anti-infectives, topical anesthetics, cleansers, and emollients for acne treatment is the major factor contributing to the growth of the dermatology market. Moreover, increasing awareness of skin diseases, high demand for rapid diagnosis, increasing incidence of skin cancer and other skin disorders are the factors that boost the growth of dermatology market. However, the lack of awareness of the drugs and strict government regulations are restricting the growth of the market. Innovative product development and increasing number of mergers and acquisitions by major vendors are expected to provide many opportunities for growth of Dermatology market during the forecast period.
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Dermatology market size is studied on the basis of segments, dermatology, drug type, route of administration and region to provide a detailed assessment of the market. On the basis of dermatological diseases, they are divided into acne, dermatitis, psoriasis, melanoma, rosacea, alopecia, and others. Depending on the type of drug, it is divided into prescription drugs and over-the-counter drugs. On the basis of the method of administration, it is divided into topical, oral and parenteral administration. By region, it is analyzed across North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and Llama (Brazil, South Africa, and the rest of Lamia area).
According to Dermatology, psoriasis occupied the largest share of the dermatology market in 2018. Moreover, the psoriasis segment is also the fastest growing segment during the forecast period. The growth of this segment is attributed to the increased incidence of psoriasis worldwide. Furthermore, increasing awareness regarding the use of topical ointments for the management and treatment of psoriasis is another major factor driving the growth of the dermatology market.
By drug type, the prescription sector occupied the largest share, due to the sudden rise in skin disorders. Moreover, skin disorders are severe and require skilled medical care, which is provided by skin specialists. Furthermore, over-the-counter drugs are expected to be the fastest growing segment during the forecast period due to the increased awareness among the general public regarding the availability of dermatological diseases.
By region, North America captured the major dermatology market share in 2020 and is expected to continue in this trend, owing to the ease of availability of dermatologists. Moreover, the increase in the incidence of skin disorders such as dermatitis, acne and psoriasis is another major reason contributing to the growth of this market. On the other hand, it is estimated that the Asia Pacific region records the fastest growth during the forecast period attributable to the increased awareness regarding the use of dermatological diseases.
Developing economies provide lucrative opportunities for dermatology service providers to expand their businesses. The ever-evolving life sciences industry is driving market growth in developing economies like India, China, and others. As the continuous development leads to increased awareness regarding the use of dermatological diseases. Moreover, it also leads to higher aesthetic awareness among the people which contributes to the growth of the market.
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The main findings of the study:
• By disease, the psoriasis segment was the largest contributor to the market in 2020.
• On the basis of type, the prescription drug segment dominated the market in 2020, and this trend is expected to continue during the forecast period.
• Depending on the management track, the topical segment led the market in 2020.
• In terms of region, North America received the largest share of revenue in 2020, however, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
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