Dermatology Drug Market Latest Trends, Analysis & Insightsby Pramod Kumar Digital Marketing Professional
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 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).
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.
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.
Created on Nov 12th 2019 02:38. Viewed 372 times.