Dermatology Drugs Industry Set to Witness Revenue Explosion in Coming Years

The global dermatology drugs market attained a value of $25,228.2 million in 2019 and is predicted to generate a revenue of $55,425.0 million by 2030. 

According to the estimates of P&S Intelligence, a market research company based in India, the market would progress at a CAGR of 8.8% between 2020 and 2030. The surging geriatric population, the rising prevalence of skin diseases, and the soaring disposable income of people are the main factors driving the progress of the market. 

The growing incidence of skin diseases in various countries is the biggest factor propelling the expansion of the dermatology drugs market across the world. Genetic and environmental factors, trauma, and aging are the main factors responsible for skin ailments. As per the World Health Organization (WHO), nearly 900 million people all over the world suffer from skin diseases at any particular time. Furthermore, skin problems are among the most-prevalent human health diseases across the world. 

In the U.S., acne is the most prevalent skin disease and affects as many as 50 million Americans every year. As per the National Eczema Association, in the U.S., 31.6 million people were diagnosed with eczema in 2019. Due to the high prevalence of these diseases, the sales of dermatology drugs are growing rapidly across the globe. Besides this factor, the increasing public awareness of skin diseases is also positively impacting the growth of the dermatology drugs market.

Numerous medical product organizations are initiating programs for raising awareness about skin ailments. For example, Kisaco Research conducted Microbiome Connect Skin USA, which is a virtual summit, in June 2020 for recognizing the value of various skin-microbiome-based items as the next step in a person’s skincare regimen. Depending on prescription mode, the market is classified into over-the-counter (OTC) drugs and prescription drugs. Between these, the prescription drugs category recorded higher growth in the market in the past. 

This was because of the availability of several prescription drugs, the high public preference for consultations with dermatologists, particularly for chronic skin ailments, and the high public awareness about skin problems. When end user is taken into consideration, the dermatology drugs market is classified into clinics, hospitals, cosmetic centers, and at-home settings. Out of these, the cosmetic centers category is predicted to register the fastest growth in the market in the future years. 

This would be because of the rising focus of people all over the world on their appearance, the increasing number of cosmetic centers, and highly affordable beauty services provided in these facilities. Globally, the dermatology drugs market is predicted to exhibit the highest growth in North America in the upcoming years, on account of the growing public awareness of skin ailments and their skincare regiment and the existence of several established industry players in the regional countries. 

Thus, it is quite clear that due to the growing prevalence of skin diseases and the increasing public awareness about the treatment of these diseases, the market would register huge expansion across the globe in the coming years.

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