A recent report published by Infinium Global Research on the dermatology drugs market provides an in-depth analysis of segments and sub-segments in the global as well as regional dermatology drugs market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional dermatology drugs market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global dermatology drugs market. According to the report, the global dermatology drugs market was worth over USD 38 billion in 2021 and is expected to reach up to USD 68 billion by 2027, growing with a CAGR of 9.85% over the forecast period of 2021-2027.
According to industry data, dermatologists' prescriptions account for a minor proportion of sales of topical medications, and other specialists, general practitioners, over-the-counter sales, pharmacists, and self-prescription account for the major percentage of procurement of these products. Psoriasis is a common, chronic inflammatory skin disease affecting 2–3% of the UK population. For that, a different class of drugs and combinational products are available in dermatology for treatment.
However, the uncertainty of coronavirus disease caused anticipatory purchasing of medications around the world. This further driving demand to an unprecedented high. Meanwhile, drug factories shut down in order to prevent the spread of COVID-19, the dermatology drug supply chain was disrupted, and drug shortages resulted. Skin diseases are the major contributors to the disease burden in society. Dermatological therapy's ultimate goal is achieved by administering the safest and least number of drugs.
The increasing prevalence of skin diseases is the major factor boosting the growth of the dermatology drugs market. In India, the study showed fungal disease is the most common. Furthermore, environmental and genetic factors and aging are some of the other significant factors causing skin diseases in millions of people across the globe. The rise in the geriatric population, growing prevalence of dermatological diseases, increasing spending capability of the people, and huge pipeline of dermatological drugs are driving the growth of the dermatology drugs market. However, Patient non-adherence to treatment is affecting the growth of the market. Moreover, the launching of new products from major market players will provide a significant growth opportunity for the market.
North America dominates the dermatology drugs market. The increasing awareness of skin diseases and their treatment, presence of numerous established players in this region is driving the growth of the market. Furthermore, the high disposable income of the population, and frequent product launches are contributing to the growth of the market in this region. Moreover, Asia Pacific is growing with a healthy CAGR. An increasing disposable income, a growing number of skin cancer cases, is driving the growth of the market in this region. Additionally, the increased spending in economies, such as China and India, on the improvement of the healthcare infrastructure is creating huge growth opportunities for the market in the Asia Pacific.
The report on the global dermatology drugs market covers segments such as dermatological diseases, drug classification, route of administration, and distribution channel. On the basis of dermatological diseases, the sub-markets include acne, dermatitis, psoriasis, skin cancer, and others. On the basis of drug classification, the sub-markets include corticosteroids, astringents, anti-inflammatory & antipruritic drugs, anti-infective/antibacterial drugs, and antifungal drugs. On the basis of route of administration, the sub-markets include topical, oral, and parenteral administration. On the basis of distribution channel, the sub-markets include hospital pharmacies, retail pharmacies, and online pharmacies.
The report provides profiles of the companies in the market such as Bausch Health Companies Inc, Novartis AG, Pfizer Inc, Bristol-Myers Squibb Company, Merck & Co. Inc, Eli Lilly and Company, Galderma S.A, GlaxoSmithKline plc, LEO Pharma A/S, and Johnson & Johnson.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the dermatology drugs market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.