Global Dermatological Therapeutics Market to grow with a CAGR of 8.33%.
Increasing healthcare infrastructure and a
supportive regulatory environment are the major drivers for the Global Dermatological
Therapeutics Market.
According to TechSci Research report, “Global Dermatological
Therapeutics Market Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Dermatological Therapeutics Market has
valued at USD 18.45 billion in 2022 and is anticipated to witness an impressive
growth in the forecast period with a CAGR of 8.33% through 2028. This can be due to collaborations and
partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market.
Advancements in drug delivery technologies drive
the demand for dermatological therapeutics by improving the effectiveness,
safety, and patient experience of skin treatments. These innovations have a significant
impact on the dermatological therapeutics market. New drug delivery technologies allow medications to
penetrate the skin more effectively. This is crucial for dermatological
therapeutics because it ensures that active ingredients reach the target area,
such as the epidermis, dermis, or hair follicles, where skin conditions often
originate. Extended-release formulations enable dermatological therapeutics to
remain active over an extended period. This can lead to less frequent
applications and improved patient compliance. Innovative drug delivery devices
and tools, such as wearable patches, microneedle arrays, and iontophoresis
systems, enhance patient comfort and ease of use, making dermatological
treatments more accessible.
Browse over XX market data Figures and spread through 110 Pages and an in-depth TOC on " Global Dermatological Therapeutics Market”
Skin conditions have
had a significant negative influence on people's quality of life, decreasing
productivity at work and elsewhere and leading to prejudice because of
deformity. In 2022, there were over 223 million people suffering with atopic
dermatitis, of which roughly 43 million were between the ages of 1-4, according
to the Global Report on Atopic Dermatitis 2022 released by the International
Eczema Council. The startlingly high incidence in young children is
demonstrated by this. Atopic dermatitis can have a negative impact on
children's growth, education, and employment in addition to the disease burden
it places on the children and the people who care for them. Therefore, it is
anticipated that the high prevalence and growing impact of these dermatological
illnesses will spur market expansion.
In September 2022,
For the treatment of adult patients with moderate-to-severe plaque psoriasis
who are eligible for systemic therapy or phototherapy, the FDA has approved
deucravacitinib (Sotyktu, Bristol Myers Squibb). Results from the phase 3
POETYK PSO-1 and POETYK PSO-2 clinical studies were used to support the
approval of the first-in-class, oral, selective, allosteric tyrosine kinase 2
(TYK2) inhibitor. Deucravacitinib demonstrated greater efficacy in both studies
compared to placebo and twice-daily apremilast (Otezla) in 1684 patients with
moderate-to-severe plaque psoriasis who were 18 years of age and older. At 16
and 24 weeks, deucravacitinib's greater efficacy was seen, and responses
persisted for 52 weeks compared to placebo and apremilast.
Changing consumer
preferences can pose challenges in the Global Dermatological Therapeutics
Market. These preferences can impact the demand for specific dermatological
products and treatments. Consumers
are increasingly seeking natural and organic skincare products, which may not
always align with certain dermatological treatments that contain synthetic or
pharmaceutical ingredients. This shift in preference may affect the market for
traditional pharmaceutical dermatological products. The clean beauty movement
emphasizes the use of skincare products free from certain chemicals and
additives. Consumers may avoid dermatological products that contain ingredients
perceived as harmful, even if they are clinically effective. DIY (Do-It-Yourself)
skincare treatments and home remedies have gained popularity. Consumers may opt
for home-based solutions rather than seeking professional dermatological care
or prescription treatments.
Global Dermatological Therapeutics
Market segmentation is based on Application, Drug Class, and Region.
Based on Application,
Global Dermatological Therapeutics Market is segmented into Alopecia, Herpes,
Psoriasis, Rosacea, Atopic Dermatitis, and Other Applications. Atopic dermatitis, commonly known as eczema,
is a chronic and inflammatory skin condition characterized by red, itchy, and
inflamed skin. It is a non-contagious condition that often begins in infancy or
childhood and may persist into adulthood. Atopic dermatitis is a common skin
disorder that affects people of all ages but is more prevalent in children. The
exact cause of atopic dermatitis is not fully understood, but it is believed to
involve a combination of genetic, immune system, and environmental factors. Individuals
with a family history of atopic dermatitis or other allergic conditions like
asthma or hay fever may be more predisposed to the condition. Dermatologists
often provide guidance on skincare routines, including the use of mild soaps,
avoidance of hot water, and wearing breathable fabrics like cotton. It's also
important to avoid excessive scratching to prevent skin damage and infection.
Based on Region, North
America dominated the Global Dermatological Therapeutics Market.
The United States has one of the highest healthcare expenditures globally. This
significant healthcare spending often translates into a strong pharmaceutical
market, including dermatological therapeutics. The
pharmaceutical industry in North America is known for its marketing and
advertising efforts, which can influence patient and physician preferences for
specific dermatological products. Access
to healthcare services, including dermatological care, is relatively high in
North America, which can drive the demand for dermatological therapeutics.
Asia-pacific
region to fastest growth in the Global Dermatological Therapeutics Market. The
Asia-Pacific region is home to a significant portion of the world's population,
including densely populated countries like China and India. A larger population
base can translate into a higher prevalence of skin conditions and greater
demand for dermatological therapeutics. As
healthcare awareness and access to medical information grow in the Asia-Pacific
region, more individuals are seeking medical attention for skin conditions.
This increased awareness drives demand for dermatological treatments. Many
countries in the Asia-Pacific region have been experiencing rapid economic
growth and an increase in disposable income. As people's living standards
improve, they are more willing and able to invest in healthcare, including
dermatological therapeutics.
Some of the major companies operating in the Global Dermatological Therapeutics
Market include:
- Abbvie Inc. (Allergan PLC)
- Almirall SA
- Amgen Inc.
- Bausch Health Companies Inc.
- Galderma SA
- GlaxoSmithKline PLC
- Johnson & Johnson
- Novartis AG
- Pfizer Inc.
- Bristol-Myers Squibb Company
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“Certain areas,
particularly in North America, are projected to exert significant demand dermatologically
tested products. The growth in the competitive landscape and the presence of
well-established companies in the market, committed to enhance the overall
wellbeing of people each year, are expected to contribute to a remarkable
growth of the Global Dermatological Therapeutics Market in the forecast period,"
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based Global management consulting firm.
Dermatological Therapeutics Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by
Application (Alopecia, Herpes, Psoriasis, Rosacea, Atopic Dermatitis, and Other
Applications), by Drug Class (Anti-infectives, Corticosteroids, Anti-acne,
Calcineurin Inhibitors, Retinoids, and Other Drug Classes), and By Region,
Competition evaluated the future growth potential of Global Dermatological Therapeutics
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Dermatological Therapeutics
Market.
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