Dermatological Drugs Market to grow with a CAGR of 9.10%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Global Dermatological Drugs Market.
According to TechSci Research report, “Global
Dermatological Drugs Market Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2018-2028”, Global
Dermatological Drugs Market has valued at USD 18.20 billion in 2022 and is anticipated
to witness an impressive growth in the forecast period with a CAGR of 9.10%
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.
Rising
skin cancer rates contribute to the demand for dermatological drugs in the
global market. The rising incidence of skin cancer means there is a larger
patient population requiring dermatological drugs and treatments. Skin cancer
is one of the most common cancers worldwide, and it can affect people of all
ages. As more individuals are diagnosed with skin cancer, there is a greater
need for diagnostic procedures, such as biopsies and imaging, as well as a
variety of dermatological treatments and drugs. The treatment of skin cancer
often involves surgical procedures like excision, Mohs surgery, and lymph node
dissection. Additionally, non-surgical treatments like topical chemotherapies,
immunotherapies, targeted therapies, and radiation therapy are used, all of
which contribute to the demand for dermatological drugs. The development of
advanced drug therapies for skin cancer, including targeted therapies and
immunotherapies like checkpoint inhibitors, has significantly expanded the
treatment options available. These drugs are increasingly being used for
melanoma and other types of skin cancer. Dermatological drugs are used to treat
precancerous skin lesions, such as actinic keratosis, which have the potential
to progress to skin cancer if left untreated. After surgical removal of skin
cancer, adjuvant therapies like topical drugs may be prescribed to prevent
recurrence or manage residual disease. Patients with a history of skin cancer
often require ongoing dermatological care and surveillance, including the use
of dermatological drugs and treatments for monitoring and managing skin health.
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Dermatological drugs encompass
medications employed to address a wide range of skin conditions, such as acne,
psoriasis, eczema, rosacea, skin cancer, fungal infections, and other ailments
affecting the skin, hair, and nails. These drugs are administered via various
routes, including topical application, oral ingestion, or injection, depending
on the specific skin condition being treated. Topical dermatological drugs,
which include creams, ointments, gels, and sprays, are directly administered to
the skin, and are typically used for localized skin issues like acne or eczema.
Conversely, systemic dermatological drugs are taken orally or via injection and
operate by targeting the root cause of the skin condition.
In March 2022, The FDA has authorized
RINVOQ (upadacitinib) for the treatment of people with moderately to highly
active ulcerative colitis (UC) who have experienced a subpar response to or
intolerance to one or more tumor necrosis factor (TNF) blockers, according to a
statement from AbbVie. With this FDA clearance, RINVOQ has been given its first
use in gastroenterology. Three Phase 3 randomized, double-blind,
placebo-controlled clinical trials provided the effectiveness and safety
evidence supporting this FDA approval. Chronic, idiopathic, immune-mediated
inflammatory bowel disease (IBD) of the large intestine known as ulcerative
colitis results in ongoing mucosal inflammation that can range in size from the
rectum to the more distal colon. Rectal bleeding, stomach discomfort, bloody
diarrhoea, tenesmus (a feeling of pressure), urgency, and faecal incontinence
are the hallmark signs and symptoms of ulcerative colitis. The clinical history
of ulcerative colitis can range from quiescent illness to chronic refractory
disease, depending on the patient. The intensity of the disease's symptoms and
its unpredictable course can place a heavy burden on people who are afflicted.
Generic
competition is a significant challenge in the global dermatological drugs
market, as it is in the pharmaceutical industry. Generic competition arises
when the patents for branded dermatological drugs expire, allowing generic
manufacturers to produce and market equivalent versions of the drug. Generic
dermatological drugs are typically priced significantly lower than their branded
counterparts. This can lead to price erosion in the market, reducing the
revenue potential for branded drug manufacturers. As generic alternatives
become available, they can quickly capture a substantial share of the market,
especially if they are more affordable. This market share erosion impacts the
sales and profitability of branded dermatological drugs. When a branded
dermatological drug loses patent protection, it loses its exclusivity in the
market. Generic manufacturers can then enter the market and offer lower-cost
alternatives. Branded drug manufacturers often invest significantly in research
and development, clinical trials, and marketing. Generic manufacturers, on the
other hand, can produce drugs at a lower cost. This difference in cost structure
can lead to reduced profit margins for branded drug companies.
Global Dermatological
Drugs Market is segmented based on Dermatological Diseases, Route of
Administration, Distribution Channel, and by region.
Based on Dermatological
Diseases, Global Dermatological Drugs Market is segmented into Acne,
Dermatitis, Psoriasis, Skin Cancer, Others. Dermatitis is a general term
used to describe inflammation of the skin. It's a common skin condition that
can manifest in various forms, and it often leads to redness, itching,
swelling, and discomfort. Dermatitis can have many different causes and may
occur because of an underlying skin condition, exposure to irritants or
allergens, or other factors. Dermatitis can be triggered by a wide range of
factors, such as Exposure to irritants or allergens (e.g., soaps, detergents,
certain metals), Allergic reactions to substances like pollen, pet dander, or
foods, Genetics (atopic dermatitis often runs in families), Environmental
factors like humidity or dry air and so on. Diagnosis often involves a physical
examination by a dermatologist or healthcare provider. In some cases, patch
testing or skin biopsy may be necessary to identify specific triggers or
underlying causes.
Based on Region,
North
America dominated the Global Dermatological
Drugs Market. North America invests heavily in pharmaceutical research
and development, leading to the creation of innovative dermatological drugs.
Clinical trials for dermatological drugs often take place in North America,
which contributes to the region's influence in the market. Many North American
countries, especially the United States, have widespread health insurance
coverage. This coverage often includes prescription drug benefits, making it
easier for patients to access dermatological drugs, thereby driving market
growth. Pharmaceutical companies in North America tend to invest significantly
in marketing and promotion, including direct-to-consumer advertising. This
helps raise awareness about dermatological conditions and available treatments,
further stimulating demand. The U.S. Food and Drug Administration (FDA) plays a
crucial role in the approval of dermatological drugs for the U.S. market. A
drug approved by the FDA often has a competitive advantage and can influence
the global market.
Asia-pacific region to witness fastest growth in the
Global Dermatological Drugs Market.
The Asia-Pacific region is home to a significant and diverse population,
including countries like China and India with billions of people. This large
population provides a substantial patient pool, contributing to increased
demand for dermatological drugs. Growing awareness of skin health and the
importance of skincare in countries across Asia-Pacific has led to an increased
demand for dermatological products and treatments. People are becoming more
proactive in seeking medical advice for skin conditions and aesthetic
dermatology procedures. Urbanization, changing lifestyles, and increased
exposure to environmental factors can result in various skin issues.
Lifestyle-related skin conditions, such as acne and premature aging, are
becoming more common, driving the demand for dermatological drugs. Rising
incomes in many Asia-Pacific countries have led to increased spending on
healthcare and cosmetic dermatology. Consumers are willing to invest in
high-quality dermatological drugs and treatments to improve their skin health
and appearance.
Some of the major companies operating in
the Global Dermatological Drugs Market
include:
- Novartis AG
- Amgen Inc
- AbbVie Inc
- Johnson & Johnson
- Leo Pharma A/S
- Eli Lilly and Company
- GlaxoSmithKline Plc
- AstraZeneca plc
- Pfizer Inc
- Merck KGaA
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“Certain
areas, particularly in North America, are projected to exert significant demand
for Dermatological Drugs. 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 Drugs Market in the forecast period,"
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based Global management consulting firm.
Dermatological
Drugs Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented by Dermatological Diseases (Acne, Dermatitis, Psoriasis, Skin
Cancer, Others), By Route of Administration (Oral, Parenteral, Topical), By Distribution
Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), by region,
and Competition evaluated the future growth potential of
Global Dermatological Drugs 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
Drugs Market.
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