Allied Market Research recently published a report, titled, “Dermatologicals Market by Disease (Acne, Dermatitis, Psoriasis, Skin Cancer, Rosacea, Alopecia, and Others), Type (Prescription-based Drugs, and Over-the-Counter Drugs), and Route of Administration (Topical Administration, Oral Administration, and Parenteral Administration): Global Opportunity Analysis and Industry Forecast, 2021–2030″. As per the report, the global dermatologicals industry was accounted for $19.97 billion in 2020, and is expected to reach $59.30 billion by 2030, growing at a CAGR of 11.5% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in prevalence of skin diseases, surge in awareness among individuals about skin diseases, and increase in number of approvals for dermatological products have boosted the growth of the global dermatologicals market. However, availability of alternatives for acne treatment hinders the market growth. On the contrary, development of pharmaceutical industry and surge in healthcare expenditure are expected to open new opportunities for the market players in the future.
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- During the COVID-19 pandemic, several dermatological clinics were closed due to strict regulations regarding social gathering and social distancing.
- Moreover, the majority of the professional healthcare workers were diverted to treat Covid-19 patients.
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The psoriasis segment held the largest share
By disease, the psoriasis segment held the largest share in 2018, accounting for nearly two-fifths of the global dermatologicals market, due to rise in incidences of psoriasis and skin disorders. However, the dermatitis segment is expected to register the highest CAGR of 12.3% during the forecast period, owing to surge in awareness related to use of dermatological for treatment of dermatitis across the globe.
The prescription-based drugs segment dominated the market
By type, the prescription-based drugs segment held the lion’s share in 2020, contributing to nearly two-thirds of the global dermatologicals market, as these medicines are essential for patients during treatment of skin conditions such as psoriasis and acne. However, the over-the-counter drugs segment is estimated to manifest the highest CAGR of 11.9% from 2019 to 2026, owing to rise in awareness related to early diagnosis and treatment of medical conditions.
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North America held the largest share
By region, the global dermatologicals market across North America dominated in 2020, holding more than two-fifths of the market, due to rise in prevalence of various skin disorders and easy availability of dermatological products. However, the market across Asia-Pacific is projected to portray the highest CAGR of 12.3% during the forecast period, owing to presence of large potential customers based and rise in awareness related to use of dermatological for the treatment of skin diseases.
Major market players
- AbbVie Inc. (Allergan PLC).
- Amgen Inc.
- Johnson & Johnson Services Inc
- GlaxoSmithKline Plc.
- Novartis AG
- Leo Pharma A/S
- Pfizer Inc.
- Organon & Co (Merck)
- Sun Pharmaceutical Industries Limited.
Official Press Release: https://www.alliedmarketresearch.com/press-release/dermatological-drugs-market.html
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