Over 900 million people suffer from skin diseases at any time, which is why these are one of the most common ailments, as per the World Health Organization (WHO). This is predicted to drive the global dermatology drugs market to $55,425.0 million in 2030 from $25,228.2 million in 2019, at an 8.8% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence.
Scabies, pyoderma, eczema, acne, and warts are some of the most prevalent dermatological diseases in the world. Among these, acne is the most common, affecting 50 million people in the U.S. each year. With the increasing appearance consciousness among the populace, the dermatology drugs market is advancing, as people are increasingly spending on medication to treat such issues.
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The COVID-19 pandemic has brought the dermatology drugs market almost to a standstill, as the closure of factories has reduced the supply of such medication. Moreover, beauty clinics have been closed in compliance with lockdown regulations and to direct the healthcare industry’s focus on COVID care. Additionally, due to salary cuts and the widespread unemployment, people are not spending on non-essential stuff. As per the All India Organisation of Chemists and Druggists (AIOCD), the demand for dermatology drugs in India declined by 30% since the imposition of the lockdown.
Browse detailed report with COVID-19 impact analysis on Dermatology Drugs Market Research Report: By Treatment (Topical Corticosteroids, Retinoids, Biologics, Calcineurin Inhibitors, Antihistamines, Hormone Therapy), Drug (Humira, Remicade, Otezla, Stelara, Enbrel, Cosentyx, Neoral, Taltz, Cubicin, Canesten, Zyvox, Dupixent, Protopic, Valtrex, Eucrisa), Prescription Mode (Prescription Drugs, Over-the-Counter Drugs), Therapy Area (Psoriasis, Atopic Dermatitis, Acne, Rosacea, Skin Cancer, Scar), Distribution Channel (Direct, Wholesale/Retail), End User (Hospitals, Clinics, Cosmetic centers, At-home) – Global Industry Analysis and Growth Forecast to 2030 @
In the years to come, the prescription bifurcation, under segmentation by prescription mode, is predicted to witness the higher CAGR in the dermatology drugs market, of 9.2%. The preference for seeing a doctor for skin diseases owing to the increase in the awareness on the same and for prescribed drugs is rising around the world.
The most rapid advance in the dermatology drugs market in the near future is projected to be seen in the cosmetic centers category, among all the end users. With the increasing awareness about skin diseases, the popularity of cosmetic centers is rising, as these places offer cheaper treatments than hospitals.
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North America has been the most lucrative region for dermatology drugs market players till now. The prevalence of skin issues in the region and public awareness about the same are quite high, which is why an increasing number of people are purchasing related drugs. Additionally, many established players exist here, who are frequently launching new drugs, which are witnessing high sales due to people’s strong financial health.
Major companies in the global dermatology drugs market include Novartis AG, Bausch Health Companies Inc., Bristol-Myers Squibb Company, Pfizer Inc., Merck & Co. Inc., Johnson & Johnson, AbbVie Inc., Amgen Inc., Galderma S.A., Eli Lilly and Company, Mylan N.V., GlaxoSmithKline plc, Sanofi, and LEO Pharma A/S.
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