What is the Dermatology Drugs Market Size?

08 Sep 2024

Table of Content

1. Dermatology Drugs Market Revenue and Trends 2. Market Overview 3. Dermatology Drugs Market Trends 4. Dermatology Drugs Market Highlights 5. Dermatology Drugs Market Top Companies 6. Regional Insights 7. Market Potential and Growth Opportunity 8. Dermatology Drugs Market News

Dermatology Drugs Market Revenue and Trends

The global dermatology drugs market revenue was valued at USD 19.22 billion in 2023 and is poised to grow from USD 21.43 billion in 2024 to USD 56.27 billion by 2033, at a CAGR of 11.32% during the forecast period 2024 – 2033. The increasing geriatric population over the globe is expected to enhance the growth of the dermatology drugs market.

Market Overview

The dermatology drugs market deals with the therapy area dealing with nails, hair, and skin diseases, where the most common conditions are acne vulgaris, eczema, and psoriasis. Dermatology drugs are used to treat and manage diseases related to hair, nails, skin, and genital membranes. The rising in the sales of medications used for treatments, rising consumer desire for perfect skin, increasing health insurance, and growing adoption of skin care products such as dermatological medications are expected to enhance the growth of the market.

In addition, the increasing prevalence of skin illness and skin cancer, the rising need for skin problem treatment and diagnosis, the increasing number of launches of therapeutically effective drugs, and the increasing focus on offering new treatment options for patients facing skin diseases who have insufficient treatment options are further anticipated to drive the growth of the dermatology drugs market during the forecast period.

Dermatology Drugs Market Trends

• The rising advancements in research and development activities are attributed to market growth.
• The rising technological innovations in drug delivery, such as nanotechnology, fuel the growth of the dermatology drugs industry.
• The increasing demand for novel pharmaceuticals and increasing research and development expenditure is also contributing to driving the market growth.
• The growing awareness of aesthetic and skin health among the younger population enhances the growth of the dermatology drugs industry.

The increasing prevalence of dermatological conditions fuels the market

The growing number of patients suffering from dermatitis, vitiligo, and acne will lead to a high demand for novel pharmaceutical products. For instance, skin disorders are among the ten causes of disability and impacting millions of people worldwide at one time, according to data from the World Health Organization (WHO). Therefore, these major factors will significantly drive the demand for effective goods to cure these infections.

In addition, millions of people are living with atopic dermatitis. The prevalence of atopic dermatitis is high and affects an expected high percentage of children and adults. Thus, a high presence of skin diseases merged with the increasing demand for effective drugs. These driving factors are expected to enhance the growth of the dermatology drugs market during the forecast period.

However, the risk of side effects from improper use of products diminishes product adoption to restrain the growth of the market. A major part of the population living with infections of dermatology is found in developing countries owing to pollution, improper diet, and poor habits such as alcohol consumption and smoking. In low-to-middle income economics, higher illiteracy rates and lack of awareness about skin diseases have led to the less adoption of skin care products to treat dermatological infections. In addition, negative effects regarding dermatology drugs can restrain their use and add cost to the already costly treatments. These factors may hinder the growth of the dermatology drugs market.

Dermatology Drugs Market Highlights

Dermatology Drugs Market Top Companies

• Bristol-Myres Squibb Company (U.S.)
• Bausch Health Companies Inc (Canada)
• Merck & Co., Inc (U.S.)
• LEO Pharma A/S (Denmark)
• Johnson and Johnson Private Limited
• AbbVie Inc
• Allergan Aesthetics
• AstraZeneca
• Lilly (U.S.)
• Amgen Inc.
• Sanofi (France)
• Pfizer Inc. (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Novartis AG (Switzerland)
• LUPIN (India)

Recent Innovation in Dermatology Drugs Market by Eli Lilly

• In March 2023, Eli Lilly, a drug firm, launched a new drug, Copeller, to treat moderate-to-severe plaque psoriasis. The aim behind this launch was to target a protein that plays a role in maintaining and triggering inflammation in psoriasis. Copellor was a prescription medicine that was only to be used on the advice of a rheumatologist and dermatologist and under medical supervision.

Recent Innovation in Dermatology Drugs Market by Allergan Aesthetics

• In April 2024, under AbbVie’s umbrella, Allergan Aesthetics launched new products, SkinMedica Pore Purifying Gel Cleanser and SkinMedica Acne Clarifying Treatment through its SkinMedica Line. These products were breakthroughs in skin care and effectively balanced care for people with acne-prone skin.

Regional Insights

Asia Pacific is expected to grow fastest during the forecast period. The purchasing power and increasing incomes of citizens, increasing continuous improvement in the health services and life science industry, increasing awareness of skin diseases and their treatment, growing population, and increasing numbers in skin diseases are anticipated to enhance the growth of the dermatology drugs market in the region. China, India, Japan, and South Korea are the major countries in the Asia Pacific region. China and India are the fastest-growing countries and have the largest market share.

The major factors impacting the market for dermatology drugs in China are the lack of healthcare facilities for cancer treatment in most areas and the increasing disease burden of non-communicable diseases like cancer. Patients with skin infections typically make up a significant outpatient population in Chinese general hospitals. The Chinese economy rapidly expanded at a high rate, which has been enhanced by capital investment, consumer spending, imports and exports, and long-term increases in industrial output. Traditional Chinese medicine is a complementary form of treatment that can be given intravenously, topically, and orally. These factors are expected to drive the growth of the dermatology drugs market in the Asia Pacific region.

• For instance, in May 2022, a global biopharmaceutical company, Pfizer, launched a ceremony for Cibinqo- a once-daily highly selective JAK 1oral inhibitor. The aim of this launch was to treat adult patients in China with moderate to severe atopic dermatitis. This Chinese company said that this was a ground-breaking innovative product in immunology and inflammation and an important part of its dermatology strategic planning in China.

North America dominated the dermatology drugs market in 2023. The region boasts an advanced and well-established healthcare infrastructure. The region has a robust network of clinics, hospitals, and specialty dermatology centers that improve the treatment and diagnosis of dermatological disorders. This infrastructure supports the availability and accessibility of dermatology drugs, expecting market growth. In addition, in North America, there is an increasing awareness of skin conditions among the general population. Patients are more proactive in searching for medical attention for skin disorders, leading to treatment initiation and early diagnosis. Improved diagnosis and patient awareness enhanced the growth and demand for the dermatology drugs market in North America.

Market Potential and Growth Opportunity

Nanotechnology and nanoparticles

Nanotechnology proves that this is a fertile field in cosmetics and especially in cosmetics, as nanoparticles make their way into anti-aging products and UV-light-absorbing sunscreens. When accurately engineered, nanomaterials can allow the topical delivery of antioxidants, retinoids, and drugs such as growth factors or botulinum for the rejuvenation of the skin in the future.

In addition, nanotechnology must provide a variety of services in the fight against cancer. Gold, when converted into a nanomaterial, is nanoshell and found in useful treatment for melanoma in animal studies. So, skin cancer will be treated with gold in the future. These opportunities are expected to boost the growth of the dermatology drugs market.

Dermatology Drugs Market News

• In April 2024, The US Centers for Medicaid and Medicare Services launched a permanent and product-specific J-code, J7354, for the cantharidin topical solution 0.7%. It was the first FDA-approved treatment for molluscum contagiosum. In addition, many dermatology clinicians were using compounded cantharidin.
• In October 2023, a global biopharmaceutical company, UCB, announced that the U.S. Food and Drug Administration has approved BIMZELX for the treatment of moderate to severe plaque psoriasis in adults who are candidates for phototherapy and systemic therapy.

Market Segmentation

By Indication

• Acne
• Psoriasis
• Rosacea
• Alopecia
• Others

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies 

By Administration Analysis

• Topical Administration
• Oral Administration
• Parenteral Administration

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