Dermatological Drugs Industry Overview
The global dermatological drugs market size was valued at USD 17.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.8% from 2022 to 2028.
The key factors driving the global dermatological drug market are parasites, fungus, and other microorganisms living on the skin; bacteria trapped in skin pores and hair follicles; holding in various fluids; preventing dehydration, and increasing pollution levels. Moreover, growing awareness of skin diseases and increasing demand for rapid diagnosis, are also contributing to the growth of the dermatological drugs market. Increasing demand for innovative drugs & growing R&D investments in developing new drugs will contribute to the market revenue.
Gather more insights about the market drivers, restrains and growth of the Global Dermatological Drugs Market
During the COVID-19 pandemic and lockdown situation, the governments of various countries restricted physical movement, and citizens preferred to stay at home as a precautionary measure. Supply chains of oncology drugs were disturbed. Considering the urgency and emergency of dermatological drugs, the supply of drugs is allowed to become normal. Thus, a negligible impact of the pandemic is observed on the market revenue.
Dermatology is a branch of medical science that deals with the diagnosis, prevention, and treatment of various skin-related diseases, including hairs and nails. Dermatological drugs involve drugs that are used to treat skin diseases. The goal of dermatological drugs is to prevent skin disorders. Skin treatment includes laser therapy, topical & systemic medications, photodynamic therapy, radiotherapy, vitiligo surgery, and dermatological surgery. These dermatological drugs are also used for skincare to maintain skin features such as glow and healthiness.
This target market is expected to grow rapidly during the forecast period, owing to the increasing geriatric population, rising awareness of skin problems, soaring people’s spending power, and huge reserves of dermatology drugs. In addition, the increasing prevalence of skin diseases is one of the biggest factors driving the growth of the dermatology drug market. Stress, eating habits, environmental and genetic factors, and aging are the most important factors contributing to the development of skin diseases in millions of people worldwide. According to the data published by the World Health Organization, skin diseases are one of the most common forms of health disorders, affecting nearly 900 million people worldwide at one time.
Despite efforts to manage dermatological skin conditions, there is a higher demand for the development of low-cost and therapeutically effective medicines. The growing prevalence of acne infections, atopic dermatitis (eczema), and other diseases in the population has prompted pharmaceutical companies to produce drugs for skin diseases. Companies are increasing their spending on research and development activities. For instance, in 2020, Alembic Pharmaceuticals’ received FDA approval for topical retinoid “Adapalene Gel USP 0.3%” for acne vulgaris in patients ages 12 years and older.
The initiatives by governments and private organizations to develop the pharmaceutical industry are driving the growth of the market. Furthermore, the increasing number of approvals for dermatology products is propelling the growth of the market. However, the presence of acne treatment alternatives such as light or laser therapy, chemical peels, micro-needling, microdermabrasion, and lesion removal is expected to restrain the growth of the dermatology market during the forecast period.
Browse through Grand View Research’s Pharmaceuticals Industry Research Reports.
- Topical Drugs Market – The global topical drugs market size was valued at USD 97.42 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 10.1% from 2022 to 2030. The industry growth is primarily driven by the rising incidence of skin disorders and diabetes. According to the British Journal of Dermatology, skin diseases affect almost one-third of the global population.
- Dermatology Devices Market – The global dermatology devices market size was valued at over USD 12.5 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 11.9% over the forecast period. The increasing prevalence of skin cancer and other skin diseases is contributing largely to the high product demand.
Dermatological Drugs Market Segmentation
Grand View Research has segmented the global dermatological drugs market based on Indication and region:
Dermatological Drugs Indication Outlook (Revenue, USD Million, 2017 – 2028)
Dermatological Drugs Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- December 2021: Pharmaceutical company AbbVie Inc. announced that the U.S. Food and Drug Administration (FDA) approved Rinvoq (upadacitinib) for the treatment of patients with active psoriatic arthritis.
Key Companies profiled:
Some prominent players 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
Order a free sample PDF of the Dermatological Drugs Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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