Global Dermatology Drugs Market Share, Size, Trends, Opportunities, Analysis and Forecast to 2023 | P&S Intelligence

Due to the rise in the geriatric population, growing prevalence of dermatological diseases, increasing awareness about skin problems, soaring spending capability of the people, and huge pipeline of dermatological drugs, the global dermatology drugs market is expected to advance rapidly during the forecast period (2018-2023). The market is predicted to advance at the CAGR of 8.2% during the forecast period, from its recorded value of $21.5 billion in 2017, to reach $34.5 billion by 2023.

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With the increase in age, the proper functioning of the human skin starts to be lost, resulting in the occurrence of various skin diseases, thereby driving the progress of the dermatology drugs market. Moreover, with age, the body also starts experiencing several other problems, such as slow healing of wounds, higher sensitivity to ultraviolet (UV) radiation, greater vulnerability to infections, and reduction in subcutaneous fat. This increases the probability of various skin problems, thereby shooting up the demand for dermatological drugs.

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Based on treatment, the dermatology drugs market is divided into multiple categories, namely retinoids, calcineurin inhibitors, hormonal therapy, topical corticosteroids, biologics, antihistamines, and others, wherein the others category includes antifungal, antibacterial, and antiviral agents and enzyme inhibitors. Amongst the different categories, topical corticosteroids had the largest share in the market, in terms of revenue, in 2017. This was primarily due to the rise in the demand for these drugs as a result of the growing prevalence of eczema across the world.

On the basis of geographical analysis, North America recorded the largest share in the dermatology drugs market, of 43.3%, in terms of revenue, in 2017. The key factors which contributed in the high demand for such therapeutics in the region was the rapidly rising awareness amongst the people about the newly developed and launched drugs and the high per capita income. Asia-Pacific (APAC) is predicted to register the fastest growth in the market during the forecast period.

Therefore, it can be concluded that the market, owing to the growing geriatric population across the world and increasing awareness amongst the masses regarding various dermatological drugs, is set to flourish in the coming years.

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