Dermatology Drugs Market to Partake Significant Development During 2017 – 2025
Dermatology drugs are used to treat several skin conditions. A large number of drugs have been approved by the FDA and other regulatory bodies of different nations for several skin conditions and disorders. The dermatological indications such as pigmentation, acne, wrinkles, psoriasis and many other can be treated by the dermatology drugs. Dermatology drugs market is witnessing significant growth in the recent past. However, during the 2008 -09 recession, this market was hard hit, when it given its reliance on disposable consumer income. However, in subsequent years the industry recovered with rapid growth. High frequency of skin cancer and other skin disorders across the globe is expected to increase the number of patients who will require diagnosis and treatment for several skin conditions.
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Expansion of the number of indications treated by topical drugs is likely to drive growth of the dermatology drugs market. Historically acne and rosacea have been the major indications treated with topicals, however ongoing R&D efforts focused on new indications such as hair growth, discoloration, and onychomycosis promise to increase the range of uses for topical products and, as a result, expand the addressable market of the topical dermatology drugs. In addition to new indications, growth is expected to be driven by an increase in the worldwide volume acne and rosacea of patients.
The American Academy of Dermatology estimates that acne is the most common skin condition, affecting 40 – 50 million U.S. patients annually. Acne tends to be concentrated in younger demographics, with ~85% of individuals between ages of 12 and 24 suffering from some form of acne. This adolescent to young adult age group is growing worldwide and tends to be concerned with their physical appearance. As such, they are also likely to pursue medical treatment for acne that they perceive as unappealing to others. According to the National Rosacea Society, the rosacea patient population is growing with ~16 million afflicted individuals in the United States alone. The increasing incidence of acne and of rosacea will be a topical segment growth driver over the forecast period.
The global dermatology drugs market can be classified by drug class, by indications and by geography. By drug class the dermatology drugs market is segmented as corticosteroids, astringents, anti-inflammatory and antipruritic drugs, anti-infective (antibacterial) drugs, and antifungal drugs. By disease indication the dermatology drugs market is segmented in to acne, psoriasis, actinic keratosis, rosacea, melanoma, rashes, scars, skin infections and dermatitis. In which acne is the most prominent segment to contribute for the major share of the dermatology market. Although ace is the most common skin condition, accurate information about acne can be scarce. Improper treatment of acne leads to other skin conditions such as dark spots, permanent scars. Acne can be occur at any age but it is most common in teenagers. People obsessed with their aesthetic appearance due to an overbearing influence of celebrity culture, additionally, growing number of skin diseases across all age-groups and rising expenditure on personal care are driving demand for aesthetic procedures/treatments are a major driving factor of the market. Whereas stringent regulations for dermatology drugs approval is restraining the market.
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Geographically the dermatology drugs market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Amongst these regions North America holds the largest share of dermatology drugs market due to increasing prevalence of skin diseases and increasing awareness about potential applications of dermatology drugs. Followed by Europe due to technological advancements and increasing ageing population. Asia pacific region holds the third position in terms of value share of dermatology drugs market due to raising skin disease prevalence, increasing awareness about skin diseases and their management, and increasing healthcare spending can boost the market in the region.
Key players operating in the global dermatology drugs market are Galderma, Allergan, Inc., Valeant Pharmaceuticals International, Inc., Bristol-Myers Squibb Company, LEO Pharma, Novartis AG, Merck & Co., Inc and others.