The global dermatology drugs market size is expected to USD 63.99 billion by 2027, exhibiting a CAGR of 12.9% during the forecast period. The increasing prevalence of numerous skin diseases and disorders among the population is expected to spur opportunities for the market, states Fortune Business Insights, in a report, titled “Dermatology Drugs Market Size, Share & Industry Analysis, By Application (Acne, Psoriasis, Atopic Dermatitis, and Others), By Route of Administration (Oral, Parenteral, and Topical) By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027.” The market size stood at USD 36.82 billion in 2019.
The occurrence of coronavirus has exerted massive economic stress on sectors in various countries. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
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What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The report on thedermatology drugs market portrays:
- Prominent understandings of the market
- Swot Analysis of the regions
- Latest market trends and developments
- Stellar insights into the competitive landscape
- Prime data about regional players
Market Driver:
Surging Patient Population to Back Growth
The growing number of patients suffering from acne, vitiligo, and dermatitis are expected to spur opportunities for market growth. According to the American Association of Dermatology in 2018, around 50 million people in the U.S had acne. The growing demand for effective products to cure skin infections and disorders coupled with high awareness among the young population will contribute positively to the growth of the market. According to Australian research, more than 4% of the population are affected by acne vulgaris in long term. The growing inclination towards skin health and care among millennials can have an excellent impact on the market growth in the forthcoming years. The increasing R&D investments by major companies owing to heavy demand for therapeutically effectual and cost-effective drugs will encourage the healthy growth of the market in the foreseeable future.
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Diminished Demand for Dermatology Drugs to Impede Market amid COVID-19
The COVID-19 pandemic has critically impacted the global market because of the weakened demand for dermatology drugs. Pharmaceutical companies producing skin-related drugs experienced massive losses owing to the lockdown imposed by governments. Thus, leading to disrupted supply and demand. Social distance regulations coupled with lower demand for mandatory prescribed dermatology medications will further restrict the growth of the market. According to the American Association of Dermatology, the dermatologists in the U.S reported an approximately 43% decline in patient consultations during the pandemic crisis. In addition, declining production and demand will simultaneously affect market sales during the coronavirus pandemic.
Segments Covered in the Report
By Application
- Acne
- Atopic Dermatitis
- Psoriasis
- Others
By Route of Administration
- Oral
- Parenteral
- Topical
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Geography
- North America
- By Application
- BY Route of Administration
- By Distribution Channel
- By Country
Regional Analysis:
Presence of Prominent Companies to Boost Market in North America
The market size in North America stood at USD 18.08 billion in 2019 and is expected to grow rapidly during the forecast period. The growth in the region is attributed to the increasing prevalence of dermatology infections. The presence of major players coupled with the introduction of novel products will further aid expansion in the region. Europe is expected to grow excellently during the forecast period owing to the heavy R&D investments for the development of effective drugs. The increasing sales of dermatology products are expected to enable speedy expansion of the market in the forthcoming years. Asia Pacific is expected to account for a high share during the forecast period owing to the growing awareness about the care & management of acne among the population. Latin America and Middle East & Africa are expected to experience a slow growth rate owing to the lower adoption of topical solutions coupled with a lack of awareness about medicines and therapies related to acne, dermatitis, and other skin conditions.
Key Development:
September 2020: Eli Lilly announced the introduction of an inspiring digital health solution for atopic dermatitis patient care & management.
The Report Lists the Key Companies in the Dermatology Drugs Market:
- Allergan (Dublin, Ireland)
- Botanix Pharmaceuticals (NorthBridge, Australia)
- Pfizer Inc. (New York, U.S)
- Galderma S.A (Lausanne, Switzerland)
- Bausch Health Companies Inc. (Bridgewater, U.S)
- Novartis (Switzerland, Europe)
- GlaxoSmithKline Plc. (London, U.K)
- Valeant Pharmaceuticals International Inc. (New Jersey, U.S)
- Johnson & Johnson (New Jersey, U.S)
- Other Players
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Table Of Content :
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Dermatologic Conditions –Key Regions/Country
- New Product Launch
- Pipeline Analysis
- Impact of COVID-19 on the Dermatology Drugs Market
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
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