Dermatological Therapeutics Market
Market Overview
It is expected that the dermatological therapeutics market will register a 7% CAGR during the forecast period.
With an increasing number of elderly people, special attention is likely to be paid to dermatology care. As people age, their risk of developing skin-related disorders increases due to factors such as changes in the connective tissue, decreased skin strength and elasticity, and decreased sebaceous gland secretions. The growing incidence of dermatological illnesses and rising rates of development of disease related to awareness, etiology, and accessible therapies lead to elevated development of dermatological therapy.
Report Portfolio:
The market dermatological therapy is segmented by application, class of drugs and geography. The market is segmented by implementation into alopecia, herpes, psoriasis, rosacea, atopic dermatitis, acne vulgaris, and other uses. The market is segmented by drug class into anti-infective,corticosteroid, anti-acne, calcineurin, retinoid and other classes of drugs.
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Key Market Trends:
By Application, the Acne Vulgaris Segment is the Largest segment, and the Atopic Dermatitis Segment is Expected to Register Robust Growth.
Acne therapeutics is the largest market segment of the dermatological diagnostics market, accounting for nearly 30% of the total revenue. The high prevalence rates of acne, coupled with the availability of over-the-counter therapeutics, leads to large market size. According to the Global Burden of Disease GBD study, acne vulgaris affects nearly 85% of young adults aged between 12–25 years.
Atopic dermatitis is a widespread chronic inflammatory skin condition that can affect patients of all ages, and is the result of multiple environmental, immunological, genetic, and pharmacologic factors. The disease mostly flares up when the patient is around the things that cause allergic reactions. The malfunctioning in the immune system of the human body, due to asthma, is also a major cause for atopic dermatitis. Due to several lifestyle factors, the global burden of atopic dermatitis is increasing rapidly, which is, in turn, fueling the growth of the segment.
In terms of revenue, North America dominates the market, and Asia-Pacific is anticipated to lead the worldwide market by registering rapid growth.
Increasing healthcare spending, skin disease awareness, and a powerful presence of pharmaceutical companies are expected to drive market growth in North America. In the Asia-Pacific region, patient populations’ ever-increasing pool, increased awareness, and increased disposable revenues are anticipated to be crucial to the regions stable market growth.
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Competitive Landscape Report:
In this market, as a result of a number of growth opportunities, many new players are emerging. Coming patent expiries of major drugs lead to enhanced competition and drive the market further, particularly in the generic industry. The general dermatological diagnostics and therapeutics sector is predicted to experience enormous development, with several generic players controlling important market share in emerging areas.
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