Increase in prevailing skin diseases leading to the expansion of the Global Dermatology Drugs Market

The global dermatology drugs market is driven by factors such as increasing pollution levels, emerging infectious disease, escalating disposable income and the availability of medical resources for detecting and treating skin diseases. Moreover, surging awareness about benefits of theses dugs, rise in innovations in these drugs and surging spending on R&D and developments in the dermatology sector is contributing to the growth of the market.

According to Marketlook Consulting’ research report “Global Dermatology Drugs Market Analysis, 2021”, the Global Dermatology Drugs market is anticipated to grow at a CAGR 10.1% during 2022-2029. The market would reach to USD 105.5 Bn by 2029.

Based on Dermatology diseases, this market is segmented into Acne, Dermatitis, Psoriasis, Skin Cancer, others. In 2021, acne segment dominated the market and is expected to expand to maintain same dominance in the forthcoming years. Acne is a skin condition and oil glands of skin glands are clogged, forming spots, pimples and cysts. Thus, acne can be cured and can be improved with the needed treatment from dermatologists, contributing to the Dermatology drugs market.

Based on route of administration, the market is segmented into topical, oral and parenteral administration.  The topical segment grabbed the major market share and dominated the market. The domination to the market is attributed to the launch of biologics for the treatment of dermatology conditions. Thus, the topical segment of the market is expected to rise to the growth of the Dermatology drugs market in the forthcoming years as well.

Based on distribution channel, the market is segmented into hospital pharmacy, retail pharmacy and online pharmacy. The hospital pharmacy holds the lion’s share of the market owing to increasing patient visits and sales of prescription-based drugs for treatment against dermatology skin disorders. The rise in the patient preferred drugs coupled with low-cost products is responsible for the growth of the market.

“Global Dermatology Drugs Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Dermatology drugs providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

North America Dominated the Market

Based on Leading regions, North America dominated the global market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29. The presence of well-established pharmaceutical vendors is one of the key factors leading to the market growth. This region is one of the most promising regions with technological advancements in terms of healthcare infrastructure, new developments in the research departments that help produce the most appropriate drugs for the market. Thus, there has been a rapid shift in the healthcare industry to consumer driven from traditional treatment for providing diagnosis and provision-based health services. Forthcoming period stated in MarketLook Consulting research report “Global Dermatology Drugs Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Air Purifier market are Bausch Health Companies Inc., Novartis AG, AbbVie Inc., Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson, Ultradent Products, Inc., Merck & Co. Inc., Amgen Inc.

Market Segmentation:

1. By Dermatology Diseases (Acne, Dermatitis, Psoriasis, Skin Cancer, others)
2. By Route of Administration (Topical, Oral, Parenteral Administration)
3. By Distribution channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy)
4. By End Users (Hospitals, Specialty Clinics, Cosmetic Centers)
5. By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
6. By Company (Bausch Health Companies Inc., Novartis AG, AbbVie Inc., Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson, Ultradent Products, Inc., Merck & Co. Inc., Amgen Inc.)

Key questions answered in the study:

1. What are the current and future trends of the Dermatology Drugs industry?
2. How the industry has been evolving in terms of end-user demand and route of administration area areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Dermatology Drugs industry?
5. What is the customer orientation, purchase behavior, and expectations from the Dermatology Drugs firms across various regions?