DERMATOLOGICAL THERAPEUTIC MARKET ANALYSIS

The global dermatological therapeutic market was valued at US$ 37,198.7 Mn in 2021 and is forecast to reach a value of US$ 63,917.4 Mn by 2028 at a CAGR of 8.0% between 2022 and 2028. The global dermatological therapeutic market is experiencing strong growth due to the rise in burden of dermatology diseases and increase in geriatric (aging) population worldwide. Moreover, rise in demand for safe and effective therapeutics and rise in awareness among people about dermatology diseases is expected to boost the growth of the market. However, factors such as serious side effects of certain dermatological drugs and termination of the clinical trials are expected to hamper growth of the global dermatological therapeutic market.

Global Dermatological Therapeutic Market: Regional Insights

Based on geography, the global dermatological therapeutic market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing incidence of skin diseases, increasing awareness among people, and government campaigns/initiatives to raise awareness in this region. For instance, according to the American Academy of Dermatology Association, acne is the most common skin condition in the United States, affecting around 50 million Americans annually. Moreover, there are more than 7.5 million people in the U.S. that have psoriasis. This in turn is expected to increase the demand for dermatological therapeutics in the region.

Europe is also expected to witness robust growth in the global dermatological therapeutic market due to the rise in burden of atopic dermatitis and strategic initiatives undertaken by the government and market players in this region. For instance, according to European Medicines Agency (EMA), European Union, in Europe, it is estimated that up to 7% of adults have atopic dermatitis and the proportion of adults with the moderate to severe form of the disease is around 30%. This in turn is expected to increase the demand for dermatological therapeutics in the region, driving the growth of the global dermatological therapeutic market.

Figure 1. Global Dermatological Therapeutic Market Share (%), by Region, 2022

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Global Dermatological Therapeutic Market Drivers:

Growing burden of dermatology diseases to boost market growth

One of the key factors expected to augment growth of the global dermatological therapeutic market during the forecast period is the increasing burden of dermatology diseases across the world. Skin disease is one of the leading causes of the increasing disease burden, affecting millions of people, around the world. According to the World Health Organization (WHO), skin diseases are among the most common of all human health afflictions and affect almost 900 million people in the world at any time. Skin diseases are also associated with long-term disfigurement, disability, and stigma, increasing the demand for dermatological therapeutics.

Growing geriatric population to underpin the market growth

Another factor which is driving the growth of the global dermatological therapeutic market is the increase in geriatric (aging) population worldwide. For instance, a diverse number of skin diseases develop as a result of aging and environmental and genetic factors. In elderly adults, skin diseases may become more numerous and noticeable. As people age, the risk of developing skin disorders also increases. According to WHO, by 2030, one in six people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (around 2.1 billion). This in turn is driving the market growth.

Global Dermatological Therapeutic Market Opportunities:

Rise in demand for safe and effective dermatological therapeutics is expected to provide significant growth opportunities for players in the dermatological therapeutic market. For instance, with the rise in burden of dermatology diseases worldwide, the demand for demand for safe and effective therapeutics is also increasing with the rapid pace. In May 2022, Dermavant Sciences received the U.S. Food and Drug Administration (FDA) approval for VTAMA (tapinarof), an aryl hydrocarbon receptor agonist, indicated for the topical treatment of plaque psoriasis in adults. This is the first and only FDA-approved steroid-free topical medication in its class.

Rise in awareness among people about dermatology diseases is expected to offer lucrative growth opportunities for players in the dermatological therapeutic market. For instance, skin diseases pose significant threat to patient’s well-being, mental health, ability to function, and social participation. Pfizer, Inc. initiated a new program “Eczema Inside Out” in collaboration with patient advocacy organizations from multiple countries to help the patients to interact with the healthcare providers regarding the treatment of dermatology diseases and to discuss about their emotional and mental health, which is affected due to the skin diseases.

Global Dermatological Therapeutic Market Trends:

Technological advancements is a recent trend

Technological advancements in the field of dermatology supported by FDA approvals have proven beneficial for players in the market to capitalize on market opportunities and maintain their market position. Moreover, development of novel therapeutics or devices to manage dermatology diseases will aid in the growth of the market. This trend is expected to continue during the forecast period, augmenting the growth of the dermatological therapeutic market.

Increase in research and development is another trend

Biotech companies, pharmaceutical companies, universities, and research centers around the world are focusing on exploring partnerships to maximize the value of preclinical and clinical stage assets for patients suffering from the dermatological condition. Researchers and healthcare professionals are focusing on address patient’s needs through science to improve patient lives. This trend is also expected to continue over the forecast period, driving the market growth.

Global Dermatological Therapeutic Market Restraints:

Side effects for certain drugs to hinder growth of the market

One of the key factors expected to hamper growth of the global dermatological therapeutic market is the serious side effects of certain dermatological drugs. Common dermatological side effects are rash, pruritus, and photosensitivity. While, severe side-effects associated with corticosteroids, anti-acne, anti-infective, retinoids, and other drugs are quite prominent compared to others. However, most adverse drug interactions are not clinically expressed and may not be of serious concern, but it is important for the dermatologist to be aware of these interactions.

Termination of the clinical trials to hamper the market growth

Another factor which is hampering growth of the global dermatological therapeutic market is the termination of the clinical trials. For instance, in 2019, Galapagos NV and MorphoSys AG ended their agreement with Novartis for the development of the drug MOR106, which was directed for the development for the atopic dermatitis. Novartis AG reported negative results during the Phase II trial for MOR106. This in turn is restraining the growth of the market.

Figure 2. Global Dermatological Therapeutic Market Share (%), by Drug Class, 2022

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Global Dermatological Therapeutic Market Segmentation:

The global dermatological therapeutic market report is segmented into Application, Drug Class, and Geography.

Based on Application, the market is segmented into Alopecia, Herpes, Psoriasis, Rosacea, Atopic Dermatitis, Acne Vulgaris, Vitiligo, Hidradenitis, and Other Applications. Out of which, Atopic Dermatitis Segment is expected to dominate the global dermatological therapeutic market over the forecast period and this is attributed to the increase in burden of atopic dermatitis. It's common in young children but can occur at any age.

Acne Vulgaris Segment is also expected to witness significant growth in the near future and this is owing to the increase in burden of acne vulgaris. It is a common skin disorder which can present with inflammatory and non-inflammatory lesions.

Based on Drug Class, the market is segmented into Anti-infectives, Corticosteroids, Calcineurin Inhibitors, Retinoids, and Other Drug Classes. Out of which, Anti-infectives Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for Anti-infectives. Anti-infectives are used to treat variety of dermatological diseases.

Corticosteroids Segment is also expected to witness significant growth in the near future and this is owing to the increase use of Corticosteroids. These are cost effective drugs which are commonly prescribed by healthcare providers worldwide.

Global Dermatological Therapeutic Market: Key Developments

In July 2020, Concert Pharmaceuticals Inc. announced that the U.S. Food and Drug Administration (FDA) granted breakthrough therapy designation for the company’s oral janus kinase inhibitor, CTP-543, for the treatment of adult patients with moderate-to-severe alopecia areata.

In March 2020, Eli Lilly and Company and Incyte Corporation announced that the U.S. Food and Drug Administration (FDA) granted the breakthrough therapy designation to Baricitinib for the treatment of alopecia areata.

In February 2020, Almirall and Paratek entered into a License Agreement for Seysara (sarecycline) in China, It is a once-daily, oral tetracycline-derived antibiotic with anti-inflammatory properties for the treatment of inflammatory lesions of non-nodular moderate to severe acne vulgaris.

In February 2019, Maruho and Asahi Kasei Pharma announced that Asahi Kasei Pharma obtained a partial change of approval for anti-herpes virus agent "Famvir Tab 250 mg" (famciclovir) for the treatment of recurrent herpes simplex (herpes labialis/herpes genitalis) in Japan.

Global Dermatological Therapeutic Market: Key Companies Insights

The global dermatological therapeutic market is highly competitive. This is attributed to the rise in demand for safe and effective therapeutics, as a result, market players are focusing on launching novel products in the market.

Some of the key players in the global dermatological therapeutic market are Leo Pharma, Pfizer Inc., Novartis AG, Johnson & Johnson, GlaxoSmithKline PLC, Galderma, Amgen Inc., Almirall, S.A., XBiotech USA Inc., AbbVie Inc, and Bausch Health Companies Inc., among others.

*Definition: Dermatology is an area of medicine dealing specifically with the skin. Dermatology therapeutics are used to treat increasing cases of pigmented skin, skin resurfacing, skin tightening, and age-related dermal/vascular lesions, among others. Dermatology treatments are non-invasive require less time, cost-effective, and offer better results as compared to surgeries.