Market Challenges And Opportunities

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 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.