The global dermatological therapeutics market is expected to grow at a significant CAGR during the forecast period. The key factors propelling the growth of the global dermatological therapeutics market include the rising geriatric population and rising dermatological disease burden. Dermatological diseases such as metastatic malignant melanoma, herpes, alopecia, and psoriasis, among others, are increasing day by day, which will, in turn, drive the growth of the market.
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The growing age is associated with the prevalence of skin-related disorders, owing to the reduction in skin elasticity and strength and the growth of the global dermatological therapeutics market. For instance, the report of World Population Prospects 2019, suggests that in 2019, there were about 703 million people aged 65 years or over globally. The geriatric population is projected to double to 1.5 billion in 2050. Moreover, rapid urbanization, growing awareness among the people about skin-related disorders, and a celebrity-oriented society that focuses on beauty and skin health will drive the growth of the market.
The COVID-19 pandemic had significantly impacted the global dermatological therapeutics market. The supply chain and distribution were adversely affected by the restrictions led owing to the pandemic globally. The dermatological therapeutics market faced some serious impacts during the forecast period such as forbidding the treatment of chronic skin conditions by patients and many more. For instance, the Dermatological Therapy Journal of 2020 suggests that more than half of the patients stopped the treatment of chronic skin conditions during the COVID-19 pandemic.
The key players contributing to the growth of the global dermatological therapeutics market by adopting various strategies such as product launches & developments, mergers and acquisitions, partnerships, and agreements, include AbbVie Inc., Allergan PLC., Amgen Inc., Johnson & Johnson Services Inc., Novartis International AG, Eli Lilly & Co., and LEO Pharma A/S. For instance, Eli Lilly & Co. is planning to acquire Dermira Inc., a medical dermatology company, in January 2020. Dermira Inc. focuses on the treatment of common skin conditions such as acne, eczema, among others.
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Market Coverage
- Segment Covered-
o By Drug Class
o By Application
- Competitive Landscape- AbbVie Inc., Allergan PLC., Amgen Inc., Johnson & Johnson Services Inc., Novartis International AG, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Dermatological Therapeutics Market by Segment
By Drug Class
- Anti-infectives
- Corticosteroids
- Calcineurin Inhibitors
- Retinoids
- Others
By Application
- Alopecia
- Herpes
- Psoriasis
- Rosacea
- Atopic Dermatitis
- Metastatic Malignant Melanoma
- Others
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