Dermatology Diagnostic Devices and Therapeutics Market | SWOT Analysis of Major Market Segments

The global Dermatology Diagnostic Devices And Therapeutics Market is marked by intense competition, which is likely to remain an unchanging feature of the market in the coming years. Leading players in the global dermatology diagnostic devices and therapeutics market include Michelson Diagnostic Ltd., Strata Skin Sciences, GSK, Galderma, Agfa-Gevaert, AbbVie, and Janssen Biotech. These seven companies collectively accounted for more than 96% of the global dermatology diagnostic devices and therapeutics market in 2015 and are likely to retain dominant shares in the market in the coming years. Expansion of geographical outreach and establishment of widespread distribution networks is likely to be a key competitive tactic for players in the dermatology diagnostic devices and therapeutics market.

The global dermatology diagnostic devices and therapeutics market was valued at more than US$18.5 bn in 2015 and is likely to rise to around US$21 bn by 2024. The dermatology therapeutics market is by far the dominant component of the global dermatology diagnostic devices and therapeutics market and is likely to rise to a valuation of more than US$20 bn by 2024. On the other hand, the dermatology diagnostic devices market is likely to exhibit a robust CAGR of 7.1% between 2016 and 2024 and is expected to rise in valuation from US$595.6 mn to US$1,095.1 mn.

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Rising Air Pollution Likely to Contribute to Rising Prevalence of Dermatological Problems

One of the key drivers for the global dermatology diagnostic devices and therapeutics market is the rising concerns regarding air pollution in developed regions. Rising air pollution has led to a steady increase in the prevalence of dermatological conditions and is likely to play a key role in the development of the dermatology diagnostic devices and therapeutics market in the coming years due to the rapid pace of urbanization and industrialization across the world.

The rising geriatric population is also likely to aid growth of the global dermatology diagnostic devices and therapeutics market in the coming years. Anti-aging products already constitute a key part of the global cosmetics sector and are likely to contribute significantly to the dermatology diagnostic devices and therapeutics market in the coming years.

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North America to Remain Leading Contributor to Dermatology Diagnostic Devices and Therapeutics Market

Regionally, North America is likely to dominate the global dermatology diagnostic devices and therapeutics market in the coming years due to the steady presence of a number of major healthcare sector players in the region. North America is expected to account for 46.4% of the global dermatology diagnostic devices and therapeutics market by 2024. The steady support to innovation in the medical sector in North America is also likely to remain a key driver for the North America dermatology diagnostic devices and therapeutics market in the coming years.

Within the dermatology diagnostic devices market, imaging equipment is likely to remain the leading contributor to the global market, with the segment expected to exhibit a strong 7.4% CAGR between 2016 and 2024. On the other hand, the dermatology therapeutics market is dominated by antibacterial therapeutics, as bacterial dermal infections are becoming a common concern around the world and are likely to lead to consistent demand from the global dermatology diagnostic devices and therapeutics market. Antibacterial therapeutics accounted for 28.4% of the global dermatology diagnostic devices and therapeutics market in 2015 and are likely to retain a dominant share through the forecast period.

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