Dermatological Therapeutics Market to Expand in Global Market with CAGR of 4% during 2018-2023 With AGI DERMATICS, ALLERGAN, AMGEN, CHESTER VALLEY PHARMACEUTICALS, DERMIK LABORATORIES, EISAI, FERNDALE LABORATORIES

The dermatological therapeutics market is expected to register a CAGR of 4.0% during the forecast period, 2018 to 2023. North America dominates the market, due to presence of strong key players I the region and growing healthcare expenditure.

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Rapid Increase in Elderly Population
The geriatric population is rising at a swift pace. With the rising number of elderly population dermatology care will receive particular attention. As people age, their risk of developing skin-related disorders increase. With an aging world population and rising expectations about skin, hair, and nail appearance, the prevalence of some of the most common skin disorders continues to rise. With the exception of Melanoma, most skin disorders are not life threatening. However, they can have serious effects on daily life by causing visible physical damage, embarrassment, and social and occupational restrictions. Also the increasing incidence of dermatological diseases and the increasing levels of awareness will lead to high growth in the market for dermatological therapeutics. Also, the increase in incidence rates of dermatology diseases and increase in awareness levels of disease progression and etiology will drive the growth in the dermatological therapeutics market.

Key Developments in the Market
• February 2017: Valeant Pharmaceuticals received the approval by the FDA for Siliq (brodalumab) for usage in the treatment of plaque psoriasis
• February 2017: Allergan received approval from FDA approval for Rhofade (oxymetazoline hydrochloride), for usage in the treatment of facial erythema associated with rosacea

Major Payers:
AGI DERMATICS, ALLERGAN INC., AMGEN INC., CHESTER VALLEY PHARMACEUTICALS INC., DERMIK LABORATORIES INC., EISAI INC., FERNDALE LABORATORIES INC., GENENTECH INC., MEDICIS PHARMACEUTICAL CORP, AND ONSET THERAPEUTICS, amongst others.

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Serious Side Effects for Certain Classes of Therapeutic Drugs
A side-effect is an unwanted symptom caused by medical treatment. A huge number of people in the US are admitted to hospital every year because of side effects associated with the use of dermatological therapeutics. Death can also occur in severe cases. Dermatological therapeutics can cause some severe side effects as in case of corticosteroids the can cause water retention, weight gain, osteoporosis, hypertension, etc. all of which can hamper the lifestyle of individuals who might have to deal with these side effects. Also, patent expiry and generic drugs development, which may act as a market restraint.

North America to Dominate the Market
North America is expected to lead the global market. The growing healthcare expenditure, and high awareness about skin diseases and strong presence of pharmaceutical companies are anticipated to drive the growth of market in North America. In the APAC region the ever-increasing pool of geriatrics population, increasing expenditure on healthcare in the emerging economies are expected to be pivotal to this regional market’s growth.

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