Press release
Dermatological Drugs Market is Generating Value of $36 Billion by 2026, at CAGR 10.9% Growth Rate | Pfizer Inc., Novartis AG
Dermatological Drugs Market
The global dermatologicals industry was pegged at $15.56 billion in 2018, and is anticipated to reach $36.20 billion by 2026, growing at a CAGR of 10.9% from 2019 to 2026.
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COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
Drivers, restraints, and opportunities
Rise in prevalence of skin disorders, surge in healthcare expenditure, and increase in focus on skincare products have boosted the growth of the global dermatologicals market. However, presence of alternatives for acne treatment hampers the market growth. On the contrary, high growth potential in developing economies is expected to create lucrative opportunities in the near future.
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Dermatitis segment to manifest the highest CAGR through 2026
The dermatitis segment is expected to register the fastest CAGR of 11.8% during the forecast period, due to surge in the awareness related to the use of dermatologicals for the treatment of dermatitis across the globe. However, the psoriasis segment held the largest share in 2018, contributing to nearly two-fifths of the global dermatologicals market, owing to increase in the incidences of psoriasis along with skin disorders associated with it and rise in awareness among people regarding different treatments.
Prescription-based drugs segment dominated the market
The prescription-based drugs segment held the largest share in 2018, accounting for nearly two-thirds of the global dermatologicals market, as these medicines are advantageous as patients get the correct dosage of the drug during the treatment of skin conditions such as acne and psoriasis. However, the over-the-counter drugs segment is expected to portray the highest CAGR of 11.7% during the forecast period, owing to rise in awareness related to early diagnosis and treatment of the medical condition.
North America held the lion's share
The market across North America held the largest share in 2018, contributing to around two-fifths of the total revenue. This is pertaining to surge in prevalence of various skin disorders, easy availability of dermatological products and surge in awareness related to use of dermatologicals in treatment of various skin disorders. However, the global dermatologicals market across Asia-Pacific is anticipated to register the highest CAGR of 12.3% during the forecast period, due to presence of large potential customer base coupled with surge in awareness related to use of dermatologicals for treatment of diseases.
To know more about the report, visit the website at @ https://www.alliedmarketresearch.com/dermatological-drugs-market
The Major Key Players Are:
Bayer AG, Johnson & Johnson, Pfizer Inc., Novartis AG, GlaxoSmithKline plc, AstraZeneca, Galderma S.A., Amgen Inc., AbbVie Inc., and Merck KGaA.
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