Owing to High Prevalence of Chronic Skin Diseases, Dermatology Diagnostic Devices and Therapeutics Market is expected to reach US$1,095.15 Million by 2024

The rising prevalence of chronic skin disorders is the primary growth driver for the global dermatology diagnostic devices and therapeutics market. Several studies and researches by renowned organizations indicate that skin disorders such as various types of skin cancer, invasive melanoma, psoriasis, and acne continue to be on the rise. Thus, need for diagnosing them and treating them is expected to make a significant contribution to the overall market. The improvement of life expectancy due to ongoing developments in the field of medicine are also expected to benefit the global market to a significant extent. Rising pollution, aging population, changing demographics, and increasing expenditure on healthcare are all expected to benefit the global market in the coming years.

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Efforts to make healthcare affordable are expected to act as an impediment for the global market. For instance, the U.S. Affordable Healthcare for America Act levies an excise duty of 2.3% on all medical devices, which negatively impacts the manufacturers and importers of devices. Eventually, it eats into the profits of the manufacturers, thereby hampering the growth and the revenue of the overall market. The global market, especially the therapeutics division is being challenged by the growing number of patent expirations during the forecast period of 2016 and 2024. This could lead to reduced profits for several drugs, thereby hampering the earnings of key performing drugs.

On the basis of drug class, the global dermatology diagnostic devices market is segmented into dermatoscopes, microscopes and trichoscopes, and imaging equipment. Of these, the imaging equipment is projected to lead the global market during the forecast period, as it is poised to rise at a CAGR of 7.4% between 2016 and 2024.

On the basis of drug class, the global dermatology therapeutics market is divided into antifungal agents, antibacterial, antiviral agents, retinoids, immunosuppressant, biologics, and corticosteroids. The antibacterial segment is slated to dominate the global market in the near future due to its high usage in treating skin disorders. This segment held a leading share of 28.4% in the overall market in 2015.

In terms of geography, North America is the leading regional market for both global dermatology diagnostic devices and therapeutics market. The report indicates that the diagnostics devices market in North America will account for 46.4% share in the overall market, while therapeutics market will acquire a share of 40.6% by 2024.

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The competition in the global dermatology diagnostic devices and therapeutics market is expected to intensify in the coming years. Transparency Market Research states that the increasing level of competition will be determined by the efforts made by leading players to strengthen their presence, expand their geographical reach, and build distribution networks. The leading players in the global dermatology diagnostics devices market as of 2015 were Michelson Diagnostic Ltd., Agfa-Gevaert, and Strata Skin Sciences. These companies held a share of 39.2% in the global market in 2015. On the other hand, the AbbVie, GSK, Janssen Biotech, and Galderma led the global dermatology therapeutics market in 2015 with a share of 56.7% in the overall market.

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