Dermatology Diagnostic Devices and Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
According to the research report, the global dermatology diagnostic devices market was valued at US$595.61 mn in 2015 and is expected to reach US$1,095.15 mn by the end of 2024. During the forecast years of 2016 and 2024, the global market is estimated to expand at a CAGR of 7.1% due to the high prevalence of chronic skin disorders. On the other hand, the global dermatology therapeutics market stood at US$18.1 bn in 2015 and is expected to reach US$20 bn by the end of 2024, expanding at a CAGR of 1.4% between 2016 and 2024.
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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 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.
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.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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