Dermatology Drug Market - Trends And Opportunities For The Industry By 2024

Dermatological drugs are used in the management and treatment of diseases related to skin, nail, hair, and genital membranes. These diseases can be treated through topical as well as systemic medications, dermatological surgery, laser therapy, radio therapy, and photodynamic therapy. Increase in stress, changing food habits, deficiency of nutrients, lower immunity, and pollution has resulted in growth in patients with skin ailments. Acne and psoriasis are the most common skin disorders observed across the world. Topical dermatological drugs used to treat acne include local anesthetics, cleansers, anti-inflammatory agents, anti-infectives, emollients, and astringents. Surgical procedures for treatment of skin disorders is not preferred over dermatological drugs due to higher costs associated with surgery. Low cost associated with dermatological drugs is one of the major factors responsible for increasing demand in the market.

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Various government associations have taken initiatives to increase awareness about skin diseases and management among patients. The dermatological drug market is witnessing strong growth due to increasing demand for rapid diagnosis and treatment. However, stringent regulations for the approval of dermatology drugs restrains the global market.

The dermatological drugs market is segmented based on route of administration, end-user, and therapeutic application. In terms of route of administration, the market is segmented into topical, oral, and parenteral administration. Based on therapeutic application, the dermatological drug market is segmented into acne vulgaris, dermatitis, psoriasis, skin cancer, skin infection, rosacea alopecia, and fungal infection, eczema, and hair loss. In terms of end-user, the market is classified into hospitals, specialty clinics, cosmetic centers, and others.

Biologics has been observed as a recent trend in the dermatological drug market for the treatment of skin disorders. For example, Ustekinumab (Stelara), a Janssen Biotech, Inc. brand approved by the U.S. FDA in 2013, is a human monoclonal antibody used for the treatment of moderate to severe plaque psoriasis in Canada, Europe, and the U.S. Furthermore, new dermatology products focus on Janus kinase (JAK) inhibitor, mirogenactivated protein kinase (MEK) inhibitors, and monoclonal antibodies. These are expected to gain market value in the near future due to growing research and development, increasing applications, and rising skin disorders among the population.

In terms of geography, the dermatology drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America and Europe are the two largest markets for dermatological drugs due to high prevalence of skin diseases and increasing R&D investments for the manufacture of dermatology drugs. However, other regions such as Asia Pacific and Rest of the World are expected to be the potential markets during the forecast period owing to high prevalence of psoriasis, acne, and other skin diseases; higher adoption rate of advanced therapeutics, increasing investments in low cost manufacturing, and growing awareness about skin disorders.

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The dermatological drug market is highly fragmented due to presence of large number of recognized as well as emerging players. Key players in the dermatology drugs market are AbbVie Inc., AstraZeneca, GlaxoSmithKline, Johnson & Johnson Services Inc., LEO Pharma A/S, and Pfizer, Inc.

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