Global Dermatology Diagnostic Devices and Therapeutics Market Analysis, Size, Share, Growth, Trends, and Forecast to 2024

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The global dermatology diagnostic devices and therapeutics market is marked by intense competition, which is likely to remain an unchanging feature of the market in the coming years. Leading players in the global dermatology diagnostic devices and therapeutics market include Michelson Diagnostic Ltd., Strata Skin Sciences, GSK, Galderma, Agfa-Gevaert, AbbVie, and Janssen Biotech. These seven companies collectively accounted for more than 96% of the global dermatology diagnostic devices and therapeutics market in 2015 and are likely to retain dominant shares in the market in the coming years. Expansion of geographical outreach and establishment of widespread distribution networks is likely to be a key competitive tactic for players in the dermatology diagnostic devices and therapeutics market.

The global dermatology diagnostic devices and therapeutics market was valued at more than US$18.5 bn in 2015 and is likely to rise to around US$21 bn by 2024. The dermatology therapeutics market is by far the dominant component of the global dermatology diagnostic devices and therapeutics market and is likely to rise to a valuation of more than US$20 bn by 2024. On the other hand, the dermatology diagnostic devices market is likely to exhibit a robust CAGR of 7.1% between 2016 and 2024 and is expected to rise in valuation from US$595.6 mn to US$1,095.1 mn.

North America to Remain Leading Contributor to Dermatology Diagnostic Devices and Therapeutics Market

Regionally, North America is likely to dominate the global dermatology diagnostic devices and therapeutics market in the coming years due to the steady presence of a number of major healthcare sector players in the region. North America is expected to account for 46.4% of the global dermatology diagnostic devices and therapeutics market by 2024. The steady support to innovation in the medical sector in North America is also likely to remain a key driver for the North America dermatology diagnostic devices and therapeutics market in the coming years.

Within the dermatology diagnostic devices market, imaging equipment is likely to remain the leading contributor to the global market, with the segment expected to exhibit a strong 7.4% CAGR between 2016 and 2024. On the other hand, the dermatology therapeutics market is dominated by antibacterial therapeutics, as bacterial dermal infections are becoming a common concern around the world and are likely to lead to consistent demand from the global dermatology diagnostic devices and therapeutics market. Antibacterial therapeutics accounted for 28.4% of the global dermatology diagnostic devices and therapeutics market in 2015 and are likely to retain a dominant share through the forecast period.

Rising Air Pollution Likely to Contribute to Rising Prevalence of Dermatological Problems

One of the key drivers for the global dermatology diagnostic devices and therapeutics market is the rising concerns regarding air pollution in developed regions. Rising air pollution has led to a steady increase in the prevalence of dermatological conditions and is likely to play a key role in the development of the dermatology diagnostic devices and therapeutics market in the coming years due to the rapid pace of urbanization and industrialization across the world.

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The rising geriatric population is also likely to aid growth of the global dermatology diagnostic devices and therapeutics market in the coming years. Anti-aging products already constitute a key part of the global cosmetics sector and are likely to contribute significantly to the dermatology diagnostic devices and therapeutics market in the coming years.

The global dermatology diagnostic devices and therapeutics market is segmented as follows:

Global Dermatology Diagnostic Devices Market, by Product Type

· Dermatoscopes

o Contact Oil Immersion Dermatoscopes

o Cross-Polarized Dermatoscopes

o Hybrid Dermatoscopes

· Microscopes and Trichoscopes

o Multispectral Photoacaustic Microscopy (PAM)

o Reflectance Confocal Microscopy (RCM)

o Raman Spectroscopy

o Others

· Imaging Equipment

o X-ray

o Magnetic Resonance Imaging (MRI)

o Ultrasound

o Optical Coherence Tomography (OCT)

o Others

Global Dermatology Therapeutics Market, by Drug Class

· Antibacterial Agents

· Antifungal Agents

· Antiviral Agents

· Corticosteroids

· Retinoids

· Immunosuppressants

· Biologics

Global Dermatology Diagnostic Devices and Therapeutics Market, by Geography

· North America

o U.S.

o Canada

· Europe

o U.K.

o Germany

o Rest of Europe

· Asia Pacific

o China

o Japan

o India

o Australia

o Rest of Asia Pacific

· Latin America

o Brazil

o Rest of Latin America

· Middle East & North Africa

o Egypt

o Kuwait

o Saudi Arabia

o UAE

o Rest of Middle East & North Africa

· Rest of the World (RoW)

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On the other hand, the dermatology therapeutics market is segmented on the basis of drug class into antifungal agents, antibacterial agents, corticosteroids, antiviral agents, biologics, immunosuppressants, and retinoids. The report suggests that the antibacterial drugs segment will lead the global market in the coming years at it rises at a CAGR of 3.3% between 2016 and 2024. The efficiency of these drugs to treat and prevent skin conditions and disorders is expected to fuel their growth in the coming years. Additionally, the growing demand for oral antibiotics and topical antibacterial drugs is also projected to drive this market during the forecast period.

North America Emerges as Leading Geographical Segment with Accessible Healthcare for All

In terms of geography, the global dermatology diagnostic devices and therapeutics market is segmented into Latin America, Asia Pacific, North America, Asia Pacific, the Middle East and Africa, and Europe. Of these, North America is projected to lead the global market as it held a share of 43.8% in the global market 2014. The easy accessibility to healthcare, affordable healthcare, and high awareness about skin diseases and disorders amongst the overall population is projected to drive the regional market. The North America dermatology diagnostic devices and therapeutics market is also see a terrific rise as the region has a strong presence of pharmaceutical companies and excellent reimbursement policies.

Asia Pacific and Europe, on the other hand, are expected to witness a spurt of growth as well. The ever-increasing pool of geriatrics is anticipated to drive these regional markets. Analysts state that Asia Pacific will progress at a CAGR of 2.4% in the global market during the forecast period. The increasing expenditure on healthcare in the emerging economies is expected to be pivotal to this regional market’s growth.

The leading players slated to define the trajectory of the global dermatology diagnostic devices and therapeutics market are Novartis International AG, Dino-Lite Europe/IDCP B.V., Astellas Pharma, Inc., Agfa-Gevaert N.V., Cutera, Inc., Genentech, Galderma S.A., LEO Pharma A/S, Valeant Pharmaceuticals International, Inc., and Michelson Diagnostics Ltd.

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