The global dermatology drugs market size was US$ 21.2 billion in 2021. The global dermatology drugs market size is forecast to reach US$ 72.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.60% during the forecast period from 2022 to 2032.
Dermatology is a field of medicine that focuses on identifying, preventing, and treating conditions that affect the skin, including those that affect the hair and nails. Medications used to treat skin conditions are referred to as dermatological drugs. Drugs used in dermatology are intended to prevent skin conditions. Some forms of skin treatment are Laser therapy, topical and systemic drugs, photodynamic therapy, radiation, vitiligo surgery, and dermatological surgery. These dermatological medications are also used in skincare to preserve skin characteristics like radiance and health.
Factors Influencing Market Growth
The growing geriatric population, increasing people's spending power, and huge reserves of dermatology drugs drive the global market.
The growing prevalence of skin diseases, increasing awareness of skin diseases, and rising demand for rapid diagnosis boost the global market growth.
The rising demand for innovative drugs and increasing R&D investments in developing new drugs are forecast to offer lucrative opportunities for the global market.
The increased expenditure associated with these drugs may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Several governments worldwide imposed a lockdown in order to curb the virus from spreading. This led to a disruption in supply and demand. In addition, many hospitals and clinics were focusing on treating patients diagnosed with COVID-19, which led to the closure of all non-essential treatments. Thus, this declined the demand for dermatology drugs.
However, the uplifting of lockdown has increased the demand for dermatology drugs. In addition, the market is forecast to have substantial growth during the forecast period.
The Asia Pacific region garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the constant advancement in the life science industry and health services and the rising awareness of skin diseases and their treatment.
Europe is forecast to have considerable growth during the forecast period. As a result of the growing large investment in the healthcare sector, substantial prevalence of healthcare insurance among the masses, rising sales of dermatology products, and supportive regulatory frameworks of the pharmaceutical industry.
The leading prominent companies profiled in the global dermatology drugs market are:
Bausch Health Companies Inc.
Bristol-Myers Squibb Company
Johnson & Johnson
Merck & Co. Inc.
Eli Lilly and Company
LEO Pharma A/S
Other Prominent Players
Scope of the Report
The global dermatology drugs market segmentation focuses on Disease Type, Distribution, Product, End-User, and Region.
Segmentation based on Disease Type
Segmentation based on Distribution
Hypermarket or Supermarket
Segmentation based on Product
Segmentation based on End-User
Segmentation based on Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
Meta Title: Dermatology Drugs Market Size, Share, Insight and Forecast 2022 to 2032
Meta Description: Global Dermatology Drugs Market is projected to reach US$ 72.4 billion by the end of 2032 from US$ 21.2 billion in 2021, at a CAGR of 11.60%
Meta Keywords: dermatology drugs market Size, dermatology drugs market share, dermatology drugs market trend, dermatology drugs market Forecast, dermatology drugs market insight