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Dermatology Drugs Market Size to Record 8.2% CAGR Over 2023-2030; Growing Incidence of Skin Disorders to Propel Market Progress

January 31, 2024 | Healthcare

The dermatology drugs market size touched USD 38.48 billion in 2022 and is predicted to reach USD 40.55 billion in 2023. The market is anticipated to touch USD 70.59 billion by 2030, recording a CAGR of 8.2% over 2023-2030.


Fortune Business Insights™ presents this information in its latest report titled Dermatology Drugs Market Size, Share & COVID-19 Impact Analysis, By Application (Acne, Psoriasis, Atopic Dermatitis, and Others), By Route of Administration (Oral, Parenteral, and Topical), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2023-2030”.


Dermatology drugs are medicines prescribed by medical professionals to treat patients suffering from a wide range of skin-related disorders, such as vitiligo, dermatitis, acne, and skin cancer. The increasing prevalence of skin problems, such as acne among teenagers, rising product launches, and large-scale clinical studies are some of the major factors that will propel the market’s growth.


Decreased Consumption of Dermatology Drugs During COVID-19 Pandemic Slowed Market Progress


The COVID-19 pandemic had a negative influence on the market’s growth as key manufacturers faced several supply chain disruptions in this market. Lockdowns and other restrictions imposed by governments forced patients to either postpone or cancel their visits to dermatological clinics, which further impeded the demand for dermatology drugs and the market’s growth.


Almirall Entered Research Partnership with CRG to Develop Models to Identify New NMSC Treatments


Almirall, S.A. announced that it had entered a research collaboration with the Centre for Genomic Regulation (CRG) in May 2023, which is an international biomedical research institute of excellence. The collaboration aims to design and characterize cutting-edge preclinical models that will assist medical researchers in identifying new treatments for Non-Melanoma Skin Cancer (NMSC).


Growing Incidence of Skin Disorders to Propel Market Progress


The number of people living with skin conditions, such as psoriasis, severe acne, dermatitis, and vitiligo, is increasing across the world, especially in developing countries, where access to proper dermatological care is limited. This scenario has resulted in a robust demand for novel and effective skincare products that can help patients better manage their skin conditions. Many key market players are focusing on launching new dermatological medications to improve patient outcomes and quality of care. These factors are predicted to fuel the dermatology drugs market growth in the coming years.


However, the market may be impeded due to the expensive cost of the treatments and the risk of side effects.


Key Market Players to Focus on Growth Strategies to Boost Dominance


The market is highly competitive due to the rising presence of leading companies, such as AbbVie, Inc., Johnson & Johnson Services, Inc., Leo Pharma, and Novartis. These companies are increasing their focus on implementing various corporate growth strategies, such as partnerships, mergers, and acquisitions, to boost their dominance in the market and expand their customer base.


Notable Industry Development:


August 2023: Arcutis Biotherapeutics, Inc., an early commercial-stage biopharma firm creating important innovations in immune-dermatology entered a licensing agreement and strategic collaboration with Hangzhou Zhongmei Huadong Pharmaceutical Co., which is a wholly owned subsidiary of Huadong Medicine Co., Ltd. The aim of the collaboration is to create, manufacture, and commercialize a topical solution named roflumilast in Southeast Asia and Greater China.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/dermatology-drugs-market-104432


List of Key Companies Profiled in the Report:



  • AbbVie, Inc. (U.S.)

  • Novartis AG (Switzerland)

  • Pfizer, Inc.  (U.S.)

  • Johnson & Johnson Services, Inc. (U.S.)

  • Eli Lilly and Company (U.S.)

  • GALDERMA (Switzerland)

  • GSK plc (U.K.)

  • Almirall, S.A (Spain)

  • Bausch Health Companies Inc. (Canada)


Further Report Findings:



  • North America dominated the dermatology drugs market share in 2022 due to various factors, such as a growing number of product launches and a rising number of patients suffering from skin-related diseases. Governments across the region are also launching a wide range of initiatives to support the research and development of advanced and effective dermatology drugs. Moreover, proper reimbursement policies for the treatment of dermatological disorders are widely available for patients across the region, further fueling the regional market’s growth.

  • Europe has captured the second-largest share of the market as the market players across the region are increasing their investments in research and development programs to develop effective and novel medicines.

  • Based on application, the psoriasis segment captured a vast majority of the market’s share in 2022 due to the increasing incidence of psoriasis and growing awareness of this disease among patients. Key market players are also launching dermatological products that can treat psoriasis effectively, which will further accelerate the segment’s growth.


Table of Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year 



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 8.2% from 2023-2030



Unit



Value (USD Billion)



Segmentation



By Application



  • Acne

  • Atopic Dermatitis

  • Psoriasis

  • Others



By Route of Administration



  • Oral

  • Parenteral

  • Topical



By Distribution Channel



  • Hospital Pharmacies

  • Retail Pharmacies

  • Online Pharmacies



By Region



  • North America (By Application, Route of Administration, Distribution Channel, and Country)


    • U.S. (By Application)

    • Canada (By Application)


  • Europe (By Application, Route of Administration, Distribution Channel, and Country/Sub-Region)


    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Scandinavia (By Application)

    • Rest of Europe (By Application)


  • Asia Pacific (By Application, Route of Administration, Distribution Channel, and Country/Sub-Region)


    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)


  • Latin America (By Application, Route of Administration, Distribution Channel, and Country/Sub-Region)


    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)


  • Middle East & Africa (By Application, Route of Administration, Distribution Channel, and Country/Sub-Region)


    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa (By Application)



Global Dermatology Drugs Market
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  • 2022
  • 2019-2021
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