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Report Code: LS10496
Category : Pharmaceuticals
The increasing prevalence of skin diseases and growing aging population around the world are the predominant growth drivers for the global dermatology drug market. Acne, psoriasis, and dermatitis are some common skin diseases. Acne is the most common dermatological condition, which is caused by clogging of hair follicles by sebum, dirt, and dead skin cells. Acne affects majority of the world population and leads to scaring. According to the American Academy of Dermatology, one of the largest organizations of dermatologists in the world, approximately 85% Americans suffer from acne at some phase in their lives.
Additionally, the increasing disposable income, strong drug pipeline, and initiatives taken by various government associations to raise awareness about various types of skin diseases and its management are also driving the growth of the global market. The increasing numbers of mergers and acquisitions is one of the major trends observed in the market.
Dermatology is a branch of medicine focused on the diagnosis and treatment of diseases of the skin, nails, hair, and mucous membranes. The major skin diseases include dermatitis, acne, psoriasis, eczema, skin infections, and skin cancer. Hair loss is the most common hair disorders around the world. Bacterial and fungal infections in nails, ingrown nails, tumors and warts are some common nail disorders. In order to treat the skin, nail and hair diseases, dermatologists recommend dermatology drugs for their management.
The stringent regulation for the approval of dermatology drugs is restraining the growth of the global market. Moreover, the lack of awareness about the innovative applications is also hindering the growth of the global dermatology drug market, especially in the developing countries, such as India and China.
North America and Europe are the major markets, due to increasing prevalence of skin diseases, and increasing awareness about potential applications of dermatology drugs in the regions. The U.S., followed by Canada, is the largest market for dermatology drug in North America. Whereas, the U.K. Germany, and France are some of the major countries holding significant share in the European market.
The Asia-Pacific market is growing with a significant rate, owing to increasing prevalence of skin diseases, growing geriatric population, and increasing healthcare spending in the region. In addition, initiatives taken by various government associations to raise awareness about dermatological problems and its management are also supporting the growth of the Asia-Pacific dermatology drug market. The countries, such as India, Japan and China are the major markets in the region.
Apart from these regions, Latin America is another important market for dermatology drug. This is due to the increasing R&D investments in the manufacturing of dermatology drugs in low manufacturing cost regions, including Latin America. Brazil holds the largest share in the Latin American market, due to the increasing prevalence of skin diseases and growing awareness about dermatological problems and its management in the country.
Some of the major players operating in the global dermatology drug market include AbbVie, Inc., Galderma S.A., GlaxoSmithKline plc, Johnson & Johnson, LEO Pharma A/S, Pfizer Inc., Amgen Inc., Bayer AG, Bristol-Myers Squibb Company, Mylan N.V, Novartis AG, Pierre Fabre, Merz Pharma GmbH & Co. KGa, Merck & Co., Inc., Biofrontera Pharmaceuticals AG, and Valeant Pharmaceuticals International, Inc.
Dermatology Drug Market Segmentation
By Dermatological Disease
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