Dermatology Drugs Market To Generate Revenue Worth $55,425 Million by 2030

The increasing aging population, rising incidence of skin diseases, growing disposable income, and surging number of research programs are some of the major drivers positively impacting the demand for skin disease drugs. Owing to such factors, the global dermatology drugs market is projected to reach $55,425.0 million by 2030, growing with a CAGR of 8.8% during the forecast period (2020–2030).

The outbreak of the COVID-19 has negatively impacted the market, majorly due to the suspension of non-essential treatments at medical centers and various restrictions. For instance, according to the All India Organisation of Chemists and Druggists (AIOCD), there has been a 30% decline in the sale of dermatological drugs due to lockdowns, which has badly impacted the growth of the market.

Prescription Drugs Category Dominated Industry in 2019

Based on prescription mode, the dermatology drugs market is categorized into prescription drugs and over-the-counter (OTC) drugs, of which the prescription drugs category dominated the market in 2019. This is attributed to the availability of a broad range of prescription drugs, increasing preference for consulting dermatologists, especially for chronic skin conditions, and growing awareness about skin diseases.

Further, based on end user, the market is categorized into hospitals, clinics, cosmetic centers, at-home settings, and others. During the forecast period, cosmetic centers are projected to gain the fastest growth in the market. This would primarily be due to the increasing focus of people on their appearance, rising number of cosmetic centers, and less-expensive beauty services offered by these settings compared to hospitals.

Geographically, the North American region held the largest share in the global market during the historical period (2014–2019), and the same situation is predicted for the forecast period. The increasing awareness on skin diseases and their care regimen among the population, presence of numerous established players in the region, high disposable income of the population, and large pipeline of drugs are leading to the growth of the market. The American Academy of Dermatology Association (AADA) mentioned in a report that acne is the most-prevalent skin condition in the U.S., registering an annual case count of 50 million. It was also reported that the skin disease burden on the U.S. healthcare system is $75 billion, in medical visit, preventative treatment, and prescription and non-prescription drug costs.

Industry Players Launching New Dermatology Drugs to Expand in Market

Dermatology drugs market players are actively pursuing approvals and launching new medicines in order to enhance their market presence. For instance, in August 2020, Novartis AG received the approval of the European Commission (EC) for Cosentyx (secukinumab), which has been developed for the treatment of plaque psoriasis. It is well tolerated by patients aged 6 to 18 years.

Similarly, in December 2019, Merck & Co. Inc. received the approval for ERVEBO (Ebola Zaire vaccine, live) from the United States Food and Drug Administration (USFDA) for the prevention of infectious skin diseases caused by the Zaire ebolavirus. It is suitable for individuals 18 years and older.

Some of the major players operating in the global market are Bausch Health Companies Inc., Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson, Merck & Co. Inc., Amgen Inc., AbbVie Inc., Eli Lilly and Company, Galderma S.A., GlaxoSmithKline plc, Mylan N.V., LEO Pharma A/S, and Sanofi S.A.