Dermatological Drugs Market To Hit Value .9 Billion By 2028 |Grand View Research, Inc.Posted by Mrudula Karmarkar on August 9th, 2022 The global dermatological drugs market size is expected to reach USD 34.9 billion by 2028, expanding at a compound annual growth rate (CAGR) of 10.8% from 2022 to 2028, according to a new report by Grand View Research, Inc. The global dermatological drugs market is expected to grow due to driving factors such as the availability of medical resources for detecting and treating skin diseases, nutritional deficiency due to unhealthy food habits, increasing awareness when it comes to lifestyle diseases, and increasing pollution levels, and lack of immunity in the population. Additionally, the rising per capita income and the increasing purchasing power are the driving forces in this market. The acne segment is expected to expand with a CAGR of 10.5% from 2022 to 2028. Acne is a skin condition where dead skin and oil glands of skin glands are clogged, forming spots, pimples, and sometimes cysts. Additionally, infected hair follicles cause acne, which starts from the skin’s pores. Acne causes bumps on the face, shoulders, chest, and back in the form of pimples, blackheads, and whiteheads. Acne can be cured, and the appearance of the skin can be improved with effective treatment from dermatologists, contributing to the dermatological drug market. North America held the largest revenue share of more than 35% in 2021. The U.S. is positively contributing to the growth of the regional market. The presence of well-established pharmaceutical vendors is one of the key factors supporting the market growth. This region is one of the promising regions to launch new technology in terms of healthcare infrastructure and advanced research and development activities that help innovate and produce the most appropriate drugs to cure cancer. It is observed that in the region, there is a rapid shift in the healthcare industry to consumer-driven from traditional treatment for providing diagnosis and provision-based health services. Additionally, ease of availability of drugs and reimbursement policies for the patient in the healthcare industry contributes to driving the market in the region. The key factors driving the global dermatological drug market are parasites, fungus, and other microorganisms living on the skin; bacteria trapped in skin pores and hair follicles; holding in various fluids; preventing dehydration, and increasing pollution levels. Moreover, growing awareness of skin diseases and increasing demand for rapid diagnosis, are also contributing to the growth of the dermatological drugs market. Increasing demand for innovative drugs & growing R&D investments in developing new drugs will contribute to the market revenue. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/dermatological-drugs-market-report/request/rs1 During the COVID-19 pandemic and lockdown situation, the governments of various countries restricted physical movement, and citizens preferred to stay at home as a precautionary measure. Supply chains of oncology drugs were disturbed. Considering the urgency and emergency of dermatological drugs, the supply of drugs is allowed to become normal. Thus, a negligible impact of the pandemic is observed on the market revenue. Dermatological Drugs Market Report Highlights
The market is characterized by the presence of various well-established players as well as several small and medium-sized players. Pharmaceutical vendors are focusing on research activities to launch new chemical formulae of drugs to cure skin diseases and make patients feel relaxed with the most appropriate drug. Moreover, pharmaceutical vendors are expanding their reach across all the regions of the world to increase their revenues. Such initiatives are expected to boost the adoption rate of dermatological drugs. The vendors are aggressively following organic as well as inorganic strategies to expand their footprints across the globe. Some prominent players in the global dermatological drugs market include:
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