Dermatological Drugs Market Worth A USD 34.9 Billion By 2028Posted by rahul nikade on January 31st, 2023 Dermatological Drugs Industry Overview The global dermatological drugs market size was valued at USD 17.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.8% from 2022 to 2028. 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. Gather more insights about the market drivers, restrains and growth of the Global Dermatological Drugs Market 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. Dermatology is a branch of medical science that deals with the diagnosis, prevention, and treatment of various skin-related diseases, including hairs and nails. Dermatological drugs involve drugs that are used to treat skin diseases. The goal of dermatological drugs is to prevent skin disorders. Skin treatment includes laser therapy, topical & systemic medications, photodynamic therapy, radiotherapy, vitiligo surgery, and dermatological surgery. These dermatological drugs are also used for skincare to maintain skin features such as glow and healthiness. This target market is expected to grow rapidly during the forecast period, owing to the increasing geriatric population, rising awareness of skin problems, soaring people's spending power, and huge reserves of dermatology drugs. In addition, the increasing prevalence of skin diseases is one of the biggest factors driving the growth of the dermatology drug market. Stress, eating habits, environmental and genetic factors, and aging are the most important factors contributing to the development of skin diseases in millions of people worldwide. According to the data published by the World Health Organization, skin diseases are one of the most common forms of health disorders, affecting nearly 900 million people worldwide at one time. Despite efforts to manage dermatological skin conditions, there is a higher demand for the development of low-cost and therapeutically effective medicines. The growing prevalence of acne infections, atopic dermatitis (eczema), and other diseases in the population has prompted pharmaceutical companies to produce drugs for skin diseases. Companies are increasing their spending on research and development activities. For instance, in 2020, Alembic Pharmaceuticals' received FDA approval for topical retinoid “Adapalene Gel USP 0.3%” for acne vulgaris in patients ages 12 years and older. The initiatives by governments and private organizations to develop the pharmaceutical industry are driving the growth of the market. Furthermore, the increasing number of approvals for dermatology products is propelling the growth of the market. However, the presence of acne treatment alternatives such as light or laser therapy, chemical peels, micro-needling, microdermabrasion, and lesion removal is expected to restrain the growth of the dermatology market during the forecast period. Browse through Grand View Research's Pharmaceuticals Industry Research Reports.
Dermatological Drugs Market Segmentation Grand View Research has segmented the global dermatological drugs market based on Indication and region: Dermatological Drugs Indication Outlook (Revenue, USD Million, 2017 - 2028)
Dermatological Drugs Regional Outlook (Revenue, USD Million, 2017 - 2028)
Market Share Insights
Key Companies profiled: Some prominent players in the global dermatological drugs market include
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