27.09.2019 Медицина и фармацевтика

Dermatology Drugs Market and its Growth Prospect in the Near Future

Due to the increasing geriatric population, rising incidents and awareness about dermatological diseases, a strong channel for dermatological drugs, and increasing purchasing power of people, the market for dermatology drugs is growing. An ample number of drugs have been approved by the FDA and other drugs regulatory bodies for various skin conditions and disorders, such as acne, wrinkles, and psoriasis. The dermatology drugs market generated a revenue of $21.5 billion in 2017 and is expected to register a CAGR of 8.2% during the forecast period (2018–2023).

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The end-users of these drugs include hospitals, clinics, at-home, cosmetic centers, and others, which consists of research and clinical laboratories, ambulatory surgical centers and nursing homes. Among all these, hospitals dominated the dermatology drugs market during the historical period 2013–2017, accounting for 38.0% revenue share in 2017. Moving further to the global ground, North America has the largest market for dermatology drugs. In 2017, the region held a 43.3% share in the market due to high per capita income and growing awareness on newly developed drugs.

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Various dermatological drugs manufactured by market players are getting approval from authorized regulatory authorities, such as U.S. Food and Drug Administration and the European Union (EU) that are positively affecting the growth of the dermatology drugs market. For instance, in September 2018, Libtayo (cemiplimab-rwlc) developed by Sanofi received the USFDA approval for treating metastatic cutaneous squamous cell carcinoma in those, who have not qualified for surgical or radiation treatments.

Therefore, it is clear that as more people are affected by dermatological issues in the future, the market for related drugs will also grow.