Dublin, April 08, 2024 (GLOBE NEWSWIRE) — The “Global Dermatological Therapeutics Market Analysis & Forecast 2024-2034: Market By Drug Class; By Application; and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global dermatological therapeutics market size was estimated to be USD 41.52 billion in 2023 and is expected to reach at USD 116.93 billion by 2034 with a CAGR of 9.87% during the forecast period 2024-2034. Rising prevalence of dermatology diseases, growing awareness regarding disease progression & etiology, increasing geriatric population, surge in developments by key market players, rising number of clinical studies for evaluating safety & efficiency of a wide range of therapeutic drugs, and growing approvals for dermatological products by regulatory bodies are some of the key factors boosting the market growth.
Growing approvals for dermatological products by regulatory bodies is predicted to boost the market growth during the forecast period. As the burden of dermatological disorders rises, so does the demand for safe and efficient dermatological therapies. Hence, Players in the market are concentrating on the development of innovative items and anticipating for regulatory authority clearance. For instance, in May 2022, Dermavant Sciences has obtained approval from the U.S. Food and Drug Administration (FDA) for a topical treatment intended for adults with plaque psoriasis. This marks the singular FDA-approved steroid-free topical medication within its category.
By drug class, anti-infectives was the highest revenue-grossing segment in the global dermatological therapeutics market in 2023 owing to the rising demand for anti-infectives, increasing focus on development of novel drugs, and surge in prevalence of infectious diseases. Additionally, corticosteroids is predicted to grow at fastest CAGR during the forecast period owing to the surge in use of corticosteroids, growing introduction of advanced products, and increasing approvals by regulatory bodies. For instance, in January 2022, AbbVie revealed that Rinvoq has received FDA approval for the treatment of refractory, moderate-to-severe atopic dermatitis in individuals aged 12 and above who do not respond to, or cannot tolerate, prior oral or injectable systemic treatments.
By application, psoriasis was the highest revenue-grossing segment in the global dermatological therapeutics market in 2023 owing to increasing prevalence of psoriasis, growing number of clinical trials for psoriasis drug development, rising focus on development by major market players, surge in adoption of dermatological therapeutics, increasing new product launches, and growing approvals by regulatory bodies. For instance, in July 2022, The FDA has given its approval for ZORYVE, a cream containing 0.3% roflumilast, which is a topical inhibitor of phosphodiesterase-4 (PDE4). This medication is now authorized for the treatment of plaque psoriasis in individuals aged 12 years and older. Additionally, atopic dermatitis is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of atopic dermatitis, increasing number of atopic dermatitis industry, and growing approvals by regulatory bodies.
North America is anticipated for the highest revenue share during the forecast period owing to the increasing healthcare expenditure, rising awareness regarding skin diseases, growing prevalence of dermatological diseases, surge in geriatric population, and increasing approvals by regulatory bodies. For instance, In September 2022, Bristol Myers Squibb has disclosed that the U.S. Food and Drug Administration (FDA) has given the green light to SotyktuT (deucravacitinib), an innovative oral medication that is a selective allosteric tyrosine kinase 2 (TYK2) inhibitor. This approval is for the treatment of adults experiencing moderate-to-severe plaque psoriasis and who are suitable for systemic therapy or phototherapy
Additionally, Asia Pacific is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of dermatological diseases, rising focus on developments by key market players, increasing new product launches, and surge in regulatory approvals by regulatory bodies. For instance, in September 2022, Regeneron Pharmaceuticals, Inc. and Sanofi have reported that the U.S. Food and Drug Administration (FDA) has granted approval for Dupixent (dupilumab) to be used in treating adult patients who have prurigo nodularis.
Global Dermatological Therapeutics Market Analysis & Forecast (2023-2034, Revenue USD Billion) by:
Drug Class
- Anti-infectives
- Corticosteroids
- Anti-acne
- Calcineurin Inhibitors
- Retinoids
- Others
Application
- Alopecia
- Herpes
- Psoriasis
- Rosacea
- Atopic Dermatitis
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Companies Featured
- Eli Lilly and Company
- Amgen Inc.
- Johnson & Johnson
- Aclaris Therapeutics Inc.
- Galderma SA
- AbbVie Inc. (Allergan PLC)
- GlaxoSmithKline PLC
- Aurobindo Pharma Ltd.
- Novartis AG
- LEO Pharma AS
- Almirall SA
- Pfizer Inc.
- Bristol-Myers Squibb Company
- Sun Pharmaceuticals Ltd
- Bausch Health Companies Inc.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $41.52 Billion |
| Forecasted Market Value (USD) by 2034 | $116.93 Billion |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/818p45
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- Global Dermatological Therapeutics Market
