Dermatological Drugs - Market Insights, Competitive Landscape, and Market Forecast - 2030

Dermatological Drugs - Market Insights, Competitive Landscape, and Market Forecast - 2030

Dermatological Drugs Market By Drug Class (Anti-Infectives, Corticosteroids, Anti-Acne, Calcineurin Inhibitors, Retinoids, And Others), By Indication (Alopecia, Herpes, Psoriasis, Rosacea, Atopic Dermatitis, And Others), and by geography is expected to advance at a respectable CAGR forecast till 2030 owing to the increasing burden of dermatological disorders such as acne, alopecia areata, psoriasis, atopic dermatitis, rosacea, and others and the increasing research & developmental activities regarding the dermatological drugs across the globe

The global dermatological drugs market will grow at a CAGR of 10.62% during the forecast period from 2024 to 2030 to reach USD 30,880.13 million by 2030. The dermatological drugs market is observing substantial market growth due to the growing burden of various dermatological disorders across the globe. Moreover, rising awareness of skin problems among the people, soaring people's spending power on skincare and personal care, the surging burden of geriatric patients prone to dermatological disorders, and the increasing number of adolescent groups prone to acne and other puberty-related skin disorders, will contribute towards pushing the market of dermatological drugs in the upcoming years. Likewise, the increasing research & developmental activities along with the surging drug approvals and launches in the market will create a requisite for dermatological drugs in the market. Therefore, the market for dermatological drugs is estimated to grow at a substantial CAGR during the forecast period from 2024 to 2030.

Dermatological Drugs Market Dynamics:

One of the key aspects driving the dermatological drugs market is the rising burden of numerous skin disorders across the globe.

For instance, the growing concern about skin problems such as acne, melasma, fine lines, and wrinkles is a significant factor driving the growth of the dermatological drugs market. As the population grows, more people reach adolescence, where they face certain skin issues such as pimples, acne, and redness on the face, among others, as a result of hormonal and bodily changes. Acne causes temporary or permanent scarring, a negative self-image, and anxiety, which leads to the consideration of various dermatological drugs among people.

Moreover, the increasing awareness among the public about their skin health will aid in supporting the market growth of dermatological drugs. Owing to the influence of celebrity culture, social media, beauty pageants, movies, beauty advertisements, and other factors, women's desire for clear, healthy, and attractive-looking skin, positively impacts the dermatological drugs market.

According to the latest study done by National Organization for Rare Disorders, prevalence of Pachyonychia congenita (PC), a rare keratinizing skin disorder was estimated at between 5,000 and 10,000 in 2022, worldwide. Thus, associated drugs are expected to be in high demand, owing to the increasing number of such dermatological disease cases.

Further, the growing geriatric population is another driver for the dermatological drugs market growth. According to World Health Organization (WHO) 2022, the world population is aging at a faster phase and by 2050 there will be 80% of aged people living worldwide. The increasing age makes people more prone to skin problems like wrinkles, saggy skin, blemishes, and rough skin among other issues more gradually than others. This makes a large number of people who are opting anti-aging treatment which is offered by many dermatological drugs such as Rapamycin, and others, thus eventually increasing the overall market of dermatological drugs.

Lastly, the increasing strategic activities by the key players, rising product approvals, and launches, are increasing the demand for dermatological drugs in the market. For instance, in May 2020, Sanofi SA, received United States Food and Drug Administration (FDA) approval for Dupixent (dupilumab) for the treatment of moderate-to-severe atopic dermatitis.

Also, in August 2020, Perrigo Company acquired three Eastern European OTC skincare and hair loss treatment brands (Emolium, Iwostin, and Loxon) from Sanofi.

Therefore, the factors stated above collectively will drive the overall dermatological drugs market throughout the forecast period from 2024-2030.

However, the high cost of drug development, the side effects of dermatological drugs, and the stringent regulatory approval process may halt the market growth of dermatological drugs.

The dermatological drugs market was moderately impacted during the period of COVID- 19 pandemic. During the initial stage of the pandemic, the sale of dermatological drugs suffered a collapse owing to the imposition of strict lockdown rules, and disruption in manufacturing, and supply. However, the government classified medicines and drugs under emergency products during the pandemic, thereby leading to an increase in their demand or sales. Moreover, the involvement of online pharmacies, and the rising sale of many over-the-counter medicines, impacted the market for dermatological drugs positively. Likewise, the ease of lockdown restrictions, the upturn of resources and supply chain, the administration of a vaccine to the public, and with the increasing number of hospitalization visits for patients for the diagnosis & treatment of dermatological disorders, the demand for dermatological drugs increased and is anticipated to do the same during the forecast period from 2022 – 2028.

Dermatological Drugs Market Segment Analysis:

Dermatological Drugs Market by Drug Class (Anti-Infectives, Corticosteroids, Anti-Acne, Calcineurin Inhibitors, Retinoids, and Others), Indication (Alopecia, Herpes, Psoriasis, Rosacea, Atopic Dermatitis, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the indication segment of the dermatological drugs market, the psoriasis segment is expected to have a significant revenue share in the year 2023. This was primarily owing to the increasing prevalence of psoriasis across the globe. Also, the expanding launches and strategic investments, and other activities by the key players related to the segment will support driving its market during the forecast period.

For instance, the study done in 2020 by National Psoriasis Foundation specified that 125 million people worldwide which is nearly 2-3% of the total population had psoriasis, in 2020, globally. As per the same source, more than 8 million people in the United States had psoriasis, in 2020.

Further, various other strategic steps by the key players in the market will help in increasing the demand for Dermatologicals. For instance, in February 2022, Bristol Myers Squibb Company announced positive results from POETYK PSO-2, the second pivotal Phase III clinical trial evaluating deucravacitinib, a novel, selective tyrosine kinase 2 inhibitor for the treatment of patients with moderate to severe plaque psoriasis. POETYK PSO-2 evaluated deucravacitinib 6 mg once daily and met both co-primary endpoints with significantly more patients achieving Psoriasis Area and Severity Index (PASI 75). Thus, the presence of such psoriasis-treating dermatological drugs in the pipeline may create a lucrative opportunity for the key players to grow remarkably during the forecast period.

Also, in December 2019, Amgen Inc. received the United States Food and Drug Administration (FDA) approval for AVSOLA (infliximab-axxq) for the treatment of chronic severe plaque psoriasis (PsO), psoriatic arthritis (PsA), and other indications.

Therefore, owing to the above-mentioned factors, the demand for psoriasis-treating dermatological drugs upsurges, thereby the category is expected to witness considerable growth eventually contributing to the overall growth of the global dermatological drugs market during the forecast period.

North America is expected to dominate the overall Dermatological Drugs Market:

Among all the regions, North America is expected to dominate the global dermatological drugs in the year 2023 and is expected to do the same during the forecast period from 2024-2030.

This can be ascribed to the increasing demand for dermatological drugs in the region owing to the increasing demand for dermatological drugs among the patients in the region owing to the increasing prevalence of various dermatological disorders such as acne, atopic dermatitis, psoriasis, rosacea, and others. Further, the increasing number of dermatological drugs as over-the-counter (OTC), surging demand for generic drugs, the rising awareness about skincare, the presence of key domicile players, rising product launches and approvals in the region, and others are contributing to the growth of the dermatological drugs market in North America during the forecast period from 2022 - 2028.

For instance, according to the National Eczema Association (2019), in 2019, around 31.6 million people in the United States had some form of eczema.

Also, according to a study done by the National Institutes of Health U.S. Library of Medicine, the most common cause of hair loss is hereditary thinning or baldness, also known as androgenetic alopecia. As per the above source, this condition affects an estimated 80 million Americans; 50 million men and 30 million women, every year.

Moreover, according to the International Society of Aesthetic Plastic Surgery 2020 report, in 2019 nearly 2,380,973 total injectable procedures were performed in the United States, in which different types of dermatological drugs (for instance, Botulinum Toxin, Poly-L-Lactic Acid, and others) were administered to cure various dermatological disorders. Thus, the increasing number of such procedures around the region will increase the demand for dermatological drugs.

Additionally, as per the data published by the American Academy of Dermatology Association 2022, about 9,500 people are diagnosed with skin cancer daily in the US and around 3 million non-melanoma skin cancer (NMSC) are estimated to be reported annually. Melanoma is the deadliest form of skin cancer which is growing severely in North America. Various dermatological drugs are used to manage melanoma, ultimately responsible for the surged demand for dermatological drugs.

Furthermore, various domicile players are conducting clinical trials on dermatological drugs, which will create an opportunity for the market to grow in the upcoming years. For instance, Janssen Research & Development, LLC, is conducting a Phase IIIb, multicenter, randomized, double-blind, placebo-controlled study evaluating the safety and efficacy of Guselkumab for the treatment of participants with skin of color who have moderate-to-severe plaque psoriasis and/or moderate-to-severe scalp psoriasis. The study is anticipated to get completed by September 2023. Therefore, owing to such studies carried out by key players in the region may generate an opportunity in the future thereby leading to notable growth for dermatological drugs in North America.

Moreover, the market players in the country are incessantly engaged in the development of novel drugs to grab skin disorders using dermatological drugs and are also adopting various strategies to develop better drugs with reduced side effects. Thus, this is likely to drive the market in the region. For instance, in December 2019, Bausch Health Companies Inc. received United States Food and Drug Administration (FDA) approval for ARAZLOTM (tazarotene) Lotion, 0.045%, for the topical treatment of acne vulgaris.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for dermatological drugs in North America.

Dermatological Drugs Market Key Players:

Some of the key market players operating in the dermatological drugs market include Amgen Inc., Bausch Health Companies Inc., Novartis AG, AbbVie Inc., Almirall, S.A, Bristol-Myers Squibb Company, Sanofi, GALDERMA, GSK plc., Pfizer Inc., LEO Pharma AS, Eli Lilly, and Company., Sun Pharmaceutical Industries Ltd., Aclaris Therapeutics, Inc., Lupin., and others.

Recent Developmental Activities in the Dermatological Drugs Market:

In January 2022, Pfizer Inc. announced that the United States Food and Drug Administration (FDA) approved CIBINQO® (abrocitinib), an oral, once-daily, Janus kinase 1 (JAK1) inhibitor, for the treatment of adults living with refractory, moderate-to-severe atopic dermatitis (AD) whose disease is not adequately controlled with other systemic drug products, including biologics, or when the use of those therapies is inadvisable.

In January 2020, Eli Lilly and Company signed a definitive agreement to acquire the dermatological drug developer, Dermira, in a USD 1.1 billion all-cash deal, adding commercial and late-stage drugs to its portfolio.

In February 2020, Amgen Canada received the approval for the marketing authorization transfer of Celgene Corporation’s OTEZLA, after the acquisition in November 2019. OTEZLA is indicated for the treatment of moderate to severe plaque psoriasis and psoriatic arthritis.

In April 2020, Bausch Health Companies Inc. and its dermatology business Ortho Dermatologics received the United States Food and Drug Administration (FDA) approval for JUBLIA (efinaconazole) topical solution for the treatment of onychomycosis.

Key Takeaways from the Dermatological Drugs Market Report Study

Market size analysis for current dermatological drugs market size (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the dermatological drugs market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global dermatological drugs market.

Various opportunities available for the other competitor in the dermatological drugs market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current dermatological drugs market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for dermatological drugs market growth in the coming future?

Target Audience who can be benefited from this Dermatological Drugs Market Report Study

Dermatological drugs providers

Research organizations and consulting companies

Dermatological drugs -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in dermatological drugs

Various end users who want to know more about the dermatological drugs market and the latest developments in the dermatological drugs market.

Frequently Asked Questions for the Dermatological Drugs Market:

1. What are dermatological drugs?

Dermatological is a branch of medicine that focuses on the diagnosis, prevention, and treatment of skin diseases, including hair and nail problems. Dermatological drugs are medications used to treat skin diseases. Dermatological drugs are intended to prevent skin disorders. Laser therapy, topical and systemic medications, photodynamic therapy, radiotherapy, vitiligo surgery, and dermatological surgery are all forms of skin treatment. These dermatological drugs are also used in skincare to keep skin features like radiance and healthiness.

2. What is the global market for dermatological drugs?

The global dermatological drugs market will grow at a CAGR of 10.62% during the forecast period from 2024 to 2030 to reach USD 30,880.13 million by 2030.

3. What are the drivers for the global dermatological drugs market?

The dermatological drugs market is witnessing positive market growth owing to the factors such as the growing burden of dermatological disorders, rising awareness of skin problems especially among the young group, soaring people's spending power on skincare and personal care, the surging burden of geriatric patients prone to dermatological disorders, surging new drug launches and approvals, presence of key players in the market, and others will create an exigency for the dermatological drugs market.

4. Who are the key players operating in the global dermatological drugs market?

Some of the key market players operating in the dermatological drugs market include Amgen Inc., Bausch Health Companies Inc., Novartis AG, AbbVie Inc., Almirall, S.A, Bristol-Myers Squibb Company, Sanofi, GALDERMA, GSK plc., Pfizer Inc., LEO Pharma AS, Eli Lilly and Company., Sun Pharmaceutical Industries Ltd., Aclaris Therapeutics, Inc., Lupin., and others.

5. Which region has the highest share of the dermatological drugs market?

Among all the regions, North America is estimated to hold a significant revenue share in the global dermatological drugs market. This can be ascribed to the increasing demand for dermatological drugs among the patients in the region owing to the increasing prevalence of various dermatological disorders such as acne, atopic dermatitis, psoriasis, rosacea, and others. Further, the increasing number of dermatological drugs as over-the-counter (OTC), the rising awareness about skincare, and the presence of key domicile players in the region are the reasons which act as a supportive factor for the North America dermatological drugs market growth.