Skin Diseases Treatment Market to Reflect Impressive Growth Rate by 2024
The dermatology industry, on the whole, has been undergoing several changes over the past decade on account of the rising prevalence of skin diseases and the development of innovative therapies to combat them. The global skin diseases treatment market has been gaining much prominence as small to large companies dedicate resources in the R&D of more effective and affordable treatment options.
The report has been segmented on the basis of various key parameters so as to give readers a 360-degree overview of the skin diseases treatment market and also shed light on the nuances that define this market.
By product type, the market can be categorized into medicated creams and ointments, antibiotics, vitamins and steroids, antihistamines, laser therapy, antifungals, and various targeted prescription medications. Based on type of disease, the market for skin disease treatment can be segmented into genetic skin diseases, autoimmune skin disorders, allergic skin diseases, cancers, and infectious skin diseases, which can be fungal, bacterial, or viral. By way of end use, the skin disease treatment market comprises dermatology clinics, skincare clinics, hospitals, and aesthetic centers. Geographically, the global market covers Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa.
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The evaluation of the vendor landscape makes for an interesting read as research analysts have not only identified the top-notch players but also profiled them in detail. Key aspects such as company overview, business strategies, financial standing, product portfolio, and recent developments have been taken into consideration to gauge the performance of the prominent players in the skin diseases treatment market. With the help of a SWOT analysis, readers are given a clear understanding of each company’s strengths, weaknesses, opportunities, and threats.
Skin Diseases Treatment Market: Trends and Opportunities
The creation of tissue engineered skins substitutes is perhaps one of the most revolutionary developments in the treatment of skin diseases. Artificial or bioengineered skin has given hope to many patients around the world and advancements such as these bode well for the skin disease treatment market. The market is also considerably driven by the high frequency of various skin diseases in developed as well as developing countries. For instance, more than 3.5 million people across the U.S. alone are diagnosed with skin cancers each year, according to the US Department of Health and Human Services.
Analysts note that the presence of a number of leading players makes the skin diseases treatment market immensely competitive. Product and technology differentiation in terms of the devices and equipment used during procedures and OTC products such as creams and ointments enables companies to enhance their marketability and also helps them survive the competition. Product innovation and unique marketing initiatives can also lend players a strong boost to increase or sustain their share in the skin diseases treatment market.
Skin Diseases Treatment Market: Regional Outlook
North America is perhaps the most prominent market for skin disease treatment, followed by Europe. There are several factors driving the demand for these treatments in the region, the primary one being ongoing technological advancements and subsequently, the availability of the latest products and devices for the treatment of skin diseases. Skincare management has been a growing market in the developed regions of North America as well as Europe on account of these advancements, and also owing to the fact that the incidence of skin cancers and allergic skin reactions has been steadily rising.
The Asia Pacific skin diseases treatment market is slated to witness strong growth in the coming years, thanks to increasing awareness about skin disorders and their repercussions, a massive population base, and the ongoing development of new treatment methods and devices. Economic development in several APAC countries has resulted in improving purchasing power and greater spending on healthcare. In addition to this, growing medical tourism in countries such as Thailand, India, Singapore, South Korea, and Malaysia has spurred the demand for skin disease treatment from countries around the world.
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Companies Mentioned in the Report
Some of the key players in the global skin diseases treatment market are Pfizer, Inc., Allergen, Plc., Celgene Corporation, AbbVie, Inc., Eli Lilly and Company, GlaxoSmithKline plc., Galderma, Incyte Corporation, Valeant Pharmaceuticals International, Inc., and Almirall S.A.