Prescription Dermatology Therapeutics Market to Witness CAGR of over 9.5% From 2018 to 2026
The global prescription dermatology therapeutics market is expected to register a robust growth in the near future, due to growing incidences of infectious dermatological disorders and chronic illnesses. The market is also expected to undergo several dynamic shifts due to new product developments on the horizon and increased expansion of the healthcare sector in emerging nations. Major players in the global prescription dermatology therapeutics market are investing in R&D to capture more opportunities created by advances like 3D printing, big data, and challenges such as expiry of several patents. Some key players in the global prescription dermatology therapeutics market are Janssen Biotech, Inc., AbbVie, Inc. Amgen, Inc., Novartis AG, Pfizer, Inc., Celgene Corporation, LEO Pharma A/S.
Widespread predominance of chronic dermatological disorders, several untapped medical needs, and new product developments are on the horizon in the prescription dermatology therapeutics market. Additionally, illnesses like skin cancer and severe psoriasis, rise in acceptance of biologic drugs, and growing investment in research and development in Europe, US, and Asia Pacific are expected to drive the market.
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The global prescription dermatology therapeutics market was evaluated at US$ 27,580.0 mn in 2017. By the end of 2026, the market is anticipated to reach US$ 61,296.1 mn. The market is expected to register a remarkable CAGR of 9.5% during 2018-2026. Among various products in the market, the psoriasis drugs are expected to register the highest revenue during the forecast period. It is estimated that there are over 125 million psoriasis patients globally. Moreover, among regions, North America is expected to hold a dominant 45% market share by 2026 end.
Infectious Dermatological Disorders to Drive Growth
The prescription dermatology therapeutics market is expected to register strong growth in the near future, thanks to rising dermatological disorders and chronic illnesses. According to the World Health Organization or WHO, there are over 900 million people globally who were affected by skin disorders. Additionally, this is among the five most common diseases related to the skin in 2017. These five skin disorders account for over 80% of the total patient cases. Atopic dermatitis is a leading disorder among children, affecting nearly 15% to 20% of all children. According to WHO, there are still nearly 3 million patients with non-melanoma skin cancer. On the other hand, there are 1, 32,000 patients with melanoma cancer illness today. Therefore, the rising number of skin disorders, worsening environmental conditions like increased UV radiation, and rising consciousness about skin
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Hospital Pharmacies to Hold the Largest Share of the Revenue
The global prescription dermatology therapeutics market is divided into retail pharmacies, hospital pharmacies, and mail order pharmacies. The hospital pharmacies are expected to hold the largest share of the total revenues during the forecast period. Rising number of hospital admissions, high costs of treatments are expected to result in significant growth for the hospital pharmacies in the near future. Chronic illnesses like skin cancer and psoriasis are also expected to result in major growth for the segment in the near future. Furthermore, the widespread availability of biologic drugs are also expected to result in significant growth for the prescription dermatology therapeutics market in the near future.
Expansion of the healthcare sector in emerging nations such as Asia Pacific also presents a major opportunity. Rising penetration of reimbursement mechanisms for treating chronic illnesses like skin cancers, advanced medical facilities, and growing disposable income are expected to result in major growth for the prescription dermatology therapeutics market in the near future.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Prescription Dermatology Therapeutics Market (Product Type – Acne and Rosacea Drugs, Psoriasis Drugs, Dermatitis and Seborrhea Drugs, Fungal Infection Drugs, Skin Cancer; Distribution Channel – Hospital Pharmacies, Retail Pharmacies, Mail Order Pharmacies) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”
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