(MENAFN- America News Hour) Worldwide, 8.5% of the population worldwide (617 million) are aged 65 and over.
According to the latest report, this percentage is expected to rise to approximately 17% of total worldwide population by the year 2050 (1.6billion). This rise in the geriatric population is anticipated to drive the demand for dermatological therapeutics market.
The dermatological therapeutics market is anticipated to mark a CAGR of 4.2% during the forecast period i.e. 2019-2027. The dermatological therapeutics market is observing a vibrant growth as there is increase in awareness among the people for their skin. Additionally, rising geriatric population and increasing awareness of government with regard to skin diseases is expected to drive the market. Moreover, increase in the spending capacity of people and higher investment in the research and development of new drugs is anticipated to rise the market growth in the forecast period.
Recent report published by research nester titled “Global Dermatological Therapeutics Market : Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global dermatological therapeutics market in terms of market segmentation by source, by application, by distribution channel and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global dermatological therapeutics market is segmented by therapeutics type into herpes, rosacea, psoriasis, atopic dermatitis, acne vulgaris, alopecia; by application into patch testing, dermoscopy, skin biopsy, culture, phototests, and morbidity; by distribution channel into mail order pharmacies, retail pharmacies and hospital pharmacies and by region. According to National Institute of health (NIH), the geriatric population across the globe is expected to grow drastically.
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North America and Europe region is anticipated to dominate the market. Increased prevalence of skin disorders and rising concerns of people regarding their skin followed by the rise in the geriatric population is expected to grow the market in these regions. Asia-Pacific regions including countries like India and China are expected to showcase a high growth in the global dermatological therapeutics market in the forecast period.
Vibrant Growth of dermatological therapeutics Market
The rise in the elderly population coupled with increase in government awareness regarding skin diseases/disorders is expected to drive the demand of dermatological therapeutics market. Skin related disorders are increasing every year due to increase in pollution and decreasing thickness of the ozone layer. Higher investment in research and development to discover new effective drugs for the treatment of skin diseases/disorders is expected to increase the demand in the forecast period.
There are side effects associated with dermatological therapeutics which includes weight gain, water retention, hypertension, osteoporosis etc. These side effects have some serious negative implications on the health and lifestyle. This is the major restraint in the global dermatological therapeutics market which is anticipated to hinder the growth.
This report also provides the existing competitive scenario of some of the key players of the global dermatological therapeutics market which includes company profiling of Amgen Inc, Pfizer Inc, Janssen Biotech Inc, Aclaris Therapeutics Inc, Aurobindo Pharma Ltd., Bausch Health Companies Inc, Eli Lilly and Company, Sun Pharmaceuticals Ltd, AbbVie Inc, Celgene Corporation.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global dermatological therapeutics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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