(MENAFN- GlobeNewsWire - Nasdaq) Visiongain has published a new report entitled Dermatological Drugs Market Report 2024-2034 : Forecasts by Route of Administration (Topical, Oral, Parenteral), by Disease (Psoriasis, Dermatitis, Acne, Skin Infections, Others), by Prescription Drugs Mode (Prescription Drugs, Over-the-Counter (OTC) Drugs), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis .
The Dermatological Drugs market is estimated at US$30.47 billion in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period 2024-2034.
Surging R&D Investments Driving Industry Growth
The dermatological drugs market is poised for unprecedented growth as a direct result of the escalating wave of Research and Development (R&D) activities in the field. With a surge in funding and commitment to advancing dermatological solutions, pharmaceutical companies are driving a paradigm shift in the industry. These intensified R&D efforts are catalyzing the discovery and development of novel therapeutic agents, revolutionizing the treatment landscape for skin disorders.
Investments in R&D are unlocking innovative formulations, targeting both prevalent and rare dermatological conditions. Pioneering technologies, such as personalized medicine and gene therapies, are gaining prominence, offering tailored solutions for individual patient needs For instance:
In October 2023, DermBiont, a clinical-stage biotechnology company that is advancing targeted topical therapeutics for the treatment of dermatological indications, announced a US$35.2 million Series B financing, including a US$27.1 million Series B first close and $8.1 million in converting outstanding notes. Proceeds will be used to advance two drugs in development, SM-020, a topical novel AKT kinase inhibitor for the treatment of seborrheic keratoses (SKs), and SM-030, a topical novel PKC-beta inhibitor for the treatment of melasma and other hyperpigmentation disorders of the skin. In October 2023, AbbVie announced that its Phase 2b study evaluating upadacitinib (RINVOQ) in adults with non-segmental vitiligo (NSV) met the primary endpoint of percent change from baseline in the Facial Vitiligo Area Scoring Index (F-VASI) at week 24 with the 11 mg and 22 mg doses versus placebo. The percent reduction from baseline in F-VASI at week 52 was numerically greater than results at week 24 for all upadacitinib doses. No new safety signals were identified beyond the known safety profile for upadacitinib. Based on these data, AbbVie is advancing its clinical program of upadacitinib in vitiligo to Phase 3.
This robust focus on R&D is not only fostering the creation of more efficacious and safer dermatology drugs but is also expediting the regulatory approval process. The momentum generated by these advancements is expected to translate into a broader array of treatment options for patients, ultimately fueling the market for dermatology drugs.
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How has COVID-19 had a Significant Impact on the Dermatological Drugs Market?
The dermatological drugs market underwent significant transformations during the COVID-19 pandemic, reacting to the unprecedented global health crisis. Disruptions in both demand and supply chains were observed across various market segments. The initial phases of the pandemic witnessed a decline in patient visits to dermatologists due to lockdowns and fear of virus transmission, leading to postponed non-urgent consultations and elective procedures. This temporarily reduced the demand for dermatological drugs. On the supply side, manufacturing and distribution disruptions impacted drugs availability, with shortages and delays in production due to lockdowns and trade restrictions affecting raw materials and finished products. Despite these challenges, the dermatological drugs market displayed resilience as telehealth services gained popularity, ensuring continuity of care. The pandemic heightened awareness of skin health, stimulating interest in dermatological products, particularly in the skincare segment. Increased focus on digital health and e-commerce also prompted pharmaceutical companies to enhance their online presence and distribution strategies, aligning with evolving consumer preferences for contactless transactions.
How will this Report Benefit you?
Visiongain's 290-page report provides 113 tables and 160 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Dermatological Drugs market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Dermatological Drugs. Get financial analysis of the overall market and different segments including phase type, services type, and therapeutics capture higher market share. We believe that there are strong opportunities in this fast-growing Dermatological Drugs market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Prevalence of Skin Disorders
The increasing prevalence of skin disorders serves as a significant driver in the dermatological drugs market, fuelling demand for therapeutic interventions and pharmaceutical solutions. As global populations expand and age, there is a parallel rise in the occurrence of various skin conditions, ranging from common afflictions like acne to more serious and chronic diseases such as psoriasis and skin cancer. This escalating prevalence is attributable to a combination of genetic factors, environmental influences, and lifestyle changes. Factors such as pollution, exposure to ultraviolet (UV) radiation, and changes in dietary habits contribute to the complexity of skin disorders, making them more widespread and diverse.
For instance, according to the American Academy of Dermatology Association, 50 million people are affected by acne, one in 10 people suffer Atopic dermatitis once in their lifetime, and about 7.5 million people suffer from psoriasis. One in three Americans with skin disease were seen by a dermatologist, who collaborates with other physicians throughout the health care system in caring for these patients. As of 2023, the National Library of Medicine reports that Atopic Dermatitis affects around 10% to 30% of children and 2% to 10% of adults in developed nations. Notably, this prevalence has surged two to three times compared to previous decades.
Skin disorders not only affect the physical well-being of individuals but also have substantial psychological and social impacts. Conditions like eczema, psoriasis, and vitiligo can significantly affect a person's quality of life, leading to discomfort, self-consciousness, and impaired social interactions. Consequently, the increasing awareness of the impact of skin disorders on overall health and well-being has led to a higher demand for effective dermatological drugs that can provide relief and improve the quality of life for those affected.
Rising Awareness and Patient Education Projected to Boost Industry Growth
The dermatological drugs market is significantly influenced by the escalating awareness of dermatological conditions and a heightened focus on patient education. Increased public consciousness about skin health prompts individuals to identify and address a spectrum of skin issues, ranging from common problems like acne to more intricate dermatological disorders. This enhanced awareness results from collaborative efforts by healthcare organizations, pharmaceutical firms, and advocacy groups to disseminate information regarding the prevalence, symptoms, and available treatments for diverse skin conditions.
Central to this trend is patient education, a vital element in equipping individuals to make informed decisions about preventive measures and timely medical interventions. Educational initiatives, including awareness campaigns, online resources, and community outreach programs, provide information on skincare routines, the significance of early detection, and available treatment options. The active involvement of patients in their healthcare decisions empowers them, contributing to the rising demand for dermatological drugs, as individuals are more inclined to consult healthcare professionals for appropriate treatments.
Additionally, advancements in communication technology, particularly the widespread use of the internet and social media, facilitate the dissemination of dermatological information. Access to a wealth of information on skin conditions, treatment options, and patient testimonials further enhances awareness and understanding, demystifying dermatological issues and reducing the associated stigma. In summary, the surge in awareness and patient education within the dermatological drugs market signifies a positive shift towards informed decision-making and proactive skin health management, driving increased demand for effective drugs and therapies.
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Where are the Market Opportunities?
Approval of Novel Dermatological Drugs to Offer Lucrative Growth Prospects
The approval of novel dermatological drugs stands as a significant opportunity within the dermatological drugs market, allowing pharmaceutical companies to introduce innovative solutions to address various skin conditions. These approved therapeutic agents often bring advancements in efficacy, safety, and patient outcomes, diversifying the market for both common and rare dermatological disorders. Novel drugs may target specific pathways, enhancing treatment precision and reducing side effects compared to existing therapies.
Several recent approvals illustrate this trend. In May 2022, Dermavant Sciences gained FDA approval for VTAMA cream, the first steroid-free topical medication for plaque psoriasis. In July 2022, Incyte's Opzelura, the sole FDA-approved treatment for repigmentation in vitiligo patients, represents another breakthrough. January 2022, Pfizer's CIBINQO and Bristol Myers Squibb's Sotyktu offer innovative approaches to atopic dermatitis and plaque psoriasis, respectively.
Beyond therapeutic benefits, regulatory approval bolsters the credibility of these drugs, fostering confidence among healthcare professionals and patients. Physicians are more likely to prescribe approved novel drugs, while patients may be more receptive to trying these treatments, especially if they offer improved results, convenience, or tolerability. Market dynamics are influenced by pharmaceutical companies securing approvals, stimulating research, and development efforts. The approval of novel dermatological drugs not only expands therapeutic options but also drives market growth, fostering continuous advancement in dermatology.
Telemedicine and E-Health is Revolutionizing the Dermatological Care Landscape
The advent and widespread adoption of telemedicine and e-health present substantial opportunities in the dermatological drugs market. As technology continues to reshape healthcare, these platforms offer a transformative frontier for dermatological care, enhancing access, efficiency, and patient engagement. Telemedicine in dermatology enables remote healthcare services, allowing patients to consult with dermatologists virtually, addressing geographical barriers and improving accessibility. Particularly beneficial in underserved regions, this model reduces the necessity for physical visits, providing comfort for patients in rural areas with limited access to specialized dermatological care.
E-health platforms further enrich the opportunity landscape by supporting various aspects of dermatological care. Digital health tools, such as mobile applications and online portals, empower patients to access educational resources, track skin conditions, and receive personalized information about treatment options. These platforms foster patient autonomy in managing dermatological health.
Telemedicine facilitates tele dermatology, involving the electronic transmission of dermatological images for remote diagnosis. Dermatologists can review high-quality images and provide recommendations, expediting care and allowing timely interventions, especially in cases requiring early diagnosis. This integration aligns with patient-centric healthcare, enhancing the overall experience by offering convenient access, reducing wait times, and contributing to a data-driven approach for better treatment monitoring and continuous healthcare improvement.
The major players operating in the dermatological drugs market are AbbVie Inc., AstraZeneca, Bayer AG, DermBiont, Inc., F. Hoffmann-La Roche Ltd, GSK plc, Johnson & Johnson Services, Inc., LEO Pharma A/S, Mayne Pharma Group Limited, Merck & Co., Inc., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Roivant Sciences Ltd., Teva Pharmaceutical Industries Ltd. and Verrica Pharmaceuticals among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
In November 2023, Novartis announced that their data reveals the potential of remibrutinib as an oral treatment for chronic spontaneous urticaria, an immuno-dermatologic disorder, demonstrating substantial improvement in symptoms as early as Week 2. In March 2023, LEO Pharma and ICON plc announced a strategic partnership that will enable LEO Pharma to scale clinical trial execution that is patient-centric and cost effective, and which will support the company's overall ambition of building one of the most effective and efficient clinical portfolio execution organisations in the industry. In December 2023, Teva Pharmaceutical Industries Ltd., and Biolojic Design Ltd. a biotechnology company that uses computational biology and artificial intelligence to transform antibodies into intelligent medicinal solutions, announced an exclusive license agreement to develop a potential novel antibody-based therapy for the treatment of Atopic Dermatitis and Asthma. In March 2022, Pfizer Inc. completed the acquisition of Arena Pharmaceuticals, a clinical stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases. Arena Pharmaceuticals brings to Pfizer a portfolio of diverse and promising development-stage therapeutic candidates in gastroenterology, dermatology, and cardiology, including etrasimod, an oral, selective sphingosine 1-phosphate (S1P) receptor modulator currently in development for a range of immuno-inflammatory diseases atopic dermatitis.
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OTC Drugs & Dietary Supplements Market Report 2024-2034 Dermatology CROs Market Report 2022-2032
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