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Dermatology Drugs Market Forecasted to Hit $34.5 Billion Value by 2023: P&S Intelligence

/EIN News/ -- Dermatology Drugs Market by Treatment (Topical Corticosteroids, Retinoids, Biologics, Calcineurin Inhibitors, Antihistamines, Hormonal Therapy), by Drug (Humira, Remicade, Otezla, Stelara, Enbrel, Cosentyx, Neoral, Taltz, Cubicin, Canesten, Zyvox, Dupixent, Protopic, Valtrex, Eucrisa), by Therapy Area (Psoriasis, Atopic Dermatitis, Acne, Rosacea, Acne Scars, Skin Cancer), by Prescription Mode (Prescription-Based Drugs, OTC Drugs), by Distribution Channel (Direct, Wholesale/Retail, Online), by End User (Hospitals, Clinics, Cosmetic Centers, At-Home), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Brazil) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

NEW YORK, Nov. 20, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Dermatology drugs market is expected to reach $34.5 billion by 2023. Increasing personal spending, strong pipeline of dermatological drugs, and growing awareness about skin diseases are the key factors boosting the demand for dermatology drugs globally.

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On the basis of treatment, the dermatology drugs market has been categorized into topical corticosteroids, retinoids, biologics, calcineurin inhibitors, antihistamines, hormonal therapy, and others. Among these, biologics is expected to be the fastest growing category, advancing at CAGR of 9.1% during the forecast period.

Based on drug, the dermatology drugs market has been mainly classified into Humira, Remicade, Otezla, Stelara, Enbrel, Cosentyx, Neoral, Taltz, Cubicin, Canesten, Zyvox, Dupixent, Protopic, Valtrex, and Eucrisa. Of these, Humira witnessed the highest demand in the market, majorly among patients suffering from psoriasis.

On the basis of distribution channel, the dermatology drugs market has been categorized into direct, wholesale/retail, and online channels. Of these, the fastest growth in the market during the forecast period is expected from direct distribution channels, with 8.5% CAGR. Besides, the major end users covered under the scope of the study are hospitals, clinics, cosmetic centers, and at-home users, where hospitals generated the highest revenue, amounting to $8.2 billion, in the market in 2017. This can be attributed to the availability of improved healthcare facilities and rising patient base in hospitals globally.

Browse report overview with 182 tables and 106 figures spread through 247 pages and detailed TOC on "Dermatology Drugs Market” at: https://www.psmarketresearch.com/market-analysis/dermatology-drug-market

During the forecast period, the dermatology drugs market is forecasted to witness the fastest growth in APAC, with 9.6% CAGR. This growth can be attributed to the increasing disposable income of people in the region, which is leading to the high adoption of skincare products, including dermatological drugs. Moreover, the increase in the number of skin cancer cases in the region is contributing to the high demand for these drugs.

Furthermore, several market players, as part of their business strategy, are exploring the untapped market in developing economies such as China and India, which, in turn, is supporting the growth of the APAC dermatology drugs market. For instance, in October 2017, Glenmark Pharmaceuticals Ltd., an Indian pharmaceutical manufacturer, received approval from the Drug Controller General of India to launch Otezla, a new class of oral medication for psoriasis, after conducting clinical trials on psoriasis patients for 16 weeks. The approval and launch of new medications in developing countries are expected to boost the demand for dermatological drugs in APAC during the forecast period.

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Companies operating in the dermatology drugs market are collaborating with other pharmaceutical firms to develop new and innovative products. For instance, in November 2018, Sanofi collaborated with Denali Therapeutics Inc. (Denali), a biopharmaceutical company, for the development of multiple molecules, DNL747 and DNL758, with the potential to treat a range of neurological and systemic inflammatory diseases. Under the agreement, Sanofi will pay $125 million to Denali to study the lead molecule DNL747 in multiple sclerosis, Alzheimer’s disease, and amyotrophic lateral sclerosis and DNL758 in systemic inflammatory diseases, such as rheumatoid arthritis and psoriasis. 

Some of the other key players in the dermatology drugs market are Celgene Corporation, Bausch Health Companies Inc., Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson, Allergan plc, Merck & Co. Inc., Amgen Inc., AbbVie Inc., Eli Lilly and Company, Nestlé Skin Health S.A., GlaxoSmithKline plc, Mylan N.V., and LEO Pharma A/S.

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