Global market insights

Dermatology is a field of medicine that focuses on the diagnosis, treatment and prevention of skin-related disorders and diseases. As a rapidly advancing specialty, the global market for dermatology has experienced tremendous growth. Latest reports from Global Data have revealed that the global dermatology market will reach USD 53.7 billion by 2022, registering a CAGR of 6.3% during the forecast period from 2017 to 2022. The increasing prevalence of skin disorders, rising awareness regarding the importance of skin care, and escalating research activities are some of the major factors fueling this market expansion. For instance, according to a report from the World Health Organization, the prevalence of atopic dermatitis, psoriasis and acne have more than doubled worldwide in the last 15 years, and the trend will continue as the awareness and access to health care is increasing. The growing number of people affected by skin diseases is expected to drive the demands for advanced dermatology treatments over the forecast period. Furthermore, technological advancements in dermatology will fuel the market further. Today, various laser technologies, cryotherapy, light therapy, and other advanced treatments are being used to treat various skin conditions. The innovations around artificial intelligence and robotics are also expected to make a great impact on the dermatology market. For example, AI-powered algorithms will enable dermatologists to diagnose and treat skin conditions more accurately. However, the expensive treatments involved in advanced cosmetic dermatology will be a key challenge for the market growth.The cost of cosmetic procedures is still quite high in many parts of the world, and this may limit consumer access to treatments and services. Nevertheless, new and innovative treatments are underway, such as gene therapy used to treat skin-related disorders, which are expected to offer lucrative opportunities for the dermatology market over the forecast period. Overall, the increasing prevalence of skin disorders, along with the technological advancements and innovative cost-effective treatments, are expected to bolster market growth over the next few years.