Market For Dermatological Drugs

The market for dermatological drugs is projected to exhibit a robust growth in the future. This is due to increasing prevalence of skin conditions like acne and eczema, the need for novel therapies and the rise in patient awareness of dermatological treatments. The market is also expected to benefit from the introduction of new drugs, as well as from technological advancements in treatment delivery systems. The global market for dermatological drugs was valued at USD 46.9 billion in 2019, and is expected to reach USD 66.2 billion by 2024. The major growth driver in this market is the increased demand for effective and convenient therapies for numerous skin conditions. For instance, there is an increase in the prevalence of atopic dermatitis, often referred to as eczema, which is a chronic skin condition. This is partly attributed to the rise in allergies and increased stress levels. Moreover, the demand for novel therapies, such as topical steroids, combined therapies, and retinoids, is expected to drive the market growth in the forecast period. However, the high cost of treatments, changes in the insurance landscape, and the availability of several over-the-counter drugs act as market restraints for the growth of the global dermatological drugs market. In addition, the stringent regulatory framework is another factor that hinders the market growth. Nevertheless, the overall outlook for the dermatological drugs market looks positive. To stay ahead of the competition, companies are launching novel treatments and tailoring treatments for specific patient groups. For example, minocycline is a widely used antibiotic that shows promising results in the treatment of several skin diseases. The drug has recently been approved by the US Food and Drug Administration (FDA) for treating rosacea. Moreover, the launch of biologic drugs, such as adalimumab, ustekinumab, and etanercept for the treatment of psoriasis, has significantly changed the scene of dermatological drug therapies. These developments assure further growth of the dermatological drug market in the near future.