Dermatology Therapies Market on the Rise amid Skin Diseases and Appearance Concerns
The number of people opting for dermatology studies and practice are increasing steadily owing to the surge in people who are concerned about their looks. Additionally, from a medical standpoint, the number of people suffering from skin-related diseases is increasing, along with a growing number of patients afflicted by skin cancers, rashes, and other disorders
A majority of the stakeholders in the global dermatology diagnostic devices and therapeutics market are OEMs and manufacturers of pharmaceutical products. Other stakeholders include established and new players and product distributors. The global dermatology diagnostic devices market is expected to progress at a CAGR of 6.90% between 2015 and 2021. It was recorded at US$0.6 bn in 2014 and is expected to reach US$1.0 bn by 2023. The global dermatology therapeutics market, on the other hand, is expected to show a lower and slightly more skewered growth pattern. It is expected to progress at the CAGRs of 1.90% and 1.60% within the forecast periods of 2013 to 2018 and 2018 to 2023 respectively. This market shows a greater net worth, however, as it was already recorded at US$17.50 bn in 2014 and is expected to reach US$20.10 bn by the end of 2023.
The key players in the global dermatology diagnostic devices and therapeutics market are Valeant Pharmaceuticals International, Inc., Novartis International AG, Michelson Diagnostics Ltd., LEO Pharma A/S, GlaxoSmithKline plc., Genetech, Galderma S.A., Dino-Lite Europe/IDCP B.V., Cutera, Inc., Astellas Pharma, Inc., and Agfa-Gevaert N.V.
Acne Resulting in High Revenues for Pharma Companies
Acne, one of the most common skin ailments, earns the global dermatology diagnostic devices and therapeutics market massive amounts of revenue. With a large number of people conscious about face and body acne and trying different ways to get rid of it, players within the dermatology market have consequently upped their research and development efforts to find the cleanest, easiest, and effective way to get rid of acne and acne scars. According to a paper released by the American Academy of Dermatology, an estimated 85% of Americans will have to face acne at least once in their lifetime. At any given moment, between 40 and 50 million people suffer from acne. People spend more than US$2 bn every year to take care of their acne problems either through therapeutic or preventive measures.
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Patent Expirations Could hurt Revenue Stream of Dermatology Devices and Therapeutics Marke
Apart from the common skin ailments such as acne, there is a growing prevalence of other chronic and serious skin diseases around the world. The number of patients being diagnosed with acute skin diseases is increasing each year, owing to changing climate, a depleting ozone layer, changing lifestyles, and a higher consumption of convenience foods. At the same time, the patient demographic that approaches dermatologists for treatments is rapidly changing. Add to this the increasing percentage of the elderly in the world and the global dermatology diagnostic devices and therapeutics market is definitely in need of a faster growth rate to meet with the demands of all patients. This could, however, be a lot harder than previously believed. One of the biggest restraints this market faces is the high cost of implementing therapies and devices in dermatology, owing to the Affordable Care Act’s policy guidelines and the high taxes applied to medical devices. This is further complicated by the impending expiration of some of the major drugs in the field of dermatology. Once they expire, the market will be flooded with generic alternatives, heavily diluting the competition.
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Regardless of the above complications, the global dermatology diagnostic devices and therapeutics market is still showing a positive growth rate in all aspects as the number of patients keeps increasing.