Rising Cases of Skin Diseases To Boost Dermatology Drugs Market


Posted February 15, 2022 by PSMarketResearch12

Dermatology Drugs Market To Generate $55,425.0 Million Revenue by 2030
 
Factors such as the rising prevalence of dermatological illnesses, growing awareness on skin diseases, surging aging population, increasing healthcare spending, rising number of research programs, and increasing disposable income of people in emerging economies are projected to propel the growth of the dermatology drugs market at a CAGR of 8.8% during the forecast period (2020–2030). At this growth rate, the market size is expected to reach $55,425.0 million by 2030 from $25,228.2 million in 2019. Moreover, the market is witnessing an increasing number of product approvals by regulatory agencies.

One of the prime factors propelling the dermatology drugs market is the rising prevalence of dermatological illnesses. Aging, environmental and genetic factors, and trauma can cause several skin diseases, which are among the leading reasons for the non-fatal disease burden across the world. As per the World Health Organization (WHO), skin conditions, such as pyoderma, acne, scabies, warts, and eczema, affect almost 900 million individuals, globally, at any given time. Thus, the demand for associated drugs is increasing to treat the rising cases of such skin diseases.

Moreover, the surging personal care spending is another key factor driving the dermatology drugs market. Due to the increasing disposable income of people, the spending on healthcare is rising across the world. For instance, as per the Organization for Economic Co-operation and Development (OECD), in 2017, the disposable income of individuals in the U.S. increased by 2.3% as compared to the value in 2016. Thus, with the increasing awareness about several skin illnesses, individuals are spending a significant share of their income on dermatology drugs.

Geographically, Asia-Pacific (APAC) is projected to record the highest CAGR during the forecast period. This can be due to the surging disposable income, increasing prevalence of skin diseases, and rising healthcare spending in regional countries. For example, as per the World Bank, China spent 5.15% of its gross domestic product (GDP) on healthcare in 2017. Whereas, North America held the largest market share in 2019, owing to the growing awareness on skin illnesses, presence of major players, large number of drugs in the pipeline, and high disposable income in the region.

Thus, the rising incidence of dermatological illnesses and the surging healthcare spending are expected to propel the demand for the associated drugs during the forecast period.
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Last Updated February 15, 2022