Dermatological Therapeutics Market Size

Dermatological Therapeutics Market Analysis

The Dermatological Therapeutics Market size is estimated at USD 45.17 billion in 2024, and is expected to reach USD 71.66 billion by 2029, growing at a CAGR of 9.67% during the forecast period (2024-2029).

Globally, due to the high transmission rate of COVID-19, many countries worldwide have suffered and are continuing to suffer a major burden on their economy and healthcare systems. The manufacturing units of all healthcare-based companies were affected, and the transport was impacted badly across all developed and emerging markets during the COVID-19 pandemic. The dermatology market observed some indirect and direct impacts during the pandemic. For instance, according to an article published by PubMed Central in January 2021, a study showed that the COVID-19 outbreak had an adverse effect on most dermatology services, with a significant reduction in consultation time spent for chronic patients. Thus, the pandemic had a significant impact on the market growth. However, as the pandemic has subsided, the studied market is expected to have stable growth during the forecast period.

Some factors driving the market's growth include the growing burden of dermatology diseases, increased awareness levels of disease progression and etiology, and a rise in the elderly population. With the rise in the aging population, dermatological care is likely to receive particular attention. As people age, the risk of developing skin-related disorders increases due to factors such as changes in the connective tissue, reduction in the skin's strength and elasticity, and reduction in secretions from sebaceous glands.

For instance, according to the World Population Prospects 2022 Report published in 2022, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of people aged 65 years or over worldwide is projected to be more than twice the number of children under age five and about the same as that of children under age 12. Thus, the rising geriatric population is expected to enhance market growth.

Skin diseases have seriously impacted people's quality of life, causing productivity loss at work and other places and discrimination due to disfigurement. According to the Global Report on Atopic Dermatitis 2022 published by the International Eczema Council in 2022, about 223 million people were living with atopic dermatitis in 2022, of which around 43 million were aged 1-4. This shows the strikingly high prevalence in young children. In addition to the disease burden for the children and their caregivers, atopic dermatitis can also negatively affect the children's development, education, and work. Thus, the high prevalence and the rising burden of such dermatological diseases are expected to boost the market's growth.

The dermatological therapeutics market is anticipated to witness a lucrative growth opportunity due to collaborations, acquisitions, and new product launches. For instance, in December 2021, LEO Pharma Inc. announced that the US FDA approved Adbry (tralokinumab-ldrm) for the treatment of moderate-to-severe atopic dermatitis in adults 18 years or older whose disease is not adequately controlled with topical prescription therapies or when those therapies are not advisable.

Thus, the increasing burden of dermatological diseases, the rising geriatric population, and the increasing developments by key market players are expected to drive the market over the forecast period. However, serious side effects of certain classes of therapeutic drugs are expected to restrain the market in the near future.