Dermatology CRO Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Dermatology CRO Market Analysis

The dermatology CRO market is expected to register a CAGR of more than 7.8% during the forecast period.

The onset of the COVID-19 pandemic significantly impacted the studied market. During the initial days of the pandemic, due to the closure of drug research and manufacturing facilities, the production and research of dermatology drugs in development were hampered and adversely impacted the market's growth. However, the research increased during the pandemic phase to evaluate the effect of COVID-19 infections on patients with skin disorders. In addition, during the later phases of the pandemic, the clinical trials were conducted swiftly following various guidelines issued by regulatory bodies such as WHO, EMA, and FDA. For instance, as per a research article published in Clinics in Dermatology journal in January 2021, teledermatology remote visits were approved for many trials via privacy-compliant platforms, and several strategies were implemented to continue dermatology clinical trials, including switching to teledermatology visits, infection control measures, use of local laboratories, and community nursing. Thus, these instances created a demand for contract research organizations (CROs) engaged in dermatology services and fueled the market's growth. Hence, owing to the above-mentioned factors, the market witnessed considerable growth during the pandemic and is expected to continue its growth trend over the analysis period.

The market's growth is largely attributed to the factors such as increasing research and development (R&D) expenditure worldwide, an increase in the number of dermatology drugs in clinical and preclinical trials, and increasing incidences of skin disorders among the target population during the forecast period.

Skin diseases or conditions are an important public health concern globally. For instance, per a research study published in the Journal of the European Academy of Dermatology and Venereology (JEDV) in March 2022, skin diseases are the most common cause of consultation in general practice and impact between 30% and 70% of the population worldwide. In addition, as per the source above, nearly 3,000 acute and chronic skin problems affect people of all ages and socioeconomic backgrounds. Hence, the burden of skin diseases is creating an upsurge in demand for the availability of various drugs and medicines in the market, further leading to an increase in drug discovery activities and clinical trials. These clinical trials further create opportunities for dermatology CROs, which provide faster, better, and cheaper dermatology trial results. Therefore, expected to fuel the market's growth during the forecast period.

Moreover, strategic activities such as collaboration, partnership, acquisition, and merger by major market players are increasing. This is creating a competitive environment for dermatology CROs and is expected to fuel the growth of the market studied. For instance, in January 2022, Vial launched a dermatology CRO to accelerate faster execution and higher quality through its network of dermatology clinics. Thus, with the increasing company activities and the increasing incidence of skin disorders, the demand for drug discovery and adoption of CRO services and approaches is increasing. This is expected to garner market growth over the forecast period.

However, a lack of standardization, monitoring issues, and stringent regulatory policies are expected to hamper the market's growth.

Dermatology CRO Market Trends

Drug Discovery Segment is Anticipated to Witness Significant Growth Over the Forecast Period

Dermatology CRO Industry Segmentation

As per the scope of the report, dermatology CROs support pharmaceutical or biotechnology companies to conduct outsourced research services related to the dermatology therapeutics area. The CROs are used for both drugs and medical devices. The Dermatology CRO Market is segmented by Type (Drug Discovery, Preclinical, and Clinical), Service (Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Clinical Monitoring, Quality Management/ Assurance, Laboratory Services Management, and Other Services), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.