With the rapid urbanization, rising disposable income, and growing influence of fashion magazines, TV shows, and social media, men and women around the world are spending an increasing amount of time fretting about how they look. Earlier restricted to developed countries, such strong appearance consciousness has now steeped deep into developing countries as well, especially those that are witnessing the flourishing of the corporate culture and city life. As looking good, or ‘presentable’, has become an important aspect of corporate success, people are spending more on their appearance than before.
Browse Full Report Dermatology Drugs Market Demand, Size, and Strategies
Dermatological diseases can be considered one of the biggest banes in this regard, as they have a direct negative influence on appearance. Therefore, with the growing prevalence of such skin diseases, the dermatology drugs market value is set to cross $55,425.0 million by 2030 from $25,228.2 million in 2019, at an 8.8% CAGR between 2020 and 2030. Even though the COVID-19 pandemic put an abrupt stop to the sale of such products, they will pick up rapidly as soon as the pandemic is conquered because skin diseases are widespread, affecting up to 900 million globally, as per the World Health Organization (WHO)!
Treatments for dermatological diseases include topical corticosteroids, biologics, retinoids, calcineurin inhibitors, hormone therapy, antihistamines, antibiotics, and enzyme inhibitors. Among these, topical corticosteroids are the most popular because they are easily available, easy to apply, cost-effective, and relatively safe. These further include creams, powders, and lotions, which are widely common around the world. Apart from these, biologics are rapidly becoming preferred as they are claimed to have negligible side-effects and numerous pharmaceutical companies are launching such drugs.
Apart from launching new drugs, companies are also engaged in organizing seminars, conferences, workshops, and campaigns to increase people’s awareness of skin diseases and the treatments available. For instance, Galderma S.A. and Camp Wonder have been hosting campaigns to create awareness about life-threatening pediatric skin diseases since 2012. Similarly, in June 2020, Kisaco Research conducted the virtual Microbiome Connect Skin USA summit to talk about microbiome-based skincare products.
Such conferences educate people about dermatological issues and the available and pipeline treatments. As a result, people are spending an increasing amount on themselves, aided by their rising income. For instance, as per the Organisation for Economic Co-operation and Development (OECD), the disposable income of the U.S. population rose by 2.3% during 2016–2017. Moreover, $55.7 billion were spent in 2013 on the treatment of skin-related problems in the country. Similarly, as per the OECD, in Germany, almost 3% of the total healthcare spending in 2016 was on the treatment of dermatological diseases.
As cosmetics and skin problems are still associated with a high purchasing power, the dermatology drugs market is currently dominated by North America, says P&S Intelligence. Moreover, the region is the base for all major pharmaceutical companies, which are engaged in extensive research and development (R&D) to widen their portfolio. Apart from here, the demand for such drugs is also rising sharply in Asia-Pacific (APAC), as people here are becoming more conscious of their appearance.
Hence, with the growing focus on ‘looks’ and rising prevalence of skin diseases, the sale of dermatology drugs will continue to increase.
