IndustryARC, in its latest report, predicts that the Dermatologicals Market size is estimated to reach $53.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 8.5% over the forecast period of 2022-2027. The rising prevalence of skin diseases and the technological advancement in the field of dermatology are some of the factors driving the Dermatological Industry forward in the projected period of 2022-2027. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key takeaways:
1. Geographically, in 2021 North America held a dominant market share. Skin disease is the most common disease in the United States and affects as many as one in three Americans at any given time. Common skin conditions include acne, contact dermatitis, benign tumors, cancers, atopic dermatitis (also called eczema), and psoriasis. Owing to the increasing rate of skin cancer in the U.S., the availability of dermatology products has increased.
2. The rising prevalence of skin diseases and the technological advancement in the field of dermatology are some of the factors driving the Dermatologicals Market. However, the rising side effects from dermatological products are one of the factors impeding the market growth.
3. A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Dermatologicals Market Report.
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Segmental Analysis:
1. The Dermatologicals market based on diseases can be further segmented into Acne, Dermatitis, Psoriasis, skin cancer, Rosacea, Alopecia, and Others. However, Psoriasis is estimated to be the fastest-growing, with a CAGR of 9.9% over the forecast period of 2022-2027.
2. The Dermatologicals market based on the Route of Administration can be further segmented into, Topical Administration, Oral Administration, and Parenteral Administration. However, Parenteral Administration is estimated to be the fastest-growing, with a CAGR of 10.4% over the forecast period of 2022-2027.
3. North America held a dominant market share of 42% as compared to its other counterparts. Skin illness is the most common disease in the United States, affecting up to one-third of the population at any given time.
Competitive Landscape:
The top 5 players in the dermatologicals industry are –
1. Sol-Gel Technologies
2. Sun Pharma
3. Bayer AG
4. Johnson & Johnson
5. Pfizer Inc.
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