Research Support Specialist, USA
The global dermatological drugs market size is expected to reach USD 34.92 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 10.8% from 2021 to 2028. The market is expected to grow due to key factors such as the availability of medical resources for detecting and treating skin diseases, nutritional deficiency due to unhealthy food habits, increasing awareness regarding lifestyle diseases, increasing pollution levels, and lack of immunity in the population. Additionally, the rising per capita income and the increasing purchasing power are the driving forces in this market.
The acne indication segment is expected to expand at a CAGR of 10.5% from 2021 to 2028. Acne is a skin condition, where dead skin cells and oils clog skin pores, forming spots, pimples, and sometimes cysts. Additionally, infected hair follicles cause acne, which starts from the skin pores. Acne causes bumps on the face, shoulders, chest, and back in the form of pimples, blackheads, and white heads. Acne can be cured and the appearance of the skin can be improved with effective treatment from a dermatologist, thus contributing to the growth of the market.
North America held the largest revenue share of more than 35.0% in 2020. The U.S. is positively contributing to the growth of the regional market. The presence of well-established pharmaceutical vendors is one of the key factors supporting the market growth. This region is one of the promising regions to launch new technology in terms of well-established healthcare infrastructure and advanced research and development activities, which help innovate and produce the most appropriate drugs to cure cancer. It is observed that in this region, there is a rapid shift of the healthcare industry towards consumer-driven health care from traditional treatment for providing diagnosis and provision-based health services. Additionally, the ease of availability of drugs and reimbursement policies for patients in the healthcare industry are driving the market in the region.
The report “Dermatological Drugs Market Size, Share & Trends Analysis Report By Indication (Acne, Psoriasis, Rosacea, Alopecia), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global dermatological drugs market on the basis of indication and region:
List of Key Players of Dermatological Drugs Market