Major companies in the dermatology drugs market include Johnson & Johnson; Allergan Plc; Galderma S. A; Novartis AG and GlaxoSmithKline Plc. The global dermatology drugs market is expected to grow from $37.
New York, March 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dermatology Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027735/?utm_source=GNW
57 billion in 2020 to $40.49 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $62.83 billion in 2025 at a CAGR of 12%.
The dermatology drugs market consists of sales of dermatology drugs by entities (organizations, sole traders and partnerships) that produce dermatology drugs to treat skin diseases.This industry includes establishments that produce drugs to treat diseases such as rosacea, dermatitis, hyperhidrosis, androgenic alopecia, acne, microbial infections and other skin disorders.
The dermatology market is segmented into acne; dermatitis; psoriasis; and other drugs for dermatology diseases.
Asia Pacific was the largest region in the global dermatology drugs market, accounting for 36% of the market in 2020.North America was the second largest region accounting for 27% of the global dermatology drugs market.
Africa was the smallest region in the global dermatology drugs market.
Drug manufacturing companies are using genome testing (genetic diagnosis) to reduce the time and costs spent in clinical trials.A clinical trial is a complex process and it often takes months for a drug to be available in the market.
This deprives patients of cost-effective treatment.Researchers in the Rockefeller University used genomic testing and data analytics to predict the response of psoriasis patients for a given treatment.
Genomic testing algorithms collect gene-expression data from skin biopsies and detect activity in 50,000 different genes. This technique can predict the response of a patient with an accuracy of 95% and within 12 weeks, thus saving significant time for clinical trials and the launch of new drugs.
High costs associated with drugs is a major issue faced by citizens of many countries.Pressure to contain costs and demonstrate value is widespread.
Political uncertainty and persistent economic stress in numerous countries are calling into question the sustainability of public health care funding.In less wealthy countries, lack of cost-effective drugs has influenced the health conditions of the population and has led to a low average life expectancy.
As a result, in countries such as Chad, Macedonia, Serbia, the pharmaceutical companies are faced with the pressure of reducing the price of drugs. The high costs associated with drugs are putting pressure on the revenues of dermatology drugs manufacturers.
The dermatology drugs market was mainly driven by rapid growth in emerging markets in the historic period.Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries.
For instance, according to the IMF, China’s GDP grew from $11 trillion in 2015 to $13.6 trillion in 2018. Additionally, according to the World Economic Outlook Reports by the IMF, emerging markets and developing economies together registered a growth of 4.0% in 2015 and this increased to 4.5% in 2018. Thus, strong economic growth boosted the demand for dermatology drugs and this drove the market during the historic period.
Read the full report: https://www.reportlinker.com/p06027735/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001