With the rise in the aging population, dermatological care is likely to receive particular attention. As people age, the risk of developing skin-related disorders increases, due to factors, such as changes in the connective tissue, reduction in the skin's strength and elasticity, and reduction in secretions from sebaceous glands.
Skin conditions pose a significant threat to patient’s well-being, mental health, ability to function, and social participation. The increasing incidence of dermatological diseases and increasing levels of awareness-related disease progression, etiology, and available therapies are leading to a high growth of dermatological therapeutics.
Key Market Trends
Atopic Dermatitis Segment is Expected to Register a Robust Growth
Atopic dermatitis is a widespread chronic inflammatory skin condition that can affect patients of all ages, and it is the result of multiple environmental, immunological, genetic, and pharmacologic factors. The disease mostly flares up when the patient is around the things that cause allergic reactions. The malfunctioning in the immune system of the human body, due to asthma, is also a major cause of atopic dermatitis. Due to several lifestyle factors, the global burden of atopic dermatitis is increasing rapidly, which, in turn, is fueling the growth of the segment.
North America Dominates the Market, in Terms of Revenue, and Asia-Pacific is Expected to Register a Rapid Growth
North America is expected to lead the global market. Increasing healthcare expenditure, awareness about skin diseases, and the strong presence of pharmaceutical companies are anticipated to drive the market growth in North America. In Asia-Pacific, the ever-increasing pool of the patient population, increasing awareness, and increasing disposable incomes are expected to be pivotal to the robust market growth in the region.
Many new players are emerging in the dermatological therapeutics market, as a result of a number of growth opportunities. Forthcoming patent expiries of major drugs are leading to increased competition, and it is further driving the market studied, especially in the generic sector. The overall dermatological diagnostics and therapeutics industry is expected to witness tremendous growth, with several generic players controlling significant market share in the developing regions.
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