Emerging Markets Aid Dermatology Drugs Industry Growth

The Business Research Company’s Dermatology Drugs Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON , UK, January 27, 2022 /EINPresswire.com/ -- 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. For instance, according to the IMF, China’s GDP growth rate was 2.3% in 2020. Additionally, according to the World Economic Outlook Reports by the IMF, the global growth is 6% in 2021 and expected to be 4.4% in 2022. According to the dermatology drugs market analysis, strong economic growth boosted the demand for dermatology drugs and this drove the market during the historic period.

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The global dermatology drugs market size is expected to grow from $49.55 billion in 2021 to $54.54 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The growth in the market 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 dermatology drugs market is expected to reach $117.82 billion in 2026 at a CAGR of 21.2%.

Global dermatology drugs market trends include drug manufacturing companies 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.

Major players covered in the global dermatology drugs industry are Amgen, Reckitt Benckiser Group plc, AbbVie, Galderma S.A., LEO Pharma A/S, Bayer AG, GlaxoSmithKline, Eli Lilly And Company, Novartis AG and Perrigo Company Plc.

North America was the largest region in the dermatology drugs market in 2021. The Middle East is expected to be the fastest growing region in the forecast period. The regions covered in the dermatology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

TBRC’s global dermatology drugs market segmentation is divided by type into acne drugs, dermatitis, psoriasis, other drugs for dermatology diseases, by distribution channel into hospital pharmacies, retail pharmacies/ drug stores, others, by route of administration into oral, parenteral, others, by drug classification into branded drugs, generic drugs, by mode of purchase into prescription-based drugs, over-the-counter drugs.

Dermatology Drugs Global Market Report 2022 – By Type (Acne Drugs, Dermatitis, Psoriasis, Other Drugs for Dermatology Diseases), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others), By Route Of Administration (Oral, Parenteral, Others), By Drug Classification (Branded Drugs, Generic Drugs), By Mode Of Purchase (Prescription-Based Drugs, Over-The-Counter Drugs) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a dermatology drugs market overview, forecast dermatology drugs market size and growth for the whole market, dermatology drugs market segments, geographies, dermatology drugs market trends, dermatology drugs global market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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