Dermatological Drugs - Market Insights, Competitive Landscape, and Market Forecast - 2030

Dermatological Drugs Market by Drug Class (Anti-Infectives, Corticosteroids, Anti-Acne, Calcineurin Inhibitors, Retinoids, and Others), Indication (Alopecia, Herpes, Psoriasis, Rosacea, Atopic Dermatitis, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to advance at a respectable CAGR forecast till 2030 owing to the increasing burden of dermatological disorders such as acne, alopecia areata, psoriasis, atopic dermatitis, rosacea, among others and with the increasing research & development activities in dermatological drugs across the globe

The dermatological drugs market will grow at a CAGR of 10.62% during the forecast period from 2024 to 2030 to reach USD 30,880.13 million by 2030. The dermatological drugs market is observing significant growth due to the growing burden of various dermatological disorders across the globe. Moreover, the rising awareness of skin health among people, their growing expenditure on skincare and personal care, the surging burden of geriatric patients prone to dermatological disorders, and the increasing number of adolescent groups prone to acne and other puberty-related skin disorders will contribute towards driving the market of dermatological drugs in the upcoming years. Therefore, the market for dermatological drugs is estimated to grow at a substantial CAGR during the forecast period from 2024 to 2030.

Dermatological Drugs Market Dynamics:

One of the key aspects driving the dermatological drugs market is the rising burden of numerous skin disorders across the globe. For example, the growing concern about skin problems such as acne, melasma, fine lines, and wrinkles is a significant factor driving the growth of the dermatological drugs market. As the population grows, more people reach adolescence, where they face certain skin issues such as pimples, acne, and redness on the face, among others, as a result of hormonal and bodily changes. Acne causes temporary or permanent scarring, a negative self-image, and anxiety, which leads to the consideration of various dermatological drugs among people.

Moreover, the increasing awareness among the public about their skin health will aid in supporting the market growth of dermatological drugs. Owing to the influence of celebrity culture, social media, beauty pageants, movies, beauty advertisements, and other factors, women's desire for clear, healthy, and attractive-looking skin, all the factors positively impact the dermatological drugs market.

According to the latest study done by the National Organization for Rare Disorders, prevalence of Pachyonychia congenita (PC), a rare keratinizing skin disorder was reported to be between 5,000 and 10,000 in 2021, worldwide. Thus, associated drugs are expected to be in high demand, owing to the increasing number of such dermatological disease cases.

Further, the growing geriatric population is another driver for the dermatological drugs market growth. According to the World Health Organization (WHO) 2021, the world population is aging at a faster phase, and by 2050 there will be 80% of aged people living worldwide. The increasing age makes people more prone to skin problems like wrinkles, saggy skin, blemishes, and rough skin among other issues more gradually than others. Thus, these large number of people opting for anti-aging treatment by dermatological drugs such as Rapamycin and others eventually ensures the increasing overall market share for dermatological drugs.

The increasing strategic activities by the key players, rising product approvals, and launches are increasing the demand for dermatological drugs in the market. For instance, in January 2024, LEO Pharma AS announced acquisitions of the strategic asset TMB-001 as well as certain other assets from Timber Pharmaceuticals. It develops a topical treatment for multiple moderate to severe subtypes of congenital ichthyosis - a skin disease with significant unmet need. Also, in February 2023, Pfizer Inc. received the US Food and Drug Administration (FDA) approval for supplemental new drug application (sNDA) to expand the use of abrocitinib, for adolescents with moderate to severe atopic dermatitis (AD) when other systemic drug products are not adequate or advisable.

Therefore, all the factors stated above collectively are expected to drive the overall dermatological drugs market throughout the forecast period from 2024 to 2030.

However, the high cost of drug development, the side effects of dermatological drugs, and the timeline of stringent regulatory approval process may halt the market growth of dermatological drugs.

Dermatological Drugs Market Segment Analysis:

Dermatological Drugs Market by Drug Class (Anti-Infectives, Corticosteroids, Anti-Acne, Calcineurin Inhibitors, Retinoids, and Others), Indication (Alopecia, Herpes, Psoriasis, Rosacea, Atopic Dermatitis, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the indication segment of the dermatological drugs market, the psoriasis category is expected to have a significant revenue share in the year 2023. This is primarily owing to the increasing cases of psoriasis across the globe. Also, the rising launches, strategic investments, and other activities by key players related to the segment will support in driving the market during the forecast period.

According to the National Psoriasis Foundation (2022), about 125 million people were living with psoriasis across the globe. Also, as per the same source, it was stated that 30 percent of people with psoriasis also developed psoriatic arthritis. Additionally, patients with psoriasis incurred annual healthcare costs that are substantially higher than those of the general population. Therefore, from all the above-stated statistics, this category is slated to witness a profitable revenue share in the dermatological drug market and hence promote its overall market growth.

Further, various strategic steps by key players in the market will help in increasing the demand for dermatologicals. For instance, in February 2021, Bristol Myers Squibb Company announced positive results from POETYK PSO-2, the second pivotal Phase III clinical trial evaluating deucravacitinib, a novel, selective tyrosine kinase 2 inhibitor for the treatment of patients with moderate to severe plaque psoriasis. POETYK PSO-2 evaluated deucravacitinib 6 mg once daily and met both co-primary endpoints with significantly more patients achieving Psoriasis Area and Severity Index (PASI 75). Thus, the presence of such psoriasis-treating dermatological drugs in the pipeline may create lucrative growth opportunities for key players in expanding their market and thus in driving the dermatological drugs market during the forecast period.

Thus, owing to all the above-mentioned factors, the demand for psoriasis-treating dermatological drugs upsurges, thereby the category is expected to witness significant growth eventually contributing to the overall growth of the dermatological drugs market during the forecast period from 2024 to 2030.

North America is expected to dominate the overall dermatological drugs market:

Among all the regions, North America is expected to dominate the dermatological drugs market in the year 2023 and is expected to do the same during the forecast period from 2024 to 2030. This can be ascribed to the increasing demand for dermatological drugs in the region owing to its increasing demand among the patients due to the rising prevalence of various dermatological disorders such as acne, atopic dermatitis, psoriasis, rosacea, and others. Further, the increasing number of dermatological drugs as over the counter (OTC), surging demand for generic drugs, the rising awareness about skincare, the presence of key domicile players, rising product launches and approvals in the region, and others are contributing to the growth of the dermatological drugs market in North America.

According to the American Academy of Dermatology Association 2022, about 9,500 people are diagnosed with skin cancer daily in the US and around 3 million non-melanoma skin cancer (NMSC) are estimated to be reported annually. Melanoma is the deadliest form of skin cancer which is growing severely in North America. Various dermatological drugs are used to manage melanoma, ultimately responsible for the surged demand for dermatological drugs.

Furthermore, various domicile players are conducting clinical trials on dermatological drugs, which will create an opportunity for the market to grow in the upcoming years. For instance, In October 2023, Janssen Pharmaceuticals, Inc., a Johnson & Johnson company announced that the recent Phase 3b topline results from Cohort A of the VISIBLE trial, the first prospective, large-scale, randomized-controlled study, focused on evaluating TREMFYA (guselkumab) in patients with moderate to severe plaque psoriasis and scalp psoriasis across all skin tones. At week 16, the trial objectively measured clearance and other treatment outcomes, demonstrating significant efficacy of TREMFYA(R) in achieving these clinical endpoints. This trial underscores the therapeutic potential of guselkumab in a diverse patient population, highlighting its role in the comprehensive management of psoriasis. Therefore, owing to such studies carried out by key players in the region, it may generate future opportunities thereby leading to a notable growth in the dermatological drugs market in North America.

In addition, in October 2023, Ortho Dermatologics received the United States Food and Drug Administration (FDA) approval for IDP-126 gel (CABTREO; clindamycin 1.2%/adapalene 0.15%/benzoyl peroxide 3.1%, for the topical treatment of acne vulgaris.

Thus, due to the interplay of all the above-mentioned factors, it will lead to an increase in North America dermatological drugs market growth during the forecast period from 2024 to 2030.

Dermatological Drugs Market Key Players:

Some of the key market players operating in the Dermatological Drugs market include Amgen Inc, Bausch Health Companies Inc, Novartis AG, AbbVie Inc, Almirall, S.A, Bristol-Myers Squibb Company, Sanofi, GALDERMA, GSK plc, Pfizer Inc, LEO Pharma AS, Eli Lilly and Company, Sun Pharmaceutical Industries Ltd, Aclaris Therapeutics, Inc, Lupin, and others.

Recent Developmental Activities in the Dermatological Drugs Market:

• In March 2024, Journal Medical Corporation announced that the US Food and Drug Administration (FDA) accepted its new drug application (NDA) for DFD-29 (minocycline hydrochloride modified release capsules, 40 mg). The application pertained to the treatment of inflammatory lesions and erythema in adult patients diagnosed with rosacea.
• In June 2023, Pfizer Inc. announced the United States Food and Drug Administration (FDA) approval of ritlecitinib (Litfulo). It is indicated for individuals aged 12 and over with severe alopecia areata.
• In January 2022, Pfizer Inc. announced that the United States Food and Drug Administration (FDA) approved CIBINQO(R) (abrocitinib), an oral, once-daily, Janus kinase 1 (JAK1) inhibitor, for the treatment of adults living with refractory, moderate-to-severe atopic dermatitis (AD) whose disease is not adequately controlled with other systemic drug products, including biologics, or when the use of those therapies is inadvisable.

Key Takeaways from the Dermatological Drugs Market Report Study

• Market size analysis for current dermatological drugs market size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the dermatological drugs market.
• Various opportunities available for the other competitors in the dermatological drugs market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current dermatological drugs market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for dermatological drugs market growth in the coming future?

Target Audience who can be benefited from this Dermatological Drugs Market Report Study

• Dermatological drug providers
• Research organizations and consulting companies
• Dermatological Drugs-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in dermatological drugs
• Various end-users who want to know more about the dermatological drugs market and latest developments in the dermatological drugs market.

Frequently Asked Questions for the Dermatological Drugs Market:

1. What are dermatological drugs?

Dermatology is a branch of medicine that focuses on the diagnosis, prevention, and treatment of skin diseases, including hair and nail problems. Dermatological drugs are medications used to treat skin diseases. Laser therapy, topical, and systemic medications, photodynamic therapy, radiotherapy, vitiligo surgery, and dermatological surgery are all forms of skin treatment. These dermatological drugs are also used in skincare to keep skin features like radiance and healthiness.

2. What is the market for dermatological drugs?

The dermatological drugs market will grow at a CAGR of 10.62% during the forecast period from 2024 to 2030 to reach USD 30,880.13 million by 2030.

3. What are the drivers for the dermatological drugs market?

The dermatological drugs market is slated to witness prosperity owing to the growing burden of dermatological disorders, rising awareness of skin problems especially among the young group, soaring people's spending power on skincare and personal care, the surging burden of geriatric patients prone to dermatological disorders, surging new drug launches and approvals, presence of key players in the market, and others thus creating an exigency for the dermatological drugs market during the forecast period from 2024 to 2030.

4. Who are the key players operating in the dermatological drugs market?

Some of the key market players operating in Dermatological Drugs market include Amgen Inc, Bausch Health Companies Inc, Novartis AG, AbbVie Inc, Almirall, S.A, Bristol-Myers Squibb Company, Sanofi, GALDERMA, GSK plc, Pfizer Inc, LEO Pharma AS, Eli Lilly and Company, Sun Pharmaceutical Industries Ltd, Aclaris Therapeutics, Inc, Lupin, and others.

5. Which region has the highest share in the dermatological drugs market?

North America is expected to dominate the overall Dermatological Drugs market during the forecast period from 2024 to 2030. This is due to the increasing demand for dermatological drugs among the patients in the region due to the increasing prevalence of various dermatological disorders such as acne, atopic dermatitis, psoriasis, rosacea, and others. Further, the increasing number of dermatological drugs as over the counter (OTC), the rising awareness about skincare, and the presence of key domicile players in the region are factors supporting the growth of the North America dermatological drugs market.