PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1501252
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1501252
The global dermatology biologics market is poised for substantial growth, expected to reach a value of US$ 5.7732 billion in 2024 and projected to increase to US$ 9.64665 billion by 2031, with a robust Compound Annual Growth Rate (CAGR) of 7.6%%. This expansion reflects the escalating demand for dermatology biologics worldwide. Dermatology biologics market is witnessing robust growth, fueled by various factors contributing to its expansion and adoption worldwide. From technological advancements to regulatory approvals, market dynamics are shaping the landscape of dermatology biologics, offering both opportunities and challenges for industry stakeholders.
Demand Dynamics: Demand for dermatology biologics is further augmented by their approval for pediatric psoriasis treatment, addressing a previously unmet medical need in children with moderate to severe psoriasis. However, challenges persist, including the escalating cost of biologic therapies and limited awareness about skin diseases and biologic treatments, particularly in low-middle-income countries. The lack of education and awareness impedes market growth in these regions, presenting a barrier to adoption and market expansion.
Regional Insights: In the U.S., the dermatology biologics market is thriving, driven by increasing FDA approvals for biologic treatments and pharmaceutical companies' efforts to promote biological treatments for prevalent conditions like acne, eczema, and psoriasis. The U.K. presents opportunities for dermatology biologics manufacturers, with the biopharmaceutical industry driving demand and significant advancements made by multinational corporations and smaller biotech firms.
China is emerging as a prominent market for dermatology biologics, boasting the largest market share in East Asia. Rising patient preference for biological treatments, driven by their efficacy and targeted therapy, fuels market growth in the country.
Product and End-User Analysis: Tumor necrosis factor (TNF) inhibitors dominate the dermatology biologics market, particularly for treating psoriasis in adults. This segment holds approximately 54.4% of the overall market share, driven by the increasing prevalence of psoriasis worldwide.
Hospital pharmacies serve as a key distribution channel for dermatology biologics, accounting for a significant market share. The growing number of skin cancer patients seeking treatment in hospitals contributes to the demand for biologics, with patients preferring the reliability and convenience of hospital pharmacies.
Leading manufacturers in the dermatology biologics market are focused on obtaining regulatory approvals and expanding their product lines. Strategies such as mergers, acquisitions, and partnerships are prevalent, aimed at strengthening product offerings and market accessibility. Key players in the market include Merck and Co. Inc., Novartis AG, Pfizer Inc., AbbVie Inc., Amgen Inc., AstraZeneca, Celgene Corporation, Eli Lilly and Company, and Johnson and Johnson (Janssen Biotech Inc.).
Examples of recent strategic initiatives include AbbVie securing European Medicines Agency approval for upadacitinib (RINVOQ(R)), Amgen and Generate Biomedicines collaborating to develop protein therapeutics across various therapeutic areas, and Samsung Biologics and AstraZeneca expanding their manufacturing partnerships to enhance COVID and cancer therapy facilities.
Key Market Segments Covered in Dermatology Biologics Industry Research