The Australian dermatology therapeutics market size stood at around USD 2.02 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
With the rise in the aging population, dermatology 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.
In Australia sunburn is one of the major causes of the disease. The factors responsible for the development of an adverse number of skin diseases include aging, environmental, and genetic. According to the Australasian College of Dermatologists, there are more than 960,000 people in Australia – over 4% of the population – who suffer from a long-term condition of skin disorder. Australia has one of the highest rates of skin cancer in the world. Anyone can be at risk of developing skin cancer, though the risk increases as you get older which is caused by exposure to UV radiation in sunlight. This remains a fuelling factor for the market studies and acts as a drive for a faster rate of growth in the Australian market.
The increasing incidence of dermatology diseases and increasing levels of awareness-related disease progression, etiology, and available therapies are leading to the high growth of dermatology therapeutics.
However, the side effects caused by several therapeutics are restraining market growth. Some of the products are withdrawn from the market due to serious side effects.