The global dermatological therapeutics market size stood at around USD 23.07 billion in 2019 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, 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 market is majorly driven by the rising burden of dermatology diseases. Skin disease is one of the principal causes of the growing disease burden that affects millions of people, across the globe. The factors responsible for the development of an adverse number of skin diseases include aging, environmental, and genetic. According to the statistics provided by the Centre for Disease Control and Prevention (CDC), during the year 2018, around 14.3% of the children aged between 0 to 4 years’ had skin allergies. CDC has stated that the number of children having skin allergy is increasing each year, which can be the fuelling factor for the market studied. Moreover, according to the Global Burden of Disease (GBD), skin diseases remain to be the important cause of nonfatal disease burden globally, thereby fuelling market demand.
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.
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 Some of the products are withdrawn from the market due to serious side effects.