Report Description of the South Korea Dermatology Treatment Drugs Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for South Korea Dermatology Treatment Drugs Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the South Korea Dermatology Treatment Drugs Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
South Korea Dermatology Treatment Drugs Market Analysis Executive Summary
Dermatology is a medical field that deals with the diagnosis, prevention, and treatment of various skin, nail, and hair-related diseases such as pigmentation, acne, wrinkles, and psoriasis. Skin is the largest organ of the body, which acts as a barrier to protect the internal organs from injury and bacteria. It is also a good indicator of the overall health of the body, making the field of dermatology important in the diagnosis and management of many health conditions. Dermatological diseases includes common skin rashes to severe skin infections, which occurs due to range of things, such as infections, heat, allergens, system disorders and medications. Foremost common skin disorders are dermatitis.
Market Size and Key Findings
The South Korea Dermatology Treatment Drugs Market Analysis size stood at around USD xx% billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
With increase in population and prevalence of various skin conditions the demand for products in increasing. Rising expenditure on personal care due to increase in awareness about various skin conditions like acne and dermatitis and their treatment modalities is driving the growth of the market. Soaring demand for effective products to cure skin infections along with increase in number of companies investing in research and development in emerging markets and increased expenditure by government on healthcare has also positively impacted the market.
Stringent Regulations for Dermatology Drugs and High Cost of Dermatology Drugs are assumed to be restraining the Dermatology Drugs Market.
Covid-19 Market Impact Analysis
The COVID-19 outbreak in South Korea has had varying impacts across the beauty and personal care market. Mass beauty and personal care have benefitted, with consumers trading down from more upmarket offerings as they spend more time at home. Another notable trend is the rise of do-it-yourself (DIY) beauty care. Many beauty salons had been closed, and even in places where they have not, consumers are forgoing services because of concerns about close physical contact. As a result, DIY hair coloring, nail care, and care in other beauty categories are finding new customers in the country.
Players operating in the global dermatology drugs market include Lupin, Novartis AG, F. Hoffmann-La Roche Ltd, Pfizer Inc., Sanofi, GlaxoSmithKline plc. Amgen Inc., Eli Lilly and Company, AstraZeneca, AbbVie Inc., Johnson & Johnson Services. Inc, Galderma laboratories L.P., LEO Pharma A/S, Merck & Co., Inc, Bausch Health, and Bristol-Myers Squibb Company.
Products in Pipeline
- The acquisition of Eli Lilly and company & Dermira company will expand the pipeline of Lilly’s immunology with the addition of lebrikizumab which is a new monoclonal antibody designed to treat atopic dermatitis. This acquisition also expands the company portfolio of marketed dermatology medicines with the addition of QBREXZA (glycopyrronium).
Notable Recent Deals
- In April 2019, LEO Pharma announced the expansion of its existing partnership with Elektrofi for the development of convenient system for dermatology treatments. This is expected to reduce the time required for the treatment.
- In January 2020, Eli Lilly and Company announced that they have acquired Dermira, which is a biopharmaceutical company engaged in the introduction of novel therapies to treat the chronic skin conditions in a much better way.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
The importance of the healthcare industry has increased and it has thrived, although the cosmetic industry of Korea has been in depression. A recently issued group of items in Korea, ‘cosmeceuticals’, is defined as a combination of pharmaceuticals and cosmetics proven to have medical effectiveness. Antiaging cosmeceuticals in Korea have performed well in terms of expanding business by combining with beauty services, so they are viewed as high-valued items. This fact supports the evidence that there are various studies on cosmeceuticals. Therefore, this paper shows that the global status and growth potential of cosmeceuticals are documented and the concepts of the application of the demonstration complex and open innovation will be linked together based on research of antiaging cosmeceuticals in Korea for an aging society. This paper intends to provide the basic information for forming a ‘lab to market’ which connects the future cosmeceutical laboratory to the market. In March 2016, customized cosmetics were launched as a pilot project, and ‘cosmeceuticals’ have received attention from the cosmetics market. At the same time, the interest in cosmetics which help to treat skin problems is increasing. The cosmeceutical market in Korea was grown by hospitals and pharmaceutical companies in the 1990s, but currently, it is becoming more popular and diversified because cosmetic companies are taking over pharmaceutical companies in Korea.