Through the rising skin care costs that sped up the pace of expansion, the dermatology drug market has grown over the past few years. With growing awareness of the diagnosis and treatment of skin diseases, the demand for dermatology drugs has significantly improved from the previous year. Additionally, as a result of rising healthcare expenditures, the demand for dermatology medications has increased in emerging economies.
According to Data Bridge Market Research, Dermatology Drugs Market was USD 5,118.7 million in 2022, and it would grow up to USD 11,796.4 million by 2030.
“Advancements in drug development surge market demand"
Continuous advancements in drug development are a significant driver of growth in the dermatology drugs market. Ongoing research and development efforts result in the introduction of innovative drugs with novel formulations, targeted therapies, and biologics. These advancements offer improved efficacy and safety profiles, addressing unmet needs in dermatological conditions. The availability of such advanced treatment options drives market growth as healthcare providers and patients seek more effective and personalized solutions for skin disorders.
What restraints the growth of the dermatology drugs market?
“High development cost can impede the market growth”
The high development costs associated with researching, testing, and gaining regulatory approval for new dermatology drugs create barriers for smaller pharmaceutical companies and startups. These financial constraints limit their ability to invest in innovation and introduce new products to the market. As a result, market growth may be hindered due to the limited resources available for drug development in the dermatology sector.
Segmentation: Asia-Pacific Dermatology Drugs Market
The dermatology drugs market is segmented on the basis of drug class, drug type, dermatological diseases, prescription mode, route of administration, and distribution channel.
- On the basis of drug class, the dermatology drugs market is segmented into corticosteroids, retinoids, monoclonal antibodies, antibiotics agent, antiviral agents, antifungal drugs, antihistamines agents, immunosuppressive drugs, and others.
- On the basis of drug type, the dermatology drugs market is segmented into branded, generics.
- On the basis of dermatological diseases, the dermatology drugs market is segmented into acne, dermatitis, psoriasis, skin cancer, and others.
- On the basis of prescription mode, the dermatology drugs market is segmented into prescription based drugs, and over-the-counter drugs.
- On the basis of route of administration, the dermatology drugs market is segmented into oral, topical, parenteral.
- On the basis of distribution channel, the dermatology drugs market is segmented into hospital pharmacy, retail pharmacy, online pharmacy, and others.
Regional Insights: Japan dominate the Asia-Pacific Dermatology Drugs Market
Japan is dominating the market because of the rising focus on the state of dermatological health, rising health consciousness, and rising healthcare costs.
China is having the highest market share owing to the country-wide increases in healthcare spending as branded drug demand rises. The demand for dermatology drugs has also increased as people become more aware of the diagnosis and treatment of skin diseases as well as their rising prevalence in the nation.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/asia-pacific-dermatology-drugs-market
Recent Developments in Asia-Pacific Dermatology Drugs Market
- In 2022, In order to treat adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy, the US FDA has approved Sotyktu (deucravacitinib).
- In 2022, The topical PDE4 inhibitor roflumilast cream (ZORYVE) 0.3% was given FDA approval as a treatment for plaque psoriasis in patients 12 years of age and older.
- In 2022, Rinvoq has been given FDA approval to treat refractory, moderate-to-severe atopic dermatitis in patients 12 years of age and older who have not responded to or are unable to take prior oral or injectable systemic medications.
The Prominent Key Players Operating in the Asia-Pacific Dermatology Drugs Market Include:
- LUPIN (India)
- Novartis AG (Switzerland)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Pfizer Inc. (U.S.)
- Sanofi (France)
- Amgen inc. (U.S.)
- Lilly (U.S.)
- AstraZeneca (U.K.)
- AbbVie Inc (U.S.)
- Johnson & Johnson Private Limited (U.S.)
- LEO Pharma A/S (Denmark)
- Merck & Co., Inc (U.S.)
- Bausch Health Companies Inc (Canada)
- Bristol-Myers Squibb Company (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Asia-Pacific dermatology drugs market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Asia-Pacific Dermatology Drugs Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
