Prevalence of Skin Diseases Accelerating the Dermatology Drugs Sector Growth
The market has been segmented by treatment, drug, therapy area, prescription mode, distribution channel, end-user, and region. Based on treatment, the market is divided into retinoids, calcineurin inhibitors, topical corticosteroids, biologics, hormonal therapy, antihistamines, and others, wherein the others category consists of antibiotic, antifungal, antibacterial, and antiviral agents, and enzyme inhibitors. Out of these, topical corticosteroids led the dermatology drugs market in 2017 with a revenue share of 28.9%. The reason for its dominance was the increasing prevalence of eczema across the globe, which resulted in a growing demand for these drugs.
Among these, acne is the most common skin disease in the U.S., affecting around 50 million each year. The cost incurred for the treatment of acne in the country was over $1.2 billion in 2013. There are a number of treatments along with dermatology drugs that are available in the market to prevent, manage, and treat dermatological diseases. Hence, the growing incidents of skin diseases is boosting the demand for dermatological drugs, which is further driving the growth of the dermatology drugs market.
Various dermatological drugs manufactured by market players are getting approval from authorized regulatory authorities, such as U.S. Food and Drug Administration and the European Union (EU) that are positively affecting the growth of the dermatology drugs market. For instance, in September 2018, Libtayo (cemiplimab-rwlc) developed by Sanofi received the USFDA approval for treating metastatic cutaneous squamous cell carcinoma in those, who have not qualified for surgical or radiation treatments.
Therefore, it is clear that as more people are affected by dermatological issues in the future, the market for related drugs will also grow.
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