Prescription Dermatology Therapeutics Market to Report a CAGR of 9.5%Between 2018 and 2026

High prevalence and rise in incidence rate of various chronic as well as acute dermatological disorders across the globe are the key factors driving the global prescription dermatology therapeutics market. According to the World Health Organization (WHO), over 900 million people were affected with skin diseases in 2017, and the five most common skin disorders account for around 80% of the skin disorders. Atopic dermatitis, a common and chronic inflammatory skin disease, affects 15% to 20% children and 1% to 3% adults across the world. According to the WHO, 2 million to 3 million patients are affected by non-melanoma skin cancer and around 132,000 melanoma skin cancers occur across the world each year. Hence, rise in incidence rate of dermatological disorders across the globe and increase in awareness about various skin diseases are projected to propel the global prescription dermatology therapeutics market during the forecast period.

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The global prescription dermatology therapeutics market is driven by intensive research to provide treatments and/or relieve the symptoms of chronic dermatological disorders. There is large patient population suffering from dermatology disorders with unmet medical needs and the number is increasing across the globe. Leading pharmaceutical companies are striving to address these unmet medical needs through new product development. Large number of both small molecules and biologic products are under different phases of clinical trials for the treatment of dermatology disorders. Companies have made significant investments in clinical R&D and have also established strategic partnerships and collaborations to accelerate new product development. For instance, as of March 31, 2018, Aurobindo Pharma had around 38 products under development in dermatology therapeutics in topical forms. Additionally, the company has around 24 products in the portfolio that need clinical trials. High prevalence and rise in incidence rates of chronic dermatological disorders with significant unmet medical needs are projected to propel the global prescription dermatology therapeutics market during the forecast period.

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According to the report, the global prescription dermatology therapeutics market was valued at US$ 27,580.0 Mn in 2017 and is projected to expand at a CAGR of 9.5% from 2018 to 2026. High prevalence of chronic dermatological disorders, large unmet medical needs, and new product approvals are anticipated to drive the global market in the next few years. North America is expected to dominate the global prescription dermatology therapeutics market during the forecast period, followed by Europe. Potential unmet medical needs for moderate to severe psoriasis and skin cancer, increase in adoption of biologic drugs, and new product approvals & launches in the U.S. and Europe are likely to drive the prescription dermatology therapeutics market in these regions during the forecast period. The market in Asia Pacific is projected to expand at a high CAGR during the forecast period.

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Skin is the largest organ of the body and the first point of contact for microbes and toxins. It contains a rich habitat of microbes which results in various dysfunctions. This is where dermatology steps in. Dermatological disorders differ across the globe based on geographic location, climatic conditions, socioeconomic status, lifestyles, age, gender, heredity, and personal habits. The importance of skin has increased in the past few years. Large number of people is willing to treat various dermatological diseases due to awareness. Increase in the number of indications treated with topical drugs is projected to propel the global prescription dermatology drugs market.

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