Besides shielding and providing sensation, skin executes certain vital physiological functions in the body such as heat regulation and excretion. Dermatology is the medical specialty that assist...
Besides shielding and providing sensation, skin executes certain vital physiological functions in the body such as heat regulation and excretion. Dermatology is the medical specialty that assists in enhancing skin conditions and treating skin disorders and cosmetic problems, therefore comprising of medical as well as surgical applications. Treatment options in the field of dermatology include combinations of prescription drugs, surgery, chemical peels, phototherapy, cryotherapy, chemotherapy, radiotherapy, and others. Growing health consciousness amongst consumers, and the introduction of diverse and easily accessible treatment options and OTC products, has triggered the growth and development of the dermatology market.
The dermatology market can be broadly divided into the following segments- dermatology pharmaceuticals and therapeutics, skin disorders market, and the different modes of delivery. The market for dermatology products and treatments targets a variety of highly rampant, chronic diseases like acne, non-melanoma cancer, psoriasis, dermatitis, etc. The rising occurrence of non-melanoma skin cancer has given a boost to the market for anti skin cancer drugs and therapies. Psoriasis, acne, and dermatitis segments continue to generate major revenues for the skin disorders market. Amongst these, revenues from anti psoriasis drugs are projected to grow at noteworthy rates in the future due to numerous pipeline drugs awaiting FDA approvals.
Many of the prescription drugs used for conditions like acne, rosacea, dermatitis, seborrhea, and hyperpigmentation, are either old or have lost patent protection, due to which although they have been performing well, the growth rates are slow. The overall market for these dermatology products has been bolstered by increasing trends in cosmeceuticals, which is highly desirable amongst the populations of the developed economies, and is slowly capturing the developing markets too. Ageing populations and a focus on lifestyle treatments that stimulate youthfulness and help ward off skin damage, are the key driving forces behind a growing prescription dermatological drugs market. Dermatology, thus, persists to remain one of the most promising sectors within the pharmaceutical market due to recent drug developments and increasing revenues.
Utilizing hi-tech dermatological devices such as dermatoscopes and imaging techniques, dermatologists are able to diagnose skin disorders successfully at an early stage, thereby enabling early therapy. Major factors driving the growth of this market include increasing prevalence of skin diseases, rising incidence of skin cancer, the desire to look young, increasing trend towards non-invasive aesthetic procedures, and technological developments. People are increasingly resorting to cosmetic skin procedures to enhance their aesthetic appearance, and are becoming conscious of skin disorders caused due to exposure to sun, harmful chemicals like carcinogens, etc. Also, innovative treatments methods and novel drugs are expected to continue to drive market growth. Market challenges for the established players, in the age of increasing generic competition, include distinguishing and targeting niche markets and competent life cycle management.
One of the recent developments in dermatology involves increasing use of mobile technology for communication, which has generated a potential market for use of this technology in the field of dermatology. There is a massive base of mobile phone users in both developed and developing countries, depicting a vast potential for the development of teledermatology as well.
Key players in this market include Abbott Laboratories, Clinuvel Pharmaceuticals, Allergan Inc., Pfizer Inc., PharmaDerm Pharmaceuticals Inc., Obagi Medical Products Inc., Genentech Inc., GlaxoSmithKline Plc, Johnson & Johnson, and Novartis, amongst others.