Dermatological Therapeutics Market Size (2024 - 2029)

Dermatological Therapeutics Market Analysis

The Dermatological Therapeutics Market size is estimated at USD 45.17 billion in 2024, and is expected to reach USD 71.66 billion by 2029, growing at a CAGR of 9.67% during the forecast period (2024-2029).

Major factors driving the market's growth include the growing burden of dermatology diseases, increased awareness levels of disease progression and etiology, and a rise in the elderly population. With the rise in the aging population worldwide, dermatological care is likely to receive particular attention. As people age, the risk of developing skin-related disorders increases due to factors such as changes in the connective tissue, reduction in the skin's strength and elasticity, and reduction in secretions from sebaceous glands.

For instance, according to the World Health Organization’s report published in October 2023, by 2024, it had been estimated that the population of individuals aged over 65 years would outnumber those under the age of 15. By 2050, the number of people aged 65 years or over worldwide is projected to be more than twice the number of children under age five and about the same as that of children under age 12. Thus, the rising geriatric population is expected to enhance market growth.

Skin diseases have seriously impacted people's quality of life, causing productivity loss at work and other places and discrimination due to disfigurement. According to the Global Report on Atopic Dermatitis 2022 published by the International Eczema Council in November 2022, about 223 million people were living with atopic dermatitis in 2022, of which around 43 million were aged 1-4. This shows the strikingly high prevalence among young children. In addition to the disease burden on the children and their caregivers, atopic dermatitis can also negatively affect the children's development, education, and work. Thus, the high prevalence and the rising burden of such dermatological diseases are expected to boost the market's growth.

The dermatological therapeutics market is anticipated to witness lucrative growth due to collaborations, acquisitions, and new product launches. For instance, in March 2023, Eli Lilly expanded its presence in the dermatological field in India by introducing a new product called Copellor. This product is designed to treat moderate-to-severe plaque psoriasis, a chronic skin condition characterized by red, raised, and scaly patches on the skin. The launch of Copellor in the Indian market follows the approval granted by the Drug Controller General of India (DCGI), which is the regulatory authority responsible for approving and regulating pharmaceuticals and medical devices in the country.

Thus, the increasing burden of dermatological diseases, the rising geriatric population, and the increasing developments by key market players are expected to drive the market over the forecast period. However, serious side effects of certain classes of therapeutic drugs are expected to restrain the market in the near future.

Dermatological Therapeutics Industry Segmentation

As per the scope of the report, dermatological therapeutics are drugs used to treat and prevent various dermatological conditions. The dermatological therapeutics market is segmented by application, drug class, and geography. By application, the market is segmented into alopecia, herpes, psoriasis, rosacea, atopic dermatitis, and other applications. By drug class, the market is segmented into anti-infectives, corticosteroids, anti-acne, calcineurin inhibitors, retinoids, and other drug classes. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the market sizes and forecasts in terms of value (USD) for the above segments.