Market Trends of Dermatological Therapeutics Industry
Psoriasis Segment Expected to Hold a Significant Market Share Over the Forecast Period
Psoriasis is a chronic autoimmune skin disease that speeds up the growth cycle of skin cells. It causes patches of thick red skin and silvery scales on the elbows, face, palms, knees, scalp, lower back, and soles of feet. The most common type of psoriasis is plaque psoriasis, and misguided T-cell attacks on the skin cause it. The rising prevalence of psoriasis, the increasing number of clinical trials for psoriasis drug development, and rising developments by major market players are expected to boost the segment's growth.
The rising prevalence of psoriasis is a major factor driving the segment. For instance, according to the data updated by the National Psoriasis Foundation in December 2022, around 125 million people worldwide had psoriasis in 2022, almost equal to 2-3% of the total population. The source also stated that more than 8 million US citizens had psoriasis in 2022. Thus, the high prevalence of psoriasis is expected to boost the adoption of dermatological therapeutics. As psoriasis is often associated with the elderly, the rising geriatric population is also expected to drive segmental growth.
As per the data published by clinicaltrials.gov, in February 2024, approximately 272 ongoing phase 4 clinical trials were being conducted for the treatment of psoriasis. These are expected to receive approvals for the treatment of the disease in the coming future, thus driving the segment's growth.
New product launches and the focus of market players on expanding their market share for dermatology therapeutics through collaborations and acquisitions are anticipated to boost the segment. For instance, in November 2023, Lord’s Mark Biotech, a subsidiary of Lord’s Mark Industries, launched Tinefcon, a patented medicine for treating psoriasis.
Thus, due to factors such as the rising prevalence of psoriasis, the growing geriatric population, increasing developments by key players, and the rising number of psoriasis clinical trials, the segment is expected to witness steady growth over the forecast period.
North America Expected to Hold a Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share due to increasing healthcare expenditure, growing awareness about skin diseases, and the strong presence of pharmaceutical companies.
The rising prevalence of dermatological diseases is a major factor expected to boost the market in the region. For instance, according to a report published by the World Allergy Organization Journal, in March 2023, the prevalence of atopic dermatitis was between 4.9% and 10.2% in the United States. Thus, the high prevalence of such dermatological diseases is expected to boost the adoption of dermatological therapeutics in the country.
The rising geriatric population is also significantly driving market growth. For instance, according to a census report published by Statistics Canada in April 2022, the population aged 85 and older is one of the fastest-growing age groups, with over 2.3% of the population aged 85 and older.
The new product launches by key regional market players are also anticipated to boost the market's growth. For instance, in May 2023, the US Food and Drug Administration approved Krystal Biotech Inc.'s first-of-its-kind topical gene therapy. Similarly, in July 2023, the FDA approved Verrica Pharmaceutical’s Ycanth topical solution for the treatment of the viral skin infection molluscum contagiosum in patients aged as young as two years. Thus, rising product launches by key market players are mainly driving the North American market.
Thus, due to factors such as the rising prevalence of dermatological diseases, the rising geriatric population, and the increasing developments by key market players, the market is expected to witness steady growth in the region over the forecast period.
