Global dermatological drug market is projected to grow between 2018 and 2023
The recent report by Knowledge Sourcing Intelligence, titled “Global Dermatological Drug Market - Forecasts from 2018 to 2023” covers an in-depth analysis of the market on the basis of indication, route of administration, end user, and geography. The report also covers the country level analysis within the regions. Additionally, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. The report is segmented by indication (psoriasis, acne, dermatitis, others), route of administration (topical, oral, parenteral), end user (hospitals and clinics, cosmetic centers, others) and geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). The growing demand for dermatological drugs is attributed to growing skin diseases, geriatric population, rising disposable income, and out-of-pocket expenditure. In addition, the dermatology market during the forecast period and beyond is expected to grow owing to the increased health insurance coverage as one of the market drivers. Furthermore, growing awareness regarding skin health will drive market growth during the forecast period and beyond.
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Geriatric population is driving the growth of global dermatological drug market during the forecast period.
Due to aging, there are high chances of skin breakdown, resulting in the need for solutions to maintain good skin health. Many people above the age of 65 years or older complain of dry and itchy skin, dry skin patches which make the skin rough and scaly, this is due to reasons like, less fluid intake, too much spending under the sun, smoking, stress, etc., contributing to the requirement of dermatological drugs for the restoration from these damages. This is spurring the growth of the global dermatological drug market during the forecast period. In addition, dry skin is a result of chronic diseases such as diabetes or kidney diseases. In addition, skin related problems such as dry skin due to prevalent chronic diseases such as diabetes or kidney diseases will further snowball the demand for dermatological drugs.
North American region holds a substantial share in the market
The North America dermatological drug market is estimated to hold a significant share of the global market, owing to a high heath expenditure with the United States having the highest health spending among all the developed countries. Furthermore, there is a strong market growth for dermatological services in the United States due to the aging population in the country and an increase in insurance coverage, contributing further to the dermatological drug market in the North American region.
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