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The dermatology drugs market is forecasted to achieve exponential growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 21%, as per The Business Research Company’s market report!

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The Dermatology Drugs Market Size In 2022 And Forecast

The global dermatology drugs market is expected to grow from $49.55 billion in 2021 to $54.54 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The dermatology drugs market is expected to reach $117.82 billion in 2026 at a CAGR of 21.2%.

The dermatology drugs market consists of sales of dermatology drugs by entities (organizations, sole traders and partnerships) that produce dermatology drugs to treat skin diseases.

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Rapid Growth In Emerging Markets Is Driving The Growth Of The Dermatology Drugs Market

For instance, according to the IMF, China’s GDP growth rate was 2.3% in 2020. Additionally, according to the World Economic Outlook Reports by the IMF, the global growth is 6% in 2021 and expected to be 4.4% in 2022. Thus, strong economic growth boosted the demand for dermatology drugs and this drove the market during the historic period.

Competitive Landscape And The Regional Analysis Of The Dermatology Drugs Market

Major players in the dermatology drugs market are Amgen, Reckitt Benckiser Group plc, AbbVie, Galderma S.A., LEO Pharma A/S, Bayer AG, GlaxosmithKline, Eli Lilly And Company, Novartis AG and Perrigo Company Plc.

Additionally, as per TBRC’s research – North America was the largest region in the dermatology drugs market in 2021 holding the largest market share and Middle East is expected to be the fastest-growing region in the forecast period.

The Dermatology Drugs Global Market Report 2022  covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the dermatology drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the dermatology drugs market.

Genome Testing – A Key Trend In The Dermatology Drugs Market

Drug manufacturing companies are using genome testing (genetic diagnosis) to reduce the time and costs spent in clinical trials. A clinical trial is a complex process and it often takes months for a drug to be available in the market. This deprives patients of cost-effective treatment.

Dermatology Drugs Market Segmentation By The Business Research Company

) By Type: Acne Drugs, Dermatitis, Psoriasis, Other Drugs for Dermatology Diseases

2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others

3) By Route of Administration: Oral, Parenteral, Others

4) By Drug Classification: Branded Drugs, Generic Drugs

5) By Mode of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs

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Dermatology Devices Global Market Report 2022

Dermatitis Global Market Report 2022

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