Growing Geriatric Population to Power Huge Surge in Global Dermatology Drugs Market by 2023

Due to the rise in the geriatric population, growing prevalence of dermatological diseases, increasing awareness about skin problems, soaring spending capability of the people, and huge pipeline of dermatological drugs, the global dermatology drugs market is expected to advance rapidly during the forecast period (2018–2023). The market is predicted to advance at the CAGR of 8.2% during the forecast period, from its recorded value of $21.5 billion in 2017, to reach $34.5 billion by 2023.

The increasing prevalence of skin diseases is one of the biggest factors boosting the growth of the dermatology drugs market. Trauma, environmental and genetic factors, and aging are some of the most significant factors causing skin diseases in millions of people across the globe. As per the observations of the World Health Organization (WHO), skin diseases are one of the most common forms of health disorders and they affect nearly 900 million people at a time, around the world.

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With the increase in age, the proper functioning of the human skin starts to be lost, resulting in the occurrence of various skin diseases, thereby driving the progress of the dermatology drugs market. Moreover, with age, the body also starts experiencing several other problems, such as slow healing of wounds, higher sensitivity to ultraviolet (UV) radiation, greater vulnerability to infections, and reduction in subcutaneous fat. This increases the probability of various skin problems, thereby shooting up the demand for dermatological drugs.

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On the basis of drug, the dermatology drugs market is categorized into Remicade, Dupixent, Canesten, Neoral, Stelara, Zyvox, Cubicin, Cosentyx, Enbrel, Eucrisa, Humira, Valtrex, Otezla, Taltz, Protopic, and others. Out of these, Humira accounted for the largest market share, in terms of revenue, in 2017. The reason behind this drug’s market control was its high demand from psoriasis patients, as this drug is used for the treatment of adults suffering tom moderate-to-severe chronic plaque psoriasis as well as those who qualify for systemic therapy or phototherapy.

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