Global Dermatological Drugs Market Report and Forecast 2024-2032

Global Dermatological Drugs Market Outlook

The global dermatological drugs market size was valued at USD 22.59 billion in 2023, driven by the rising emphasis on improving physical appearance across the globe. The market is expected to grow at a CAGR of 11.3% during the forecast period of 2024-2032, with the values likely to rise from USD 25.1 billion in 2024 to USD 59.2 billion by 2032.

Dermatological Drugs: Introduction

Dermatological drugs are used to treat skin conditions and disorders, ranging from common acne to severe diseases like skin cancer and psoriasis. They are available in numerous forms like ointments, gels, creams and oral, or injectable formulations. These drugs may reduce inflammation, redness and itching, along with treating bacterial and fungal infections.

Global Dermatological Drugs Market Analysis

The growing prevalence of skin conditions and increasing drug approvals are among the key factors driving the dermatological drugs market growth in recent years. In July 2023, the FDA approved Verrica Pharmaceuticals Inc's Ycanth for treating a viral skin infection in adults as well as children aged above 2 years. Such approvals demonstrate that the dermatological drug development will continue in the forecast period as well.

With a rising focus on meeting the needs of patients suffering from untreatable dermatological conditions, pharmaceutical organizations are continuously growing and improving their business portfolios. In October 2023, DermBoint raised USD 35.2 million in Series B for dermatological therapies. The funds were dedicated towards Phase II trials for drug candidates treating seborrheic keratoses and melasma.

The growing convergence of artificial intelligence in drug development is one of the key factors aiding the growth of dermatological drugs market demand. With the ongoing trend, companies are collaborating and acquiring artificial intelligence enabled platforms for increasing their drug development potential. For instance, in November 2023, Almirall and Absci announced a dermatological drug discovery partnership worth USD 650 million, with the help of Absci’s artificial intelligence enabled drug creation platform.

Global Dermatological Drugs Market Segmentation

Market Breakup by Diseases

• Acne

• Dermatitis

• Psoriasis

• Skin Cancer

• Rosacea

• Alopecia

• Others

Market Breakup by Type

• Prescription-based Drugs

• Over-the-Counter Drugs

Market Breakup by Route of Administration

• Topical Administration

• Oral Administration

• Parenteral Administration

• Others

Market Breakup by End User

• Hospitals

• Homecare

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Dermatological Drugs Market Overview

The United States has been leading the dermatological drugs market share, which can be accredited to the high prevalence of skin conditions, a well-structured healthcare framework, and critical focus on research and development. Cosmetic dermatology is gaining prominence, with emphasis on cosmetic surgeries, anti-aging treatments, along with injectables, contributing to the market size.

In Europe, there is a growing trend for personalized medicine, which is fuelling the market growth in the region. With the existence of influential healthcare companies and academic institutions, there is rising development of biologic therapies. In addition, a significant portion of the geriatric population also demands better patient care. Government authorities have also been supporting market growth by setting up awareness campaigns on skincare.

Holding a substantial portion of the world’s population, the Asia Pacific region is experiencing high dermatological drugs market demand. Emerging economies like India and South Korea are witnessing improvements in the healthcare and research infrastructures to serve better treatment alternatives to patients. In addition, foreign companies are making noteworthy investments to leverage the academic talent and easy availability of resources pertaining to the area.

Global Dermatological Drugs Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• AbbVie Inc. (Allergan PLC)

• Amgen Inc.

• Galderma

• GlaxoSmithKline Plc.

• Leo Pharma

• Johnson & Johnson

• Novartis AG

• Organon International (Merck & Co. Inc.)

• Pfizer Inc.

• Sun Pharmaceutical Industries Limited

• Sanofi

• Bausch Health Companies Inc

• Bristol-Myers Squibb Company

• F. Hoffmann-La Roche Ltd

• AstraZeneca

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report