Published On : Apr 20, 2016
The global market for dermatology diagnostic devices and therapeutics is poised for moderate growth in the coming years, fueled by the increasing prevalence of chronic skin disorders, the changing patient demographics, the rise in geriatric population, and the surge in disposable income in emerging economies.
The market for dermatology diagnostic devices is likely to expand at a 6.90% CAGR from 2015 to 2023, according to a report by Transparency Market Research. The value of this market is anticipated to rise from US$0.6 bn in 2014 to US$1.0 bn by 2023. The dermatology therapeutics market, on the other hand, is projected to expand at a rather tepid CAGR of 1.90% from 2013 to 2018 and at a 1.60% CAGR from 2018 to 2023. The value of the dermatology therapeutics market is forecast to rise from US$17.5 bn in 2014 to US$20.1 bn by 2023.
Upcoming Patent Cliffs Could Hamper Growth of Biologics
The global dermatology diagnostic devices and therapeutics market, by drug class, is segmented into antifungal agents, corticosteroids, immunosuppresants, antibacterials, antiviral agents, retinoids, and biologics. Biologics and antibacterials are the largest drug segments, driven by fewer severe side effects, commendable efficacy, and better patient compliance. The market for biologics, however, is likely to be adversely affected owing to the patent expirations of several blockbuster drugs such as Remicade, Humira, and Stelara during the course of the forecast period. The patent for Remicade is expiring in December 2018, the patent for Stelara is coming to an end in September 2023, and Humira in December 2016.
North America Forms Largest Market for Dermatology Diagnostic Devices and Therapeutics
The global dermatology diagnostic devices and therapeutics market comprises six regions: Europe, Latin America, North America, Asia Pacific, the Middle East and Africa, and Rest of the World. In 2014, North America dominated the global dermatology diagnostic devices as well as the dermatology therapeutics market, owing to the growing incidence of skin disorders such as psoriasis, skin melanoma, and bacterial infections. This market is also fueled by the increased access to advanced healthcare.
While North America is anticipated to be the fastest expanding region in the global dermatology diagnostic devices market, the dermatology therapeutics market in Asia Pacific is projected to exhibit the highest CAGR from 2015 to 2023. Some of the leading factors likely to drive the Asia Pacific dermatology diagnostic devices and therapeutics market are the increasing base of patient population suffering from various skin disorders, the rising disposable income of patients in several developing countries in the region, and the growing demand for effective and safe medication.
Dermatology Diagnostic Devices and Therapeutics Market: Highly Competitive Nature of Vendor Landscape
The global market for dermatology diagnostic devices and therapeutics is extremely competitive and dynamic with a host of leading players vying for the top spot. Novartis International AG, Agfa-Gevaert N.V., LEO Pharma A/S, Astellas Pharma, Inc., Cutera, Inc., Galderma S.A., GlaxoSmithKline plc (Stiefel Laboratories, Inc.), Michelson Diagnostics Ltd., Genentech, a Roche Company, Dino-Lite Europe/IDCP B.V., and Valeant Pharmaceuticals International, Inc. are some of the prominent names in the dermatology diagnostic devices and therapeutics market. These players have determined their position in the global market with the help of ample supply competencies, the easy commercial availability of products, and superior distribution channels. Other factors that have helped these companies in strengthening and securing their place in the dermatology diagnostic devices and therapeutics market are collaborative agreements, widespread geographical reach, and mergers and acquisitions.