According to a new market report published by Transparency Market Research “Dermatology Diagnostic Devices and Therapeutics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, the global dermatology diagnostic devices market was valued at US$ 0.6 Mn in 2014 and is projected to expand at a CAGR of 6.9% from 2015 to 2023 to reach US$ 1.0 Bn in 2023. Similarly, the global dermatology therapeutics market was valued at US$ 17.5 Bn in 2014 and is projected to expand at a CAGR of 1.9% from 2013 to 2018 and 1.6% from 2018 to 2023 to reach US$ 20.1 Bn in 2023.
The skin, the largest organ of the body, where changes associated with any disorder or disease is most visible. Nowadays, individuals are requesting information and treatments that improve the appearance of their skin. According to the American Academy of Dermatology, 85% of the population of the U.S. will experience acne at some point in their lives; 40 million to 50 million people have it at any given time. People in the country spend over US$ 2 Bn per year to treat and prevent it.
Major factors likely to boost the growth of the overall dermatology diagnostic devices and therapeutics market during the forecast period are rising prevalence of acute and chronic skin disorders, and changing patient pool demographics and increasing geriatric population. However, implementation of the Affordable Care Act and medical device tax and upcoming patent expirations of major drugs are few of the restraining factors that might hamper the growth of the dermatology therapeutics market during the forecast period.
Dermatoscopes, microscopes and trichoscopes, and imaging equipment collectively formed the overall the dermatology diagnostic devices market. Among these, the imaging equipment segment accounted for the largest share of the market (70.0%) in 2014 owing to the high price of the products. Additionally, due to their proven detection results, real-time diagnostic image formation and high sensitivity imaging equipment segment is anticipated to be the fastest growing segment. Devices such as ultrasound imaging devices, automated dermatology diagnostic devices, and digital pathology systems are few of the commonly used diagnostic imaging equipment in dermatology.
Based on therapeutic drug class, the dermatology market has been segmented into antibacterials, antifungal agents, antiviral agents, corticosteroids, retinoids, immunosuppresants, and biologics. Among these, antibacterials and biologics dominated the therapeutic market of dermatology. The antibacterials segment accounted for the largest share of the market (28.5%) in 2014 due to high usage of the products and easy availability of the medicines. Moreover, presence of many generic versions of antibacterial products make it easier for doctors as well as patients to prescribe and choose from a wide range of products available in this category.
Key companies studied and profiled in this report include Agfa-Gevaert N.V., Astellas Pharma, Inc., Cutera, Inc., Dino-Lite Europe/IDCP B.V., Galderma S.A., Genentech, a Roche Company, GlaxoSmithKline plc (Stiefel Laboratories, Inc.), LEO Pharma A/S, Michelson Diagnostics Ltd., Novartis International AG, and Valeant Pharmaceuticals International, Inc. Product launches, widespread geographical reach, collaborative agreements, and acquisitions are analyzed to be a significant part of business stratagems that are usually being adopted by global players to strengthen and secure their position in the market.