Dermatology Diagnostic Devices and Therapeutics Market Trends and Growth Drivers Analysis 2024

As the incidence of chronic skin conditions such as psoriasis, acne, rosacea, eczema, cell carcinoma, pruritus, and dermatitis increases globally, in return it will create opportunities for the expansion of the dermatology diagnostic devices and therapeutics market.  Besides, having an adverse impact on the well-being of millions, these diseases also put burden on an economy’s healthcare finances. As per Transparency Market Research (TMR), skin conditions such as these permeate all cultures, they can occur at any age, and affects 30% to 70% individuals globally. The situation necessitates the efficient research and development on novel dermatology therapeutics.

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The global dermatology diagnostic devices and therapeutics market will therefore gain from the rising prevalence of such chronic ailments, increasing geriatric population, and the changing pool of patients. However, with the implementation of the Affordable Care Act and the looming patent expirations, the growth trajectory of the market is likely to be hindered to an extent. Nevertheless, TMR projects positive growth for the market between 2015 and 2023.

Rising at a CAGR of 6.9% between 2015 and 2023, the global market for dermatology diagnostic devices is poised to reach US$1 bn 2023, from a valuation of US$0.6 bn in 2014. Conversely, the global dermatology therapeutics market is projected to expand at a CAGR of 1.9% during the forecast period, rising from a valuation of US$17.5 bn in 2014 to US$20.1 bn in 2023.

North America Emerges at Fore of Global Dermatology Diagnostic Devices and Therapeutics Market

Regionally, North America has emerged at the fore of the dermatology diagnostic devices and therapeutics market. The region constituted a share of 43.8% in 2014, thus sealing its dominance in the global market. Besides witnessing a growing prevalence of skin disorders, North America also boasts easy access to best-in-class healthcare facilities. This makes the region very lucrative for most companies operating in the market. Growth witnessed by the dermatology diagnostic devices and therapeutics market in the region has been a result of the presence of a highly structured healthcare industry and access to well-designed reimbursement policies.

The dermatology diagnostic devices market stood at US$245.1 mn in North America and is projected to reach US$470.4 mn by the end of 2023, thus exhibiting a CAGR of 7.6% during the period. The dermatology therapeutics market in the region however is expected to report moderate growth in the forecast period. It is poised to surge at 2.1% CAGR between 2015 and 2023.

While Europe is expected to emerge as the second-largest market for dermatology diagnostic devices and therapeutics, the distinction of the fastest growing market will remain with Asia Pacific. The latter is expected to demonstrate the fastest CAGR of 2.4% during the forecast period. The presence of large pool of geriatric population in Asia Pacific, apart from increasing healthcare spending in the emerging economies is boosting prospects for the market in the region. The increasing government support will also prove lucrative for the enterprises operating in Asia Pacific.

Demand for Antibacterial Drugs to Surge in Response to Increasing Incidence of Chronic Skin Conditions

In the dermatology diagnostics market, the demand for imaging equipment is rising at a high pace. The segment also accounted for the dominant share of in the market in 2014 based on revenue. The lead of this product segment is largely attributed by the high price of imaging equipment. However, TMR projects the demand for high sensitivity imaging equipment to rise at a faster pace in the near future due to their proven result in diagnosis of chronic skin diseases.

By drug class, antibacterial drugs accounted for the largest share in the global dermatology therapeutics market. This segment is projected to report a CAGR of 3.3% during the forecast period. The demand for these drugs are expected to increasing in the forthcoming years because they have proven efficient treating and preventing infections. Furthermore, the demand for topical antibacterial drugs and oral antibiotics is also expected to rise in the future due to their use in the treatment of various skin conditions.

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Some of the leading companies operating in the global dermatology diagnostic devices and therapeutics market include  Astellas Pharma, Inc., Agfa-Gevaert N.V., Novartis International AG, Cutera, Inc., Galderma S.A., Dino-Lite Europe/IDCP B.V., Genentech, LEO Pharma A/S, Michelson Diagnostics Ltd., Valeant Pharmaceuticals International, Inc., and others.

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