The global “dermatology drugs“ market size is expected to USD 63.99 billion by 2027, exhibiting a CAGR of 12.9% during the forecast period. The increasing prevalence of numerous skin diseases and disorders among the population is expected to spur opportunities for the market, states Fortune Business Insights, in a report, titled “Dermatology Drugs Market Size, Share & Industry Analysis, By Application (Acne, Psoriasis, Atopic Dermatitis, and Others), By Route of Administration (Oral, Parenteral, and Topical) By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027.” The market size stood at USD 36.82 billion in 2019.
The occurrence of coronavirus has exerted massive economic stress on sectors in various countries. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The report on thedermatology drugs market portrays:
- Prominent understandings of the market
- Swot Analysis of the regions
- Latest market trends and developments
- Stellar insights into the competitive landscape
- Prime data about regional players
Surging Patient Population to Back Growth
The growing number of patients suffering from acne, vitiligo, and dermatitis are expected to spur opportunities for market growth. According to the American Association of Dermatology in 2018, around 50 million people in the U.S had acne. The growing demand for effective products to cure skin infections and disorders coupled with high awareness among the young population will contribute positively to the growth of the market. According to Australian research, more than 4% of the population are affected by acne vulgaris in long term. The growing inclination towards skin health and care among millennials can have an excellent impact on the market growth in the forthcoming years. The increasing R&D investments by major companies owing to heavy demand for therapeutically effectual and cost-effective drugs will encourage the healthy growth of the market in the foreseeable future.
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Diminished Demand for Dermatology Drugs to Impede Market amid COVID-19
The COVID-19 pandemic has critically impacted the global market because of the weakened demand for dermatology drugs. Pharmaceutical companies producing skin-related drugs experienced massive losses owing to the lockdown imposed by governments. Thus, leading to disrupted supply and demand. Social distance regulations coupled with lower demand for mandatory prescribed dermatology medications will further restrict the growth of the market. According to the American Association of Dermatology, the dermatologists in the U.S reported an approximately 43% decline in patient consultations during the pandemic crisis. In addition, declining production and demand will simultaneously affect market sales during the coronavirus pandemic.