16 March 2020
Dermatology and the drugs associated with it are big business worldwide, and only growing bigger. As things stand, the global dermatology market is set to nearly triple in the span of a decade, from $31.6 billion in 2016 up to an estimated $83.2 billion by 2026. This is a wide-open field ripe for investment and expansion, and worth watching for new opportunities.
What to Expect from The Global Dermatology Market in the 2020s
Growth is coming from multiple sources. Broadly speaking, the West - particularly the United States and Europe - are leading the way in R&D, while global markets are booming as growing standards of living lead to more markets becoming receptive to purely cosmetic medical purchases.
Sales in western markets continue to grow, with the United States being the single largest market. Forecasts show the US market alone growing to over $20 billion by 2026.
Likewise, the United States is dominant in the development of new products. Strong patent laws and high levels of investment into the pharma industry suggest the US will continue in this role for years to come. In addition, the United States has the highest per-capita spending on medical products in general, contributing to its market domination.
Europe, on the other hand, may see stagnation or downturn. Several countries in the region are looking at introducing cost-cutting measures which could slow down growth.
The real opportunities for the dermatology market, however, may come from newer markets, particularly the BRICS nations. Across the board, both total and per-capita healthcare spending in BRICS has been increasing, with the dermatology market benefiting significantly from an influx of foreign-developed products. In addition, other emerging markets such as Africa and SE Asia are also seeing rapid growth in the adoption of western cosmetic pharmaceuticals.
Currently, the only potential source of restraints on the industry come from patent expiration - which can be countered through reformulation - as well as the ever-present possibility of governments seizing patents.
All in all, the global dermatology market is booming, and will be providing numerous opportunities in the years to come.
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