Extensive Research & Development for Novel Drug Formulations to bolster Global Prescription Dermatology Therapeutics Market
Key players in the global prescription dermatology therapeutics market are investing heavily in R&D for novel drugs for dermatological conditions. This is helping these companies to stay competitive in the prescription dermatology therapeutics market. A case in point is Aurobindo Pharma. In March 2018, the company had 38 topical application formulations under development, and 24 other dermatological medication under clinical trials.
Mergers and acquisitions and strategic collaborations is also a key growth strategy adopted by savvy players in this market.
Large Unmet Medical Needs to boost Market
Worldwide, the incidence of chronic and acute dermatological conditions is on the rise. According to statistics of the World Health Organization (WHO), in 2017, more than 900 million people were affected with skin disorders worldwide. For example, Atopic Dermatitis is a common and chronic inflammatory skin disease among children and adults.
In addition, 2 to 3 million individuals are affected by non-melanoma skin cancer and approximately 132,000 individuals by melanoma skin cancer globally each year, says the WHO. These factors are collectively stoking demand for advancement of dermatological therapeutics.
Extensive research & development for therapeutics of chronic dermatological conditions is serving to boost the global prescription dermatology therapeutics market. Across research organizations and academic institutes, large number of small molecules as well as biologic products are under different phases of clinical trials for dermatological conditions.
Furthermore, a large patient population with dermatological conditions, and large unmet needs are some other key factors fueling the prescription dermatology therapeutics market.
High Vulnerability of Skin to Microbes increasing Risk of Skin Diseases fuels Market
Today, climatic and environmental conditions are related to a number of health conditions such as skin diseases. Change in lifestyle, personal hygiene, and genetics are also related to skin diseases. Anatomy-wise, skin is the largest organ in the human body. It is the first point of contact for microorganisms and toxins. The skin thus is a site of microbes which can lead to bodily impairments. This is stoking the demand for novel therapeutics for dermatological conditions.
Furthermore, rising awareness among individuals and increasing number of skin diseases treated with topical drugs is positively impacting the prescription dermatology therapeutics market.
U.S. witnesses high Prescription Antibiotics Orders, North America leads the pack in Market
Among the key regions in the global prescription dermatology therapeutics market, North America is a prominent one. High prevalence of skin diseases, increasing adoption of biologic drugs for the treatment of moderate to severe psoriasis, and a number of drugs under clinical trials to receive approval are fueling the North America market.
Overall, dermatologists in the U.S. prescribe fewer antibiotics, but write more short-term orders for the drugs. Dermatologists prescribe more antibiotics when compared to any other medical specialty. Prescription antibiotics written are more than 7.1 million in the U.S. each year, finds a University of Pennsylvania research.
Hospital Pharmacies leading Distribution Channel in Market
Among the various distribution channels in the global prescription dermatology therapeutics market, hospital pharmacy is a key one. In 2017, hospital pharmacies held the leading share in the overall market. Factors such as long-term management of chronic dermatological disorders, availability of high cost biologic drugs, and increasing rate of hospitalization account for significant share of hospital pharmacies in the prescription dermatology therapeutics market. Hospital pharmacies is anticipated to witness growth in the prescription dermatology therapeutics market in the years ahead too. Retail pharmacies and mail order pharmacies are some other key distribution channels in this market.
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