The high prevalence of skin disorders and conditions has raised alarm bells in the field of dermatology, paving way for a wide range of dermatology diagnostic devices and therapeutics. Skin conditions such as rosacea, eczema, cell carcinoma, acne, psoriasis, dermatitis, and pruritus among others have created several growth opportunities for the uptake of dermatology diagnostic devices and therapeutics. The research report states that the about 30% to 70% of the global population is affected by these conditions. The global market is also likely to be driven by rising investments in the research and development of novel dermatology therapeutics.
In light these observations, the global dermatology diagnostic devices projected to reach a valuation of US$1 bn 2024 from US$0.6 bn in 2014, rising at a CAGR of 6.9% between 2016 and 2024. On the other hand, the therapeutics market is expected to expand at a CAGR of 1.9% to reach a valuation of US$20.1 bn by the end of 2024 from US$17.5 bn in 2014.
Efficiency of Antibacterial Ointments Makes Segment Frontrunner in Global Market
On the basis of product, the global dermatology devices market is segmented into microscopes and trichoscopes, dermatoscopes, and imaging equipment. Analysts expect that the imaging equipment segment will dominate the global market as it is estimated to surge at a CAGR of 7.4% between the forecast period of 2016 and 2024. The imaging equipment is further sub-segmented into X-ray, ultrasound, magnetic resonance imaging (MRI), optical coherence tomography (OCT), and others.
On the other hand, the dermatology therapeutics market is segmented on the basis of drug class into antifungal agents, antibacterial agents, corticosteroids, antiviral agents, biologics, immunosuppressants, and retinoids. The report suggests that the antibacterial drugs segment will lead the global market in the coming years at it rises at a CAGR of 3.3% between 2016 and 2024. The efficiency of these drugs to treat and prevent skin conditions and disorders is expected to fuel their growth in the coming years. Additionally, the growing demand for oral antibiotics and topical antibacterial drugs is also projected to drive this market during the forecast period.
North America Emerges as Leading Geographical Segment with Accessible Healthcare for All
In terms of geography, the global dermatology diagnostic devices and therapeutics market is segmented into Latin America, Asia Pacific, North America, Asia Pacific, the Middle East and Africa, and Europe. Of these, North America is projected to lead the global market as it held a share of 43.8% in the global market 2014. The easy accessibility to healthcare, affordable healthcare, and high awareness about skin diseases and disorders amongst the overall population is projected to drive the regional market. The North America dermatology diagnostic devices and therapeutics market is also see a terrific rise as the region has a strong presence of pharmaceutical companies and excellent reimbursement policies.
Asia Pacific and Europe, on the other hand, are expected to witness a spurt of growth as well. The ever-increasing pool of geriatrics is anticipated to drive these regional markets. Analysts state that Asia Pacific will progress at a CAGR of 2.4% in the global market during the forecast period. The increasing expenditure on healthcare in the emerging economies is expected to be pivotal to this regional market’s growth.
The leading players slated to define the trajectory of the global dermatology diagnostic devices and therapeutics market are Novartis International AG, Dino-Lite Europe/IDCP B.V., Astellas Pharma, Inc., Agfa-Gevaert N.V., Cutera, Inc., Genentech, Galderma S.A., LEO Pharma A/S, Valeant Pharmaceuticals International, Inc., and Michelson Diagnostics Ltd.
Dermatology Diagnostic Devices and Therapeutics Market: Scope and Methodology
This report on the global dermatology diagnostic devices and therapeutics market analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments.
The research is a combination of primary and secondary research. Primary research formed the bulk of our research efforts along with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market size in terms of US$ Mn for each segment and sub-segment for the period from 2014 to 2024, considering the macro and micro environmental factors. Growth rates for each segment within the global dermatology diagnostic devices and therapeutics market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
A detailed qualitative analysis of factors responsible for driving and restraining market growth and future opportunities has been provided in the market overview section. This section of the report also includes market attractiveness analysis that provides a thorough analysis of the overall competitive scenario in the global dermatology diagnostic devices and therapeutics market.
Market revenue in terms of US$ Mn for the period between 2014 and 2024 along with the compound annual growth rate (CAGR %) from 2016 to 2024 are provided for all the segments, considering 2015 as the base year. Market size estimations involved in-depth study of product features of different types of diagnostic devices and therapeutics. Additionally, market related factors such as increasing preference for technologically advanced services, product innovation, and increasing prevalence of acute skin conditions, chronic skin conditions, skin infections and other dermatology diseases in various geographies and historical year-on-year growth have been taken into consideration while estimating the market size.
Dermatology Diagnostic Devices and Therapeutics Market: Segmentation
Based on product type, the global dermatology diagnostic devices market has been segmented dermatoscopes, microscopes & trichoscopes, and imaging equipment. These segments are further categorized into sub-segments such as contact oil immersion devices, cross-polarized devices and hybrid devices in dermatoscope segment; multispectral confocal microscope, reflectance confocal microscope, Raman spectroscope, and others in dermatology microscopes and trichoscopes segment; and imaging equipment are sub-segmented into x-ray, magnetic resonance imaging, ultrasound, optical coherence tomography, and others.
Based on the drug class, global dermatology therapeutics market is sub-segmented into antibacterial agents, antifungal agents, antiviral agents, corticosteroids, retinoids, immunosuppressant, and biologics.
Geographically, the global dermatology diagnostic devices and therapeutics market has been segmented into six regions: North America, Europe, Asia Pacific, Latin America, Middle East & North Africa, and Rest of the World. In addition, the regions have been further segmented by major countries from each region. These include the U.S., Canada, the U.K., Germany, China, Japan, India, Australia, Brazil, Egypt, Kuwait, Saudi Arabia, and UAE.
Dermatology Diagnostic Devices and Therapeutics Market: Geographical and Competitive Dynamics
The report also profiles major players in the dermatology diagnostic devices and therapeutics market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the 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., LEO Pharma A/S, Michelson Diagnostics Ltd., Novartis International AG, Valeant Pharmaceuticals International, Inc., Canfield Scientific, Inc.
Global dermatology diagnostic devices and therapeutics market has been segmented as follows:
Global Dermatology Diagnostic Devices Market, by Product Type
- Contact Oil Immersion Dermatoscope
- Cross-Polarized Dermatoscopes
- Hybrid Dermatoscope
- Microscopes and Trichoscopes
- Multispectral Photoacaustic Microscopy (PAM)
- Reflectance Confocal Microscopy (RCM)
- Raman Spectroscopy
- Imaging Equipment
- Magnetic Resonance Imaging (MRI)
- Optical Coherence Tomography (OCT)
Global Dermatology Therapeutics Market, by Drug Class
- Antibacterial Agents
- Antifungal Agents
- Antiviral Agents
Global Dermatology Diagnostic Devices and Therapeutics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & North Africa
- Saudi Arabia
- Rest of Middle East & North Africa
- Rest of the World (RoW)