Published: Jan, 2017
The presence of a large number of players has rendered the vendor landscape in the global dermatology diagnostic devices market highly competitive. According to Transparency Market Research (TMR), Michelson Diagnostic Ltd., Afga Gevart, and Strata Skin Sciences have emerged as the leading players in the market. In 2014, they held over 42% of the overall market.
Besides this, the global dermatology therapeutics market will be led by Galderma, GSK, Valeant, Janssen, AbbVie, and Novartis. The cumulative share of these companies in the global dermatology therapeutics market was 76% in 2014. This market however exhibits a fairly consolidated vendor landscape. In order to emerge dominant, the aforementioned companies are currently focusing on expanding their footprint. Also a considerably high investment in expanding distribution channels is observed, which is indicative of the high degree of competition prevailing among the leading market participants.
According to TMR, the global dermatology diagnostic devices market is likely to exhibit a positive 6.9% CAGR between 2015 and 2023. At this pace the market, which stood at a valuation of US$0.6 bn in 2014, is projected to reach US$1 bn by the end of 2023. On the other hand, exhibiting a moderate 1.9% CAGR between 2015 and 2023, the global dermatology therapeutics will reach US$20.1 bn by the end of 2023, from a valuation of US$17.5 bn in 2014.
Rising Incidence of Skin Diseases Seal North America’s Dominance
Regionally, North America will continue holding a dominant share in the global dermatology diagnostic devices and therapeutics market through the course of the forecast period. The region held over 43.8% of the global market in 2014. The region has been witnessing a rising incidence of skin diseases over the last few years, which has augmented the demand for effective dermatology diagnostic devices and therapeutics in the region. By product, the rising demand for imaging devices is aiding the global dermatology diagnostic market gain pace.
Increasing Incidence of Skin Diseases Fuels Demand for Effective Dermatology Therapeutics and Devices
The rising incidence of skin diseases, the demand for aesthetically improving ones appearance and slowing the signs of aging are enabling the global dermatology diagnostic devices and therapeutics market rake high profit. The future of the market therefore seems quite promising. Skin conditions such as psoriasis, acne, rosacea, eczema, cell carcinoma, pruritus, and dermatitis have become increasingly prevalent around the world, thereby boosting the demand for efficient treatment modalities. These skin conditions can occur at any age. They affect nearly 30% to 70% of the global population and fuelling the demand for dermatology treatment, which translates into cut-throat competition among the leading market participants. In addition, the increasing geriatric population is also creating lucrative opportunities for the market.
Stringent Regulations to Create Hindrance
“Despite the strong growth prospects, the market could face restraint from the implementation of a few stringent regulations such as the Affordable Care Act,” said a lead TMR analyst. Besides this, the looming patent expiries of blockbuster drugs also pose threat to the market. Nevertheless, the rising investment in the research and development, strong drug pipeline, and the increasing willingness among consumers to spend of effective dermatology care are expected to accelerate the demand witnessed in the global dermatology diagnostic devices and therapeutics market.
This review is based on information published by TMR in a report, titled “Dermatology Diagnostic Devices and Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
The report segments the global dermatology diagnostic devices and therapeutics market as:
Dermatology Diagnostic Devices Market, by Products
- Microscopes and Trichoscopes
- Imaging Equipment
Dermatology Therapeutics Market, by Drug Class
- Antifungal Agents
- Antiviral Agents
Dermatology Therapeutics Market: Pipeline Overview, Phase 1, 2, and 3
- Tabular Representation: Phase 1 and Phase 2 Candidates
- Pipeline Analysis and Forecast: Phase 3
Dermatology Diagnostic Devices and Therapeutics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & North Africa (MENA)
- Saudi Arabia
- Rest of MENA
- Rest of the World (RoW)
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