Dermatology Diagnostic Devices and Therapeutics Market Estimated to Rise at a Lucrative CAGR of 7.0% from 2017 to 2024
While the jury is still out on what exactly causes hair loss, whether it is thyroid disease, pollution, protein deficiency, or simply a lack of care – cases are proliferating. As hair loss directly impacts the appearance of an individual – urban populations with increased disposable income in an Instagram- and Facebook-driven world are opting for innovative methods to regain lost hair or at least control further hair fall.
Skin care is another segment of the healthcare industry that is currently flourishing, gaining traction from the growing demand for anti-aging products in geriatrics-dominated developed countries such as the U.S. and the U.K and the pursuit of fairness among Asians, particularly in the vastly populated emerging economy of India.
Dermatology is the branch of medical science that deals with both of the aforementioned concerns, which are now ubiquitous across the world. Rigorous research and developments have happened in the field of dermatology in the recent past, paving way to devices that are efficient in diagnosing the cause and intensity as well as providing a logical therapy. According to this business intelligence study, the demand in the global Dermatology Diagnostic Devices And Therapeutics Market will expand at a formidable CAGR of 7.0% during the forecast period of 2017 to 2024. Revenue-wise, the market for dermatology therapeutics will produce opportunities worth US$20,073.0 million, whereas the global dermatology diagnostic devices market is forecasted to be worth US$1,015.9 million by 2017.
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Apart from increase number of cases of hair loss and skin diseases and advancements in the field, the dermatology diagnostic devices and therapeutics market is gaining impetus from the mushrooming of specialty clinics. In addition to that, growth of the cosmetics sector and emergence of ecommerce is expected to reflect positively over this market. On the other hand, substantial cost of dermatology diagnostic devices and related therapies are obstructing the market from attaining greater profitability.
Novartis International AG, Dino-Lite Europe/IDCP B.V., Agfa-Gevaert N.V., Cutera, Inc., Genentech, Galderma S.A., Michelson Diagnostics Ltd., and Valeant Pharmaceuticals International, Inc. are some of the most prominent companies currently operating in the global dermatology diagnostic devices and therapeutics market.
Based on diagnostic devices, the market for dermatology has been segmented into imaging equipment, microscopes and trichoscopes, and dermatoscopes. The report divides imaging equipment into magnetic resonance imaging (MRI), X-ray, optical coherence tomography (OCT), and ultrasound, whereas microscopes and trichoscopes have been further sub-segmented into reflectance confocal microscopy (RCM), multispectral photoacaustic microscopy (PAM), Raman spectroscopy, and others. Moreover, dermatoscopes have been bifurcated into hybrid, cross-polarized, and contact oil immersion dermatoscope. Among these, the sub-segments of imaging equipment constituted for a revenue of 479.1 million in 2017 and the demand for the same is primed to expand at an above-average CAGR of 7.4% during 2017 to 2023. Owing to their proven detection results, real-time diagnostic image formation, and high sensitivity – the imaging equipment segment is flourishing.
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On the basis of drug class or therapeutic agent, the market has been categorized into biologics, immunosuppressant, retinoids, corticosteroids, antiviral agents, antifungal agents, and anti-bacterial. As of 2017, antibacterials provided for the most prominent chunk of demand, and is estimated generate a revenue of US$6,634.6 million by the end of 2024. Antibacterial drugs have been utilized by humans since the discovery of first antibiotic penicillin in 1928. Topical antibacterial, including mupirocin or clindamycin, are often used to treat or prevent infection. Additionally, drugs such as anthralin, although not used often, help reduce inflammation and can help treat psoriasis. Apart from topical antibacterials, oral antibiotics are used to treat many skin conditions. Common oral antibiotics used in the treatment of bacterial infections include erythromycin, tetracycline, and dicloxacillin.
Geographically, the developed country of the U.S. makes North America are the most lucrative region for the vendors operating in the global dermatology diagnostic devices and therapeutics market. As of 2017, the North America dermatology market was worth US$302.5 million and the demand from the region is projected to expand at most promising CAGR of 7.64% during 2017 to 2023. The U.S. dermatology market is driven by high patient base of skin disorders such as melanoma of the skin, psoriasis, and impetigo. While Europe is second most profitable region, Asia Pacific is showcasing stronger growth potential.