The Business Research Company’s Dermatology Drugs Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, July 6, 2021 /EINPresswire.com/ — Drug manufacturing companies are using genome testing (genetic diagnosis) to reduce the time and costs spent in clinical trials. A clinical trial is a complex process and it often takes months for a drug to be available in the market. This deprives patients of cost-effective treatments. Researchers in the Rockefeller University used genomic testing and data analytics to predict the response of psoriasis patients for a given treatment. Genomic testing algorithms collect gene-expression data from skin biopsies and detect activity in 50,000 different genes. This technique can predict the response of a patient with an accuracy of 95% and within 12 weeks, thus saving significant time for clinical trials and the launch of new drugs.
Asia Pacific is the largest region in the global dermatology drugs market, accounting for 36% of the market in 2020. North America is the second largest region, accounting for 27% of the global dermatology drugs market. According to TBRC’s dermatology drugs market insights, Africa is the smallest region in the global dermatology drugs market.
The major players covered in the global dermatology drugs market are Johnson & Johnson, Allergan Plc, Galderma S.A, Novartis AG, GlaxoSmithKline Plc.
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The global dermatology drugs market size is expected to grow from $37.57 billion in 2020 to $40.49 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $62.83 billion in 2025 at a CAGR of 12%.
TBRC’s dermatology drugs market research report is segmented by type into acne, dermatitis, psoriasis, other drugs for dermatology diseases, by distribution channel into hospital pharmacies, retail pharmacies/ drug stores, others, by route of administration into oral, parenteral, others, by drug classification into branded drugs, generic drugs, and by mode of purchase into prescription-based drugs, over-the-counter drugs.
Dermatology Drugs Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides dermatology drugs global market overview, forecast dermatology drugs global market size and growth for the whole market, dermatology drugs global market segments, and geographies, dermatology drugs market trends, dermatology drugs market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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