Ever increasing pool of patients with atopic dermatitis, growing investment in research & development for novel drugs and rising awareness will improve sales prospects
Ever increasing pool of patients with atopic dermatitis, growing investment in research & development for novel drugs and rising awareness will improve sales prospects
According to a report by Fact.MR, the immunodermatology market is expected to post significant gains through 2021 and beyond. Expansion of the market is underpinned by growing prevalence of skin disorders such as atopic dermatitis, psoriasis, and other conditions. The market is anticipated to witness an unprecedented upsurge through 2031, with surging cases of incurable and rare skin disorders, especially among children.
According to the report of Genetic and Rare Diseases, around 900 million people are suffering from skin disorders since 2018. Among which, approximately 9.6 million children were affected with atopic dermatitis in 2020 and over 31.6 million people in the U.S. have some form of eczema. Acknowledging this burden, healthcare professionals are increasing research & development activities in manufacturing novel drugs, stimulating the demand for immunodermatology. Hence, rising demand for drug therapies and product approvals are some of the factors augmenting market growth.
According to the study, increasing investment in development of novel pipeline drugs is expected to provide lucrative growth opportunities for the key players over the coming years. Also, growing demand for effective skin treatment and fast-track drug approval for novel immunodermatological drugs across emerging economies such as India, China and Japan is aiding the demand.
“Growing willingness to adopt high-quality and cost-effective treatments and increasing awareness regarding skin disorders are creating opportunities for early diagnosis of various skin conditions. This is expected to create attractive opportunities for growth,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR’s Immunodermatology Study
- By type, atopic dermatitis is expected to account for major chuck of share in the global immunodermatology market, psoriasis catching up
- By diagnosis, immunofluorescence testing is likely to remain primary choice for medical practitioners
- Demand for drug therapy and gene therapy are expected to experience major incline
- High demand for immunodermatological drugs likely in the US market, owing to rising cases of atopic dermatitis
- Fast-track drug renewals and approvals are anticipated to widen sales prospects across the UK
- Germany is expected to emerge as Europe’s leading immunodermatology market through 2021 and beyond
- India and China are expected to lead the Asia Pacific immunodermatology market backed by the rising cases of dermatitis among children
Prominent Drivers
- Rising incidence of allergies and skin diseases is expected to bolster the demand of immunodermatology
- Surging demand for effective therapies and dermatological drugs for treating skin disorders will boost the market growth
- Increasing healthcare expenditure and growing research activities for novel drug development for skin disorders will drive the demand
Key Restraints
- Documented side-effects and allergies arising out of skin diseases medicine consumption are likely to hinder future sales prospects
- Stringent regulatory provisions regarding drug approvals is limiting adequate availability in the market
Discover more about the immunodermatology market with figures and data tables, along with the table of contents.
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Competitive Landscape
Prominent Immunodermatology market players profiled by Fact.MR include Novartis AG, Abbvie, Valeant Pharmaceuticals, Bausch Health, Glenmark Pharmaceuticals Inc., Astellas Pharma, Novopharm Limited, Aspen Pharmacare Inc., Prometheus Laboratories, Taro Pharmaceuticals Inc., and Nucare Pharmaceuticals Inc. Key players are adopting various strategies such as mergers & acquisition, and are launching new products to strengthen their position in the industry.
For instance, in April 2020, KSL Biomedical Inc., a leading developer of novel companion diagnostic & therapeutic applications for immunology and oncology, announced the acquisition of Beutner Laboratories, an innovator in immunodermatology.
Also, Arcutis Biotherapeutics, Inc., a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, in December 2020 announced continued progress and future growth drivers related to its immuno-dermatology platform and pipeline on Virtual Investor Day to expand the company’s product portfolio.
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More Insights on the Immunodermatology Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global immunodermatology market. The study divulges compelling insights on the market based on type (systemic sclerosis, dermatomyositis, psoriasis, vitiligo, alopecia areata, lichen sclerosus, allergic dermatitis, atopic dermatitis, lupus erythematosus, blistering diseases, and connective tissue diseases), diagnosis (immunofluorescence testing, biopsy and blood test), therapy (drug therapy, intensed pulsed light therapy, stem cell therapy, and gene therapy), mode of administration (oral, topical, and intravenous) across key regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR