Dermatology Diagnostic Devices and Therapeutics Market to exhibit a CAGR of 6.9% from 2023
Demonstrating the presence of a considerably large number of companies, the vendor landscape in the global market for dermatology diagnostic devices and therapeutics is highly competitive. As per Transparency Market Research, Afga Gevart, Michelson Diagnostic Ltd., and Strata Skin Sciences have emerged as the top players in the dermatology diagnostics devices market. In 2014, these companies together accounted for a share of about 42% in the market.
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Likewise, the leading companies in the global dermatology therapeutics market include AbbVie, Janssen, GSK, Galderma, Valeant, and Novartis. These companies together held approximately 76% of the market with AbbVie accounting for the largest share. “With an aim to gain competitive advantage, major companies in the dermatology therapeutics market are capitalizing on easy availability of products and superior distribution channel,” says a lead analyst at TMR.
Demand for Dermatology Devices and Therapeutic to Rise in Response to Increasing Incidence of Skin Diseases
Growth prospects for the dermatology diagnostic devices and therapeutics market seem quite positive. Due to the increasing incidence of acute skin disorders, demand for dermatology devices and therapeutics is poised to surge at a rapid pace in the forthcoming years. Skin conditions such as acne, psoriasis, eczema, rosacea, pruritus, cell carcinoma, and dermatitis have become increasingly prevalent worldwide, thus necessitating efficient treatment modalities. As per TMR, such skin conditions can occur at any age and presently affects about 30% to 70% of the global population. This creates high demand for dermatology treatment, which translates into intense competition among leading players in the market. Besides this, increasing geriatric population also boosts demand for dermatology diagnostic devices and therapeutics.
“Despite witnessing favorable growth opportunities, demand for dermatology devices and effective therapeutics is likely to be hampered by the implementation of stringent regulations such as Affordable Care Act,” said an analyst at TMR. Patent expirations also pose major threat to the leading manufacturers of dermatology devices and drugs. Nevertheless, the growing population and the increasing willingness among people to spend on aesthetically enhancing their beauty will keep the demand for dermatology devices and therapeutics high between 2015 and 2023.
North America Presents Most Lucrative Prospects for Dermatology Diagnostic Devices and Therapeutics Market
Regionally, North America has emerged as the largest market for dermatological diagnostic devices and therapeutics. In the last few years, the number of patients complaining skin diseases such as melanoma, impetigo, and psoriasis has considerably increased in North America. This resulted in high sales of dermatology devices and therapeutics in the region. As per TMR, North America accounted for the dominant share of 43.8% in the global market in 2014.
Demand for dermatology treatment is also expected to significantly increase in Southeast Asia, as this region witnesses a high prevalence of skin disorders. While Europe has emerged as the second largest market for dermatology diagnostic devices and therapeutics, the market in Asia Pacific is likely to exhibit the fastest growth.
By product, the demand for imaging equipment is rising at a high pace in the dermatology diagnostics market. The segment held the largest share in the market in 2014. The high price of imaging equipment has helped the segment in gaining lead in the market. However, as per TMR, the demand for high sensitivity imaging equipment is expected to increase at a faster pace in the forecast period.
The global dermatology diagnostic devices market is likely to exhibit a CAGR of 6.9% between 2015 and 2023. The market stood at US$0.6 bn in 2014 and is expected to reach US$1 bn by the end of 2023. The global market for dermatology therapeutics will however show a moderate CAGR of 1.9% during the forecast period. As per TMR, the market is expected to reach US$20.1 bn in 2023, from a valuation of US$17.5 bn in 2014.
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