Between 2022 to 2027, the dermatology drugs market in Europe is anticipated to rise at a CAGR of 10.6%, and the market size is expected to be valued at USD 11.88 billion by 2027 from USD 7.18 billion in 2022.
The growing incidence of skin diseases among the European population primarily drives the European dermatology drug market growth. Skin diseases such as acne, skin cancer, psoriasis, and atopic dermatitis have been witnessed in people for multiple reasons, such as pollution, changes in diet, and genetic changes. Patients with skin problems seek non-invasive treatment, resulting in demand for dermatology drugs. Dermatology drugs are primarily used as an ointment, oils, or solids. Applying these dermatology drugs to the skin helps in healing skin issues or also helps to prevent skin problems through early identification of the problem based on a skin test analysis.
In addition, the growing aging population and increasing preference from people to have healthy skin propel the regional market growth. With growing age, people are prone to skin reactions, such as skin irritation when standing under the sunlight, dullness, black spots, and others; they prefer to use dermatology drugs as their primary counter for skin issues, costing less than other clinical skin treatments.
Furthermore, the growing R&D around manufacturing effective dermatology drugs for various skin types is fuelling the dermatology drugs market in Europe. Researchers are focusing on developing drugs in different forms, such as solid, liquid, oil, etc., for different categories of people. They also focus on developing drugs with a different combination for two or more skin diseases, which demands market growth during the forecast period. Additionally, increasing investment by private organization and the government to develop advanced drugs also help in market growth. As a result, pharmaceutical companies are focusing on developing drugs based on the gathered information from the researcher and a skilled dermatologists.
However, the availability of alternative treatments for skin treatment, such as laser treatment, chemical peels, and others, is the primary factor restraining the European market growth. The unavailability of dermatology drugs in some parts of Europe and the lack of awareness regarding dermatology drugs among the European population is anticipated to inhibit the market’s growth rate in Europe during the forecast period. Furthermore, the high costs associated with some dermatology drugs impede the market growth. Prolonged recovery time with dermatology drugs compared to the other treatment modes is another notable factor hampering European market growth.
This research report on the Europe dermatology drugs market has been segmented and sub-segmented into the following categories.
Based on indication, the psoriasis segment had the major share of the European dermatology drugs market in 2021, and the domination of the segment is likely to continue during the forecast period owing to the growing incidence of the disease. As a result, the psoriasis segment is likely to register the fastest CAGR during the forecast period.
The European dermatology drugs market had 31.8% of the worldwide market in 2021 and is expected to showcase a healthy CAGR during the forecast period. The market growth in Europe is majorly driven by the growing number of approvals for dermatology drugs and increasing healthcare expenditure. An increasing number of clinical centers in the European region and increasing manufacturing activities of dermatology drugs at affordable cost result in the adoption of dermatology drugs, which are anticipated to fuel the regional market growth.
Germany is one of the potential markets for dermatology drugs in Europe. In recent years, teledermatology has become more prevalent in Germany, which is the primary factor for market growth. Furthermore, most dermatologists are registering on online consultation websites and providing treatment remotely with online prescriptions for skin conditions supporting the market growth. The growing number of specialists in this region's dermatology sector also helps the market's growth.
The UK is expected to hold a considerable share of the European market during the forecast period. Dermatologists in the UK have had more demand in recent years due to nearly 2000 skin conditions in all ages. In addition, nearly 50 percent of this region's population is affected by skin diseases yearly. As a result, these people receive treatment with dermatology drugs to prevent or reduce the effects of diseases on the skin.
KEY MARKET PLAYERS:
Novartis AG, AstraZeneca plc, Pfizer Inc., Merck KGaA, Amgen Inc., AbbVie Inc., Johnson & Johnson, Leo Pharma A/S, Eli Lilly and Company, and GlaxoSmithKline Plc are a few of the notable companies in the European dermatology drugs market.
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