Dermatological Drugs - North America

North America

The Dermatological Drugs market in North America is expected to witness significant growth, with projected revenue reaching US$12.18bn by 2024.
Furthermore, it is anticipated that the market will continue to expand at a compound annual growth rate (CAGR 2024-2029) of 5.28%, leading to a market volume of US$15.75bn by 2029.
In terms of global comparison, United States is expected to generate the highest revenue, with an estimated US$11,670.00m in 2024.
In North America, the demand for dermatological drugs is driven by a growing aging population and increasing awareness about skin health.

Key regions: United Kingdom, Canada, Japan, Europe, China

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Analyst Opinion

The demand for dermatological drugs in North America has been on the rise in recent years.

Customer preferences: Customers in North America are increasingly seeking out dermatological drugs to treat a wide range of skin conditions, including acne, eczema, psoriasis, and rosacea. They are looking for effective treatments that can provide relief from symptoms and improve their overall quality of life. In addition, consumers are becoming more aware of the importance of skin health and are willing to invest in products that can help them maintain healthy and youthful-looking skin.

Trends in the market: One of the key trends in the North American dermatological drugs market is the growing popularity of biologics. These drugs are designed to target specific components of the immune system, and they have been shown to be highly effective in treating a range of skin conditions. In addition, there is a trend towards the development of more personalized treatments, with companies investing in the development of drugs that can be tailored to individual patients based on their genetic makeup and other factors.Another trend in the market is the increasing use of telemedicine to diagnose and treat skin conditions. This approach allows patients to consult with dermatologists remotely, which can be particularly beneficial for those who live in rural or remote areas. Telemedicine is also being used to monitor patients' progress and adjust treatment plans as needed.

Local special circumstances: The North American dermatological drugs market is highly competitive, with a large number of companies vying for market share. There is also a high level of innovation in the market, with companies investing heavily in research and development to bring new and improved products to market. In addition, there are a number of regulatory challenges that companies must navigate, including the need to obtain approval from the FDA before launching new drugs.

Underlying macroeconomic factors: The growth of the dermatological drugs market in North America is being driven by a number of macroeconomic factors, including an aging population, rising healthcare costs, and increasing awareness of the importance of skin health. In addition, the market is benefiting from advances in technology, such as the development of biologics and the use of telemedicine. However, there are also challenges facing the market, including the high cost of many dermatological drugs and the need to navigate a complex regulatory environment.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.