The global dermatological therapeutics market is expected to grow at a significant CAGR during the forecast period. The key factor that drives the global dermatological therapeutics industry includes the rising geriatric population and continuous contributions by the key players.
The aging population is projected to increase with a significant growth rate during the forecast period. According to WHO, the geriatric population is going to be double in 2050 as compared to 2000. In 2000, at the global level,the proportion of the population over 65 years was 11% which is expected to be 22% by 2050. The geriatric population is expected to reach 2 billion by 2050 as compared to 605 million in 2010. Similarly, the number of geriatric populations over 80 years or older will be almost quadrupled to 395 million from 2000 to 2050. As the geriatric population is more prone to diseases due to low resistance to illness along with reduced skin strength and elasticity. Thus, this is likely to create the scope for market growth.
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Further, the key players operating in the global dermatological therapeutics market is also driving the growth. Players such as AbbVie Inc., Allergan PLC., Amgen Inc., Johnson & Johnson Services Inc., Novartis International AG,Eli Lilly & Co., and LEO Pharma A/S are significantly contributing to the market growth by adopting various growth strategies. Product launches & developments, partnerships, agreements, and acquisitions are among some of the strategies adopted by the players to sustain in a competitive dermatological therapeutics market during the forecast period.
In November 2018, Sanofi in partnership with Denali Therapeutics Inc., a biopharmaceutical company, developed DNL758 and DNL747, for the treatment of a wide range of systemic inflammatory and neurological disorders. Additionally, Sanofi agreed to invest $125 million to the company regarding the study and R&D of DNL758 in systemic inflammatory diseases, such as rheumatoid arthritis and psoriasis and DNL747 in multiple sclerosis, Alzheimer’s disease, and amyotrophic lateral sclerosis.
In July 2018, Novartis International AG signed a licensing agreement with MorphoSys AG and Galapagos NV, for the compound MOR106. Under the agreement, Novartis agreed to invest $110.6 million to both the companies for the acquisition of the exclusive global development and marketing rights to MOR106 for atopic dermatitis and all other potential indications.
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Global Dermatological Therapeutics Market – Segmentation
By Drug Class
- Anti-infectives
- Corticosteroids
- Calcineurin Inhibitors
- Retinoids
- Others
By Application
- Alopecia
- Herpes
- Psoriasis
- Rosacea
- Atopic Dermatitis
- Metastatic Malignant Melanoma
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
