Reportlinker.com announces the release of the report "Dermatitis Drugs Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967820/?utm_source=GNW
4 billion in 2019 to $4.7 billion in 2020 at a compound annual growth rate (CAGR) of -13.9%. The decline is mainly because of drop in sales due to the lockdown measures to contain COVID-19 spread. Apart from restricting non-emergency medical services, new rules of the governments across the globe has forced many companies in the dermatology drug market to halt their business operations which has impacted the market growth. The market is then expected to recover and grow at a CAGR of 5.7% from 2021 and reach $7.1 billion in 2023.
The dermatitis drugs market consists of sales of dermatitis drugs such as corticosteroids, calcineurin inhibitors, PDE4 inhibitors which are used to cure inflammation of the outer layer of the body, characterized by itchy rashes on swollen and reddened skin. Some of the major dermatitis drugs include Triamcinolone, Clobetasol, Betamethasone, Hydrocortisone, Fluocinonide and Clobex.
North America was the largest region in the dermatitis drugs market. The dermatitis drugs market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
The dermatitis drugs market is governed by several regulatory bodies that require the drug manufacturers to get approvals from the concerned authorities before launching their medicines into the market. Two such major regulatory bodies are PMDA (Japan) and CDSCO (India) that carry out quality checks before declaring the drugs suitable for consumption. PMDA reviews the products with an aim to ensure safety, quality and efficacy of pharmaceuticals and then approves the products that are suitable in every parameter. Similarly CDSCO is the central drug authority that is responsible for the approval of new drugs in India. These tedious approval processes makes the drugs more effective and safe, thereby having a positive impact on the dermatitis drugs market.
The strict government regulations are one of the restraints for the dermatitis drug market. Atopic Dermatitis (eczema) usually occurs at a very early stage (0-5 years). In order to find the efficacy and efficiency of drug, it has to be tried on the every type of patients. The effects of certain drugs in adults are quite different than in children, as a reason results of the clinical trial cannot be used for the production of drug that will be served to the children. This hinders the research and requires more efforts in clearing regulation set by FDA. For example, as the patient population is largely children, FDA in its CFR Code Title 21, Part 50 Protection of Human Subjects, and subpart D has laid down guidelines for the additional safeguard for children in clinical investigation. The regulation is in compliance with Children's Health Act of 2000 that requires all the children subjected to clinical trial be given additional protection.
The Dermatitis market has witnessed a trend of increasing Mergers and Acquisitions (M&As), done with the purpose of business expansion and increasing visibility. M&As are playing a significant role in today's world and are assumed to expand this market in the years to come. The vendors in this industry are focusing on collaboration and partnerships to expand their portfolio and improve market presence. Companies are also strategically making M&As with a view to reduce competition and increase the scalability of their business. For example, Stiefel Laboratories has been able to successfully widen its global reach after it was acquired by Glaxo Smith Kline. Also Biofrontera, Inc., a specialist in dermatology market acquired Cutanea Life Sciences, Inc.in 2019 for $7.3 million to increase their capital base and scale the business.
Growth in Atopic Dermatitis market is primarily driven by the increasing global prevalence of the disease. Prevalence of dermatitis in children is estimated to be around 15-20% while it is 1-3% in adults. The rising cases of food allergies are adding to the prevalence of dermatitis which ultimately leads to the increase in demand for the medicines to cure this disease. For example, a study conducted in Norway highlights that the overall incidence rate of atopic dermatitis has increased from 0.028 per person year in 2009 to 0.034 per person year in 2014.
Read the full report: https://www.reportlinker.com/p05967820/?utm_source=GNW
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