Dermatology Diagnostic Devices and Therapeutics Market -
Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2016 – 2024
The competition in the global dermatology diagnostic devices and therapeutics
market is expected to intensify in the coming years. Transparency Market
Research states that the increasing level of competition will be determined by
the efforts made by leading players to strengthen their presence, expand their
geographical reach, and build distribution networks. The leading players in the
global dermatology diagnostics d evices market as of 2015 were Michelson
Diagnostic Ltd., Agfa-Gevaert, and Strata Skin Sciences. These companies
held a share of 39.2% in the global market in 2015. On the other hand, the
AbbVie, GSK, Janssen Biotech, and Galderma led the global dermatology
therapeutics market in 2015 with a share of 56.7% in the overall market.
According to the research report, the global dermatology diagnostic devices
market was valued at US$595.61 mn in 2 015 and is expected to reach
US$1,095.15 mn by the end of 2024. During the forecast years of 2016 and
2024, the global market is estimated to expand at a CAGR of 7 .1% due to the
high prevalence of chronic skin disorders. On the other hand, the global
dermatology therapeutics market stood at US$18.1 bn in 2015 and is expected
to reach US$20 bn by the end of 2024, expanding at a CAGR of 1.4% between
2016 and 2024.
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On the basis of drug class, the global dermatology diagnostic devices market
is segmented into dermatoscopes, microscopes and trichoscopes, and imaging
equipment. Of these, the imaging equipment is projected to lead the global
market during the forecast period, as it is poised to rise at a CAGR of 7.4%
between 2016 and 2024.
On the basis of drug class, the global dermatology therapeutics market is
divided into antifungal agents, antibacterial, antiviral agents, retinoids,
immunosuppressant, biologics, and corticosteroids. The antibacterial segment
is slated to dominate the global market in the near future due to its high usage
in treating skin disorders. This segment held a leading share of 28.4% in the
overall market in 2015.
In terms of geography, North America is the leading regional market for both
global dermatology diagnostic devices and therapeutics market. The report
indicates that the diagnostics devices market in North America will account for
46.4% share in the overall market, while therapeutics market will acquire a
share of 40.6% by 2024.
The rising prevalence of chronic skin disorders is the primary growth driver
for the global dermatology diagnostic devices and therapeutics market. Several
studies and researches by renowned organizations indicate th at skin disorders
such as various types of skin cancer, invasive melanoma, psoriasis, and acne
continue to be on the rise. Thus, need for diagnosing them and treating them is
expected to make a significant contribution to the overall market. The
improvement of life expectancy due to ongoing developments in the field of
medicine are also expected to benefit the global market to a significant extent.
Rising pollution, aging population, changing demographics, and increasing
expenditure on healthcare are all expected to benefit the global market in the
Efforts to make healthcare affordable are expected to act as an impediment for
the global market. For instance, the U.S. Affordable Healthcare for America
Act levies an excise duty of 2.3% on all medical devices, which negatively
impacts the manufacturers and importers of devices. Eventually, it eats into the
profits of the manufacturers, thereby hampering the growth and the revenue of
the overall market. The global market, especially the therapeutics division is
being challenged by the growing number of patent expirations during the
forecast period of 2016 and 2024. This could lead to reduced profits for several
drugs, thereby hampering the earnings of key performing drugs.
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