With millions of victims worldwide, skin disease is one of the main causes of the rising global disease burden. This is anticipated to result in a rise in the use of dermatological treatments, which will fuel market expansion. Additionally, chances for market expansion are being created by the increased awareness of the causes and course of disease.
Various skin problems and disorders are treated with dermatological therapy. Nevertheless, there are some significant adverse effects that are more common than others and are connected to anti-infectives, corticosteroids, retinoids, and every other drug class. This is seriously impeding the market for dermatological medicines from expanding. Unawareness of dermatological diagnoses is another another issue impeding the development of this sector.
Rise in burden of dermatology diseases, growing geriatric population, rise in demand for safe and effective therapeutics, rise in awareness among people, increase in research and development, and frequent approvals and launches of novel therapeutics are major factors expected to drive growth of the global dermatological therapeutic market.
For instance, in July 2022, Almirall announced the launch of its 7th call through AlmirallShare, its open innovation platform, for proposals to establish collaborations in dermatological research. The aim of this is to find new partnership opportunities for assets in preclinical or clinical development stages that can become new treatments for skin diseases.
Moreover, in February 2021, Bristol Myers Squibb announced positive results from two pivotal Phase 3 trials evaluating deucravacitinib, an oral, selective tyrosine kinase 2 (TYK2) inhibitor, for the treatment of patients with moderate to severe plaque psoriasis.