Dermatology Diagnostic Devices and Therapeutics Market to Thrive in Asia Pacific

A recent market research report by TMR Research presents a detailed account of the present and potential future growth dynamics of global market for dermatology diagnostic devices and therapeutics. The report is titled “Dermatology Diagnostic Devices and Therapeutics Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025.”

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The market has witnessed a steady influx of new products in the recent years as companies plough increased resources into R&D activities to stay ahead of peers amid intensifying competition. The demand for more effective and reliable diagnostic and therapeutic solutions for a variety of dermatological ailments has also been rising at a healthy pace globally in the recent years as the global consumer becomes more aware of the available solutions and benefits of early diagnosis.

The market is expected to expand at a promising pace in the next few years. Factors such as the rising population of geriatrics – a demographic that is more vulnerable to a number of skin conditions, rising pollution levels, and rising usage of cosmetics are expected to work well for the market over the forecast period. Moreover, increased expenditure on healthcare and the easy availability of new and improved varieties of products across emerging economies will also favor the steady growth prospects of the market over the forecast period.

Geographically, the market in North America is likely to lead in terms of revenue opportunity over the forecast period, thanks to the presence of an affluent consumer base, the rising population of geriatrics, and high expenditure on skincare. The market in Asia Pacific is likely to emerge as the most promising regional market owing to the rising disposable incomes and an increased expenditure on skincare.

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The increasingly competitive vendor landscape features companies such as Astellas Pharma, Inc., Agfa-Gevaert N.V., Valeant Pharmaceuticals International, Inc., Dino-Lite Europe/IDCP B.V., Galderma S.A., Novartis International AG, Cutera, Inc., Genentech, Michelson Diagnostics Ltd., and LEO Pharma A/S.

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The global Dermatology Diagnostic Devices And Therapeutics Market is marked by intense competition, which is likely to remain an unchanging feature of the market in the coming years. Leading players in the global dermatology diagnostic devices and therapeutics market include Michelson Diagnostic Ltd., Strata Skin Sciences, GSK, Galderma, Agfa-Gevaert, AbbVie, and Janssen Biotech. These seven companies collectively accounted for more than 96% of the global dermatology diagnostic devices and therapeutics market in 2015 and are likely to retain dominant shares in the market in the coming years. Expansion of geographical outreach and establishment of widespread distribution networks is likely to be a key competitive tactic for players in the dermatology diagnostic devices and therapeutics market.

The global dermatology diagnostic devices and therapeutics market was valued at more than US$18.5 bn in 2015 and is likely to rise to around US$21 bn by 2024. The dermatology therapeutics market is by far the dominant component of the global dermatology diagnostic devices and therapeutics market and is likely to rise to a valuation of more than US$20 bn by 2024. On the other hand, the dermatology diagnostic devices market is likely to exhibit a robust CAGR of 7.1% between 2016 and 2024 and is expected to rise in valuation from US$595.6 mn to US$1,095.1 mn.

One of the key drivers for the global dermatology diagnostic devices and therapeutics market is the rising concerns regarding air pollution in developed regions. Rising air pollution has led to a steady increase in the prevalence of dermatological conditions and is likely to play a key role in the development of the dermatology diagnostic devices and therapeutics market in the coming years due to the rapid pace of urbanization and industrialization across the world.

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The rising geriatric population is also likely to aid growth of the global dermatology diagnostic devices and therapeutics market in the coming years. Anti-aging products already constitute a key part of the global cosmetics sector and are likely to contribute significantly to the dermatology diagnostic devices and therapeutics market in the coming years.

Regionally, North America is likely to dominate the global dermatology diagnostic devices and therapeutics market in the coming years due to the steady presence of a number of major healthcare sector players in the region. North America is expected to account for 46.4% of the global dermatology diagnostic devices and therapeutics market by 2024. The steady support to innovation in the medical sector in North America is also likely to remain a key driver for the North America dermatology diagnostic devices and therapeutics market in the coming years.