Atopic Dermatitis Market to Register 24% CAGR, Surpassing US$ 62.7 Billion by 2032
28 Nov 2022
Phase 3Drug Approval
Sales of Atopic Dermatitis to Grow Ten-Fold as Key Companies Line up for Fast-Track Approval & Product Development
In its latest report, Fact.MR presents an elaborate analysis of various factors influencing the global atopic dermatitis market, including drivers, opportunities, restraints, and trends. It further delves deeper into major observations concerning prominent expansion parameters prevailing across key segments, including drug class, distribution channel, and regions.
NEW YORK, Nov. 28, 2022 /PRNewswire/ -- The global atopic dermatitis market is poised to expand at 24% CAGR between 2022 and 2032, surpassing a valuation of US$ 7.3 Billion by the end of 2022. Growth in the market is primarily attributed to the rising prevalence of eczema and other skin disorders across the globe.
With increasing awareness regarding the skin diseases, the need for early detection is another factor driving the demand in the market. Atopic dermatitis is considered to be a chronic skin disorder which results in cracked and inflammation of the skin. With loss of skin barrier, the patient becomes more prone to infection and any other disorders. As per the research, around 15 million Americans were affected by atopic dermatitis in 2017.
In 2020, as per the Acta Derm Venereologica Journal, prevalence of doctor diagnosed atopic dermatitis in Europe was 17.1% and 22.6% of children in Asia. This is encouraging the government bodies and health professionals to develop a cure and treatment rapidly. Consequently, leading companies are extensively investing in research to develop proper drug and biologics to reduce the global burden.
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Further, with rising awareness regarding the skin disease along with improved healthcare infrastructure in developed economies such as U.S., Japan, U.K., and Germany, the demand in the market is predicted to rise. As per Fact.MR, the leading companies are introducing innovative procedure and formulations to gain competitive edge.
For instance, in 2021, the U.S. Food and Drug Administration (FDA) approved Pfizer's Cibinqo and AbbVie's Rinvoq to treat moderate to severe atopic dermatitis for the patients who were unresponsive to the other treatments.
Likewise, in January 2022, Eli Lilly and Company and Incyte announced the development of their Phase 3 program for OLUMIANT® in adults with active systemic lupus erythematosus and the status of the U.S. atopic dermatitis supplemental new drug application.
Based on drug class, the biologics drugs segment is poised to expand at a whopping 32.4% CAGR during the forecast period.
In terms of distribution channel, the retail pharmacies segment is slated to grow at a CAGR of 27.4% over the upcoming decade.
Europe is expected to dominate the global atopic dermatitis market, registering growth at 25.5% CAGR for the forecast period.
Increasing prevalence of atopic dermatitis coupled with rising approval of drugs & treatments in the U.S. will push the growth in North America.
China is expected to witness impressive growth in the East Asia atopic dermatitis market on the back of rising number of CROs and other research organizations.
Increased spending on healthcare and favorable policies in India will push the demand for atopic dermatitis in South Asia market.
Growth Drivers:
Fast track drug approvals and extensive research & development for the product development is expected to drive the demand in the market.
Availability of treatment and drugs across online pharmacies will spur the demand in the market.
Growing awareness regarding the disease coupled with favorable policies and initiatives by non-profit organizations is anticipated to boost the market.
Restraints:
Side effects of the biologics and the treatment for atopic dermatitis might hamper the growth in the market.
High treatment cost in developing countries coupled with lack of reimbursement policies is likely to limit the sales.
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As per Fact.MR, the market is expected to be dominated by Pfizer Inc., LEO Pharma A/S, Teva Pharmaceutical, Novartis AG, Sanofi, and Mylan M.V. These six key companies are continuously focusing on research and development of novel drug development to maintain their position in the industry.
They are also focusing on product development and fast drug approvals from regulatory authorities such as the U.S. Food and Drug Administration (FDA) to gain competitive edge. Meanwhile, other players are forming alliances with leading companies to expand their product portfolio and capitalize on the established brand of the leading company.
For instance,
In October 2022, leading player LEO Pharma unveiled that Adtralza, a biologic that neutralizes and targets the interleukin for adolescents with moderate-to-severe atopic dermatitis, was approved by European Commission Approval for marketing.
Almirall, S.A., a global biopharmaceutical company, focused on skin health, in
October 2022, announced that the European Medicines Agency accepted the filling of the marketing authorization application for lebrikizumab for the treatment of moderate to severe dermatitis.
Key Companies Profiled by Fact.MR
Mylan M.V.
Sanofi
More Valuable Insights on Atopic Dermatitis Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global atopic dermatitis market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of atopic dermatitis through detailed segmentation as follows:
Drug Class:
Corticosteroids
PDE4 InhibitorsPDE4 Inhibitors
Biologics
Skin Barrier Emollients
Others
Hospital Pharmacies
Online Pharmacies
Regions:
North America
Latin America
Europe
Oceania
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Key Questions Covered in the Atopic Dermatitis Market Report
What will be the demand outlook for the atopic dermatitis market during the forecast period?
Which are the challenges faced in the atopic dermatitis market?
Which region will lead the growth in the global atopic dermatitis market during 2022-2032?
What is the projected market valuation of the atopic dermatitis market in 2032?
Which are the factors driving the atopic dermatitis during 2022-2032?
Which drug class will generate maximum revenue in the global atopic dermatitis market?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets.
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