(Photo Courtesy: www.oakviewderm.com)
The global dermatology market is set to experience strong growth from $20 billion in 2015 to $33.7 billion by 2022, representing a compound annual growth rate of 7.7%, says business intelligence provider GBI Research.
According to the company's latest report, such an impressive rise will occur in spite of the patent expiries of many marketed monoclonal Antibodies (mAbs), which are unlikely to have a significant impact due to the practical and regulatory barriers faced by biosimilars.
Growth will be driven by a strong late-stage pipeline, which includes several highly valuable targeted therapies, such as dupilumab, AN-2729, AMG-827 and ixekizumab.
Ms Jennifer Goossens, Associate Analyst for GBI Research, states that: "There exists a significant unmet need for improved treatment options across dermatology indications, as physicians often cite poor efficacy, low patient compliance, and problematic safety profiles with the long-term use of many available treatments. This is especially true for patients with severe disease who rely on general immunosuppressive drugs.
"There are currently a number of promising biologics in the pipeline for major skin disorders, including atopic dermatitis, acne vulgaris and rosacea, with 17 biologics in Phase III of development. This sizeable number suggests that they could have a considerable impact on treatment algorithms in the dermatology therapy area over the forecast period."