The world has become a fashion show these days, with everyone vying to look their best. As a result, the aesthetics, cosmetics, and dermatology sectors are growing by leaps and bounds. Several diseases, environmental factors, age, and physical injuries can harm the appearance, by degrading the aesthetics of the skin. Thus, with their increasing appearance consciousness, coupled with their rising disposable income, people are spending more than before on themselves
As a result, P&S Intelligence says that the dermatology drugs market will likely grow to $55,425.0 million by 2030 from $25,228.2 million in 2019, at an 8.8% CAGR between 2020 and 2030. How common skin diseases are can be ascertained from the World Health Organization (WHO)’s data that claims that 900 million people are affected by such issues around the world at any time. Among these, scabies, pyoderma, eczema, acne, and warts are the most common, with acne affecting almost 80% of the U.S. population aged 12–24.
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Apart from government organizations, pharmaceutical, medical device, and medical research companies are also taking initiatives to raise awareness on dermatological diseases around the world. For instance, Camp Wonder and Galderma S.A. have been partnering since 2012 to address children’s health needs. Some of the initiatives taken by these organizations are the Wonder Run 1K Waddle and 5K Run/Walk. Similarly, Kisaco Research conducted the Microbiome Connect Skin USA virtual summit in June 2020 to promote skin microbiome-based skincare products.
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Hence, as more people become aware of skin issues and
the consciousness regarding appearance spreads to other regions, the demand for
dermatology drugs is bound to rise.
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