Market Overview
Dermatology drugs prevent or treat various skin disorders in humans, including the daily skincare routine to maintain the skin.
According to the MarkNtel Advisors' research report, "The Middle East and Africa Dermatology Drug Market Analysis, 2021," the market is likely to grow at a CAGR of around 7% between 2021-26. The growth attributes to the rising prevalence of skin diseases & disorders and increasing awareness about skincare drugs among the population. The surging demand for skincare products among the youth is likely to spur opportunities for the dermatology drugs market in the Middle East and Africa region.
Impact of COVID-19
Due to the outbreak of the COVID-19 pandemic, the Middle East and African dermatology drug market came to a standstill position due to the temporary closure of dermatology-clinics during the lockdown. However, the market can regain its pace in the forecast period due to lockdown relaxations by the government.
Market Segmentation
Atopic Dermatitis Accounted for the Largest Market Share
Based on application, the atopic dermatitis segment acquired the largest market share in Middle East and Africa Dermatology Drug Market in 2019. Atopic dermatitis is one of the most common kinds of eczema in which skin gets red and itchy. The growth of this segment attributes to the rising expenditure on R&D activities and campaigns to raise atopic dermatitis awareness, thereby resulting in the rise of the dermatology drug market, reveals MarkNtel Advisors in their research report, "The Middle East and Africa Dermatology Drug Market Analysis, 2021."
Generic Drugs Acquired the Highest Market Share
Based on drug type, the market classifies into branded drugs and generic drugs. Among these segments, generic drugs held the largest share in the Middle East and Africa Dermatology Drug Market in 2019. The primary factor driving the growth of these drugs is the burgeoning trend of outsourcing as a market strategy by vendors to reduce their capital. Moreover, the cost-effectiveness of generic drugs provides them with a competitive benefit over branded drugs. Thus, this segment is likely to grow substantially during 2016-26, reveals MarkNtel Advisors in their research report, "The Middle East and Africa Dermatology Drug Market Analysis, 2021."
Regional Landscape
Saudi Arabia Exhibits Fastest Growth
Saudi Arabia is amongst the fastest growing market due to swift transformations in the healthcare sector and the frequent launches of innovative drugs by market players.
Additionally, the rise in the number of partnerships and collaborations in the healthcare industry is fueling the growth of the dermatology drug market. However, high dependency on imports and frequent drug recalls by the Ministry of Health Saudi Arabia is the biggest challenge that could restrain the market growth.
Market Driver
Surging Patient Population to Support Market Growth
The rising number of patients suffering from skin infections or disorders, such as scars, acne, dermatitis, etc., is likely to spur the growth opportunities for the market in the forecast period. The increasing awareness regarding numerous dermatology products curing skin problems and the surging product portfolios contributes to the market growth.
Competitive Landscape
According to the MarkNtel Advisors, the major leading players in the Middle East and Africa Dermatology Drug Market are Bausch Health Companies Inc., Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson, Merck & Co. Inc., Amgen Inc., AbbVie Inc., Eli Lilly and Company, Galderma S.A., GlaxoSmithKline plc, Mylan N.V.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What are historical, base, and forecast years considered in the research report on the Middle East and Africa Dermatology Drug Market?
The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
The market size/industry size or the market value is in terms of USD Million.
Q. What would be the growth rate or CAGR of the Middle East and Africa Dermatology Drug Market during 2021-26?
The Middle East and Africa Dermatology Drug Market are forecast to grow at a CAGR of 7% during 2021-26.
Q. Who are the key competitors or players operating in the Middle East and Africa Dermatology Drug Market?
Bausch Health Companies Inc., Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson, Merck & Co. Inc., Amgen Inc., AbbVie Inc., Eli Lilly and Company, Galderma S.A., GlaxoSmithKline plc, Mylan N.V. are few of the leading players in the Middle East and Africa Dermatology Drug Market.
Q. Which ‘type segment’ would emerge as an opportunity area for players in the Middle East and Africa Dermatology Drug Market?
Generic Drug is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which country would emerge as an opportunity area for players in the Middle East and Africa Dermatology Drug Market?
Saudi Arabia continues to grow at the highest CAGR, thereby offering immense opportunities for market leaders of the Middle East and Africa Dermatology Drug Markets.
