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Market Overview
Dermatology Drugs are used for the prevention or treatment of skin disorders. It can also be used for a 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 expected to grow at a CAGR of around 7% during 2021-26. The growth is attributed to the rising prevalence of skin diseases and disorders among the population and increasing awareness regarding various skincare drugs. The surging demand for skin care products among the youth is expected 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 Africa dermatology drug market have almost come to a standstill position due to the temporary closure of dermatology-clinics during the lockdown phase. Further with the government's relaxation in lockdown norms, the market is expected to come back to its normal pace in the forthcoming timeline.
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 is attributed to the rising company’s expenditure on R&D activities and the rise in the number of campaigns to raise atopic dermatitis awareness. Thus, this is contributing to the growth of the dermatology drug market as revealed by the MarkNtel Advisors’ 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 is segmented into Branded drugs and Generic drugs. Among these, Generic Drugs holds the largest share in the Middle-East and Africa Dermatology Drug Market in 2019. The major factor driving the growth of generic drugs is the burgeoning trend of outsourcing as a market strategy by the vendors to reduce their capital. Moreover, the cost-effectiveness of generic drugs provides it with a competitive advantage over branded drugs. Thus, this segment is projected to grow at a substantial rate during 2016-26 as revealed by the MarkNtel Advisors’ 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 on account of swift transformations in the healthcare sector and the increase in the frequent launch of innovative drugs by the market players in the country. Additionally, the rise in the number of partnerships and collaborations in the healthcare industry is further fueling the growth of the dermatology drug market. However, high dependency on imports and frequent drug recall by the Ministry of Health Saudi Arabia is the biggest challenge that would restrain the growth of the market.
Market Driver
Surging Patient Population to Support Market Growth
The rise in the number of patients suffering from skin infections or disorders such as scars, acne, dermatitis, etc. is anticipated to spur the growth opportunities for the market during the forecast period. Moreover, increasing awareness regarding various dermatology products to cure skin problems and the upsurge in the product portfolio strongly contributing to the growth of the market.
Competitive Landscape
According to 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 is the historical year, base year and forecast year considered in the research report on the Middle East and Africa Dermatology Drug Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured 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?
A. The Middle East and Africa Dermatology Drug Market is 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?
A. 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 types of segment would emerge as an opportunity area for players in the Middle East and Africa Dermatology Drug Market?
A. Generic Drug is expected 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?
A. Saudi Arabia continue to grow at the highest CAGR, presenting immense opportunities for market players of the Middle East and Africa Dermatology Drug Market
