Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSFebruary 2021- Bristol Myers Squibb announced positive results from POETYK PSO-2, the second Phase III clinical trial evaluating deucravacitinib, which is a novel, selective tyrosine kinase 2 inhibitor for treating patients with moderate to severe plaque psoriasis.
May 2020- Sanofi S.A. received the United States Food and Drug Administration for Dupixent for the treatment of moderate-to-severe atopic dermatitis.
The global pediatric dermatology treatment market is estimated to garner a large amount of revenue and grow at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing prevalence of skin disorders around the world, and rise in awareness levels associated with the progression of dermatology diseases. As per the World Psoriasis Day consortium, as of 2020, 125 million people around the world were suffering from psoriasis, which is about 2 to 3 percent of the total population. Along with these, growing incidences of weakened immune systems among children as a result of sedentary lifestyle is also expected to drive significant growth to the market in the forthcoming years. Furthermore, high healthcare expenditures in developed countries, and surge in technological advancements to develop improved treatment options for skin diseases are projected to offer lucrative opportunities for market growth in the near future.
The market is segmented by application into alopecia, erythromelalgia, psoriasis, atopic dermatitis, and others, out of which, the psoriasis segment is anticipated to hold the largest share in the global pediatric dermatology treatment market. This can be accounted to the increasing occurrence of psoriasis among children across the globe, and growing development of new medications for treating this condition. Additionally, on the basis of end user, the hospitals segment is assessed to acquire the largest share during the forecast period, which can be credited to the high preference of patients to be treated by a healthcare professional in a hospital facility. Apart from this, high number of admissions in hospitals is also predicted to fuel the market segment growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global pediatric dermatology treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of large patient pool and growing number of incidences of dermatology diseases among children in the region. Moreover, the market in North America is expected to occupy the largest share during the forecast period ascribing to the high healthcare spending, and increasing awareness about skin diseases in the region. As per the Centers for Medicare & Medicaid Services, the healthcare spending in the United States grew 4.6 percent in 2019, reaching a value of USD 3.8 trillion. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent that year. In addition, strong presence of pharmaceutical companies is also anticipated to bolster the market growth in the region in the coming years.
The global pediatric dermatology treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global pediatric dermatology treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing prevalence of skin disorders worldwide, and rising awareness levels associated with the progression of dermatology diseases.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Side effects of certain classes of treatment drugs are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the large patient pool and growing number of incidences of dermatology diseases in the region.
The major players in the market are Novartis AG, Amgen Inc., AbbVie Inc., Almirall SA, Bausch Health Companies Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drug class, application, end user, and by region.
The hospitals segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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