In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
February 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.
Get more information on this report: Download Sample PDF
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.
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.
Get more information on this report: Download Sample PDF
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:
Ans: The major factors driving market growth are increasing prevalence of skin disorders worldwide, and rising awareness levels associated with the progression of dermatology diseases.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Side effects of certain classes of treatment drugs are estimated to hamper the market growth.
Ans: 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.
Ans: The major players in the market are Novartis AG, Amgen Inc., AbbVie Inc., Almirall SA, Bausch Health Companies Inc., and others.
Ans: 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.
Ans: The market is segmented by drug class, application, end user, and by region.
Ans: 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.