Dermatology Diagnostic Devices and Therapeutics Market Rising due to High Prevalence of Chronic Skin Diseases09 Mar 2016
The American Academy of Dermatology, founded in 1938, had earlier stated that people in the U.S. spend more than US$2 bn annually on the prevention and treatment of acne. They had also stated that at any given time, at least 40 mn people have acne, and that 85.0% of the American population will suffer from acne at least once in their lives.
Dermatology Guidelines Could Help Speed Up Treatment Processes
One of the bigger problems faced by the global dermatology diagnostic devices & therapeutics market is the level of misinformation conveyed regarding the treatment of both benign and serious skin ailments. The AAD has officially named combination treatment as the standard way to deal with acne. While a high number of doctors might be in disagreement to the treatment methods suggested, these are a few methods that are expected to be considered as ‘standard’. For instance, doctors believe that acne can be caused by a mixture of problems such as a bad diet. There is, therefore, no comprehensive solution for skin issues.
Other issues are also being outlined by major health organizations such as the WHO and AAD. Both of them, for instance, have issued major warnings against the use of tanning beds for people aged less than 30 years. The Melanoma Research Foundation has stated that almost 90.0% of the melanoma cases recently have been caused by a direct overexposure to ultraviolet rays, or more specifically, tanning beds. The AAD had previously stated that for a person younger than 30, using a tanning bed will increase their chances of contracting melanoma by 75.0%.
Growth of Global Dermatology-based Markets Stems from Increasing Incidence of Skin diseases
The global dermatology diagnostic devices market is exhibiting a CAGR of 6.90% between 2015 and 2023. The market was recorded at US$0.6 bn in 2014, and could reach US$1.0 bn before the end of 2023. The global dermatology therapeutics market, on the other hand, is showing a slower CAGR of 1.9% within the same period. This market is, however, larger in terms of revenue, and is expected to reach US$20.1 bn from its 2014 value of US$17.5 bn. Both markets are growing due to the heightened prevalence of skin issues across the globe. These include both chronic and acute skin diseases. The global dermatology diagnostic devices and therapeutics market is further boosted by the increasing geriatric demographic, which is one of the population groups most susceptible to skin diseases.
Although there are a few substantial restraints on the global dermatology diagnostic devices and therapeutics market, it is still exhibiting a positive growth rate. These restraints include the imminent patent expirations, along with the implementation of taxes on medical devices and the Affordable Care Act.
A growing number of doctors are concerned over the implications of the Affordable Care Act on their practice. Although dermatologists take up a very small percentage of the total medical personnel in the U.S., they take up a significant piece of the Medicare pie. This trend is prevalent in other regions as well, indicating an increase in the attention paid by policy makers. Skin cancer has become one of the larger components of Medicare expenditure, creating the need for government bodies to suggest reforms for the same.
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