Eight reasons why dermatology will get under air cargo’s skin
THE DERMATOLOGY drugs sector, formerly a slow-growing niche within the overall pharmaceuticals business, is experiencing a marked resurgence that could potentially provide air cargo companies with solid revenue streams in the long-term.
Three of the key factors fuelling this revival are: globally ageing populations; increasing numbers of skin problems among the most common health issues, collectively exceeding the prevalence of conditions such as obesity, hypertension and cancer; and rising personal expectations about skin, hair and nail appearance, writes Thelma Etim.
Research shows that global spending on dermatological drugs is expected to reach nearly U$23bn by the end of 2016.
Below are some key factors why air cargo bosses should keep an eye on this segment:
1) Dermatological drugs remain the preferred approach to the treatment of common skin disorders, ranging from acne to more complicated conditions such as Psoriasis;
2) The American market for skin disease treatment, which dominates the global market, totalled $7.5bn in 2015 and should reach $8.6bn in 2020, reflecting a five-year compound annual growth rate (CAGR) of 2.6 per cent. BRIC (Brazil, Russia, India, China), the fastest growing region of the global dermatology market with a five-year CAGR of six per cent, should total more than $4.6bn by 2020.
3) Global dermatology market data forecasts that revenues for the dermatology drugs market will reach $83.2bn in 2026.
4) Growing disposable income in emerging economies, combined with initiatives taken by state associations to raise awareness about various types of skin diseases – and its management – are also driving the growth of the dermatological market.
6) The UK, Germany and France are some of the major countries holding a significant share in the European market.
7) The Asian dermatology drugs sector is growing at a significant rate, with countries such as India, Japan and China emerging as the major markets in the region, according to research.
8) Latin America is becoming another important market for dermatology drugs due to the increasing research and development investments in the manufacturing of them in low-manufacturing-cost regions. Brazil holds the largest share in the Latin American market due to the increasing prevalence of skin diseases and growing awareness about dermatological problems and its management in the country.
Sources: American Academy of Dermatology, British Association of Dermatologists, SNS Research, BCC Research, P&S Market research