The Dermatology CRO market revenues were estimated at US$ 4 Bn in 2021 and is anticipated to grow at a CAGR of 9.1% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 12.8 Bn.
The rising need for topical dermatological drugs to treat acne, such as anti-inflammatory, anti-infective, local anesthetics, cleansers, and emollients, is a primary driver of the market. Increased awareness of skin disorders, a high need for quick detection, and a growth in the frequency of skin cancer and other skin ailments are all propelling the industry ahead.
In 2020, the COVID-19 epidemic shocked the global economy and continues to have an influence on numerous businesses. Because of the introduction of virtual clinical trials and government measures to maintain the disrupted supply chains in healthcare, the market for dermatological contract research organisations (CRO) was mostly unscathed by the pandemic’s ramifications. The bottlenecking of clinical trials is also improving with the continuing immunization programs and the removal of shelter in place regulations. As a result, the market grew in leaps and bounds.
Increased investment in R&D programs, a desire for outsourcing jobs owing to time and cost limitations, and patent expiration in the dermatology industry are projected to boost the market over the projection period. Pharmaceutical companies and government agencies like to assign projects to dermatological CROs because they provide cutting-edge services, allowing the industry to grow.
The market is primarily driven by the need for topical dermatological medications such as anti-infectives, anti-inflammatory, local anesthetics, emollients, and cleansers to cure acne.
Key Takeaways from the Market Study
- Global Dermatology CRO market is expected to reach a market size of US$ 4.3 Bn by 2022
- Clinical dermatology CRO is expected to be the highest revenue generating category, accounting for an absolute dollar opportunity of nearly US$ 3.5 Bn during 2022 – 2032.
- Top service being Clinical Monitoring is expected to grow at a CAGR of over 7% during 2022 – 2032.
- With nearly 10% projected growth rate, Dermatology CRO revenue is expected to grow at fastest pace in U.S in North America, during 2022 – 2032.
- The Dermatology CRO market reached a valuation of US$ 4.3 Bn in 2022 as the worldwide revenues was up by 8.6% year-over-year.
Growing awareness of skin disorders, a high need for speedy diagnosis, and an increase in the frequency of skin cancer and other skin maladies are propelling the dermatological CRO industry ahead, comments a Fact.MR analyst.
A number of regional and global players operate in Dermatology CRO market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In February 2021, Icon plc agreed to purchase PRA Health Sciences for US$ 12 Bn in a formal agreement. Owing to the expanded geographic, functional, and therapeutic scale, customers will benefit from the merger.
- In 2021, Thermo Fisher agreed to purchase PPD for US$ 17.4 Bn in a contractual agreement. Thermo Fisher’s position in the clinical research services industry, particularly in the early phase clinical trials business, will be considerably strengthened as a result of this acquisition. Healthcare contract research companies are striving to expand their services globally in addition to upgrading their current offerings.
- In October 2019, Parexel extended its relations with the Society for Clinical Research Sites (SCRS), the world’s first and only organization dedicated only to the protection of clinical research sites’ interests. As a Site Engagement Partner, the business introduced a number of key initiatives aimed at improving the patient experience in clinical trials.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Dermatology CRO market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Type (Drug Discovery, Clinical, Preclinical), by Service (Project Management, Data Management, Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management, Bio-statistics, Investigator Payments, Laboratory, Patient and Site Recruitment, Technology, Other Services) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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