April 13, 2024
Eczema Therapeutics Market

Eczema Therapeutics Market Poised for Substantial Growth Due to Rising Prevalence of Atopic Dermatitis

The eczema therapeutics market involves drugs used to treat various types of eczema, most commonly atopic dermatitis. Eczema is caused due to dry, itchy, inflamed and irritated skin. Some key drugs used in eczema treatment include corticosteroids, calcineurin inhibitors, immunosuppressants and anti-histamines. Atopic dermatitis is the most prevalent form of eczema affecting both children and adults. The increasing cases of atopic dermatitis across the globe is a major factor driving the demand for effective therapeutics to manage the symptoms.

The global eczema therapeutics market is estimated to be valued at US$ 21973.78 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in The Eczema Therapeutics Market are Nedmag Industries Mining & Manufacturing B.V., Nabaltec AG., Huber Engineering Materials, Kyowa Chemical Industry Co. Ltd., Konoshima Chemicals Co. Ltd., Tateho Chemical Industries Co., Ltd., Baymag Inc., Sakai Chemical Industries Co. Ltd., Lehmann & Voss & CO. KG., Martin Marietta Materials Inc., Xinyang Mineral Group, Premier Periclase Ltd., Israel Chemicals Ltd., and Premier Magnesia LLC. Key players are focused on developing novel targeted therapies and combinations to address drug resistance issues.

The rising patient pool suffering from eczema infections worldwide presents lucrative opportunities for major players to strengthen their geographic presence. Further, the availability of high unmet needs especially in developing regions will encourage market players to invest in R&D and clinical trials.

Driven by increasing eczema cases in developing Asian markets, major pharmaceutical companies are expanding their geographic footprint through collaborations with regional drug makers. For instance, Sanofi partnered with Kinh Do to commercialize its anti-inflammatory medication in Vietnam.

Market Drivers

The major factor propelling the demand for eczema therapeutics is the growing prevalence of atopic dermatitis. As per stats, over 330 million people globally suffer from atopic dermatitis contributing significantly to the market growth. Further, increasing healthcare expenditures, coupled with growing awareness about available treatment options is boosting the adoption of eczema drugs in developing countries. Additionally, continuous drug innovations through R&D and rising allergies causing eczema infections will continue fueling the market expansion through the forecast period.

PEST Analysis

Political: Government regulations play an important role in drug and device approval processes for eczema therapeutics. Stringency of these regulations can impact timeline and costs involved in bringing new products to market.

Economic: Growing disposable incomes is enabling greater access to expensive eczema treatments in developing regions. However, economic downturns could negatively impact spending on non-essential health categories like dermatology.

Social: Increased awareness about eczema treatments through digital/social media is helping reduce stigma around the condition. This is boosting demand for prescription medications and OTC options to manage flare-ups and symptoms.

Technological: Advances in biologics and targeted drug delivery systems are translating to safer and more effective treatment options for eczema patients. Laser and light therapies are also gaining popularity due to their non-invasive nature.

North America holds the largest market share in terms of value due to high healthcare spending and rapid uptake of new pipeline drugs in the US and Canada.

Asia Pacific is poised to be the fastest growing regional market for eczema therapeutics between 2024-2030. This can be attributed to growing dermatology sector and rising disposable incomes in densely populated countries like China and India. Improving diagnostic infrastructure and disease awareness are further enhancing the growth prospectus.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it