The global Dermatology CRO Market size is expected to reach USD 7.04 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. The rise in demand for topical dermatological medications, such as anti-inflammatory agents, anti-infective, local anesthetics, cleansers, and emollients, to treat acne is a major factor driving the market. Furthermore, increased awareness regarding skin diseases, high demand for speedy diagnosis, and an increase in the prevalence of skin cancer and other skin problems are all driving the industry forward.
The COVID-19 pandemic shook the economy in 2020 and
has an ongoing impact on various industries across the globe. The market for
dermatology contract research organizations (CRO) was largely unaffected by the
repercussions of the pandemic owing to the emergence of virtual clinical trials
and government initiatives to sustain the disrupted supply chains in
healthcare. Moreover, with the ongoing vaccination drives and lifting of
shelter in place mandates, the bottlenecking of clinical trials is
improving. Thus, the future seems good for the market.
Factors such as increased investment in R&D
programs, a preference for outsourcing tasks due to time and cost constraints,
and patent expiration in the dermatology industry are some of the key factors
expected to drive the market over the forecast period. Contract research
outsourcing collaborations provide cutting-edge services, thus pharmaceutical
players and government agencies prefer to delegate projects to dermatology
CROs, allowing the market to develop.
Related Press Release@ Dermatology CRO Market Report
Dermatology CRO Market Report
Highlights
- Based on type, the clinical segment grabbed the largest revenue
share of over 75.0% in 2020 owing to technological advancements,
globalization of clinical trials, and the need for dermatology CROs to
conduct clinical trials
- In the clinical type segment, the phase III segment accounted for
the largest revenue share of over 50.0% in 2020 as phase III clinical
trials are the most expensive and involve a large patient pool
- By service, clinical monitoring held the largest revenue share in
2020 owing to an increase in the number of clinical trials and the need to
monitor those trials efficiently
- Asia Pacific captured the largest revenue share of over 40.0% in
2020. This is due to the high prevalence of skin disorders, diversity in
populations, the ease with which patients may be recruited and retained,
and improving regulatory framework
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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