Dermatology CROs market is projected to grow at a CAGR of 8.7% by 2032: Visiongain Reports Ltd
Visiongain has published a new report entitled Dermatology CROs 2022-2032. It includes profiles of Dermatology CROs and Forecasts Market Segment by Type (Drug Discovery, Preclinical, Clinical), Market Segment by Services (Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/ Assurance, Bio-statistics, Investigator Payments, Laboratory, Patient and site Recruitment, Technology, Others) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The Dermatology CROs market was valued at US$ 5,154.8 million in 2021 and is projected to grow at a CAGR of 8.7% during the forecast period 2022-2032.
Unprecedented Dermatology Trials Demand For Outsourcing Services
Market growth is largely attributed to the increasing incidence of skin disorders. The target population is highly susceptible to skin disorders such as eczema, acne, skin cancer, psoriasis and rosacea. Approximately 3% of the US adult population suffers from psoriasis, as reported by the Journal of Psoriasis and Psoriatic Arthritis in 2021. As a result, such a high prevalence of dermatological conditions continues to seek support for dermatological devices and treatment products thereby boosting the demand for dermatology CRO. Patent expirations in the dermatology industry increased investment in R&D programs, and a preference to outsource tasks are some of the factors driving the market. The collaborations between pharmaceutical companies and contract research outsourcing companies provide cutting-edge services, allowing the dermatology market to grow.
With the growing number of patents expiring, the increasing number of efforts to identify biologics and novel compounds, and the increasing cost of R&D, the drug makers, and sponsors are under increasing pressure to replace the revenue losses caused by generics, which is further contributing to the increasing cost and complexity of drug development. CROs are increasingly used by government organizations to conduct clinical trials, in order to gain access to the necessary infrastructure, and expertise to minimize costs.
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How has COVID-19 had a Significant Negative Impact on the Dermatology CROs Market?
As a result of the COVID-19 pandemic, telemedicine and tele-dermatology have seen a significant increase in adoption. There was a significant reduction in the number of patient visits/consultations resulting from the lockdown and social distancing procedures enforced to control the spread of coronavirus. In 2020, the American Association of Dermatology conducted a survey among dermatologists in the United States. The survey found that weekly patient consultations had declined by 43% over the period prior to the COVID outbreak. In France, there was a 60% reduction in consultations with specialists and a 40% reduction in consultations with general practitioners (GPs). Telemedicine has increased exponentially among physicians, including dermatologists, due to a decrease in inpatient visits and a relaxation of regulations. In addition, a survey conducted for tele-medicine patients during the COVID-19 pandemic, reported this December 2020, indicated that more than 90% of them preferred telehealth services, and more than 80% would recommend them to others.
How will this Report Benefit you?
Visiongain’s 234-page report provides 88 tables and 117 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses of the Dermatology CROs market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Dermatology CROs. Get the financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size, and capture a higher market share. We believe that there are strong opportunities in this fast-growing Dermatology CROs market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximize the productivity of the company.
What are the Current Market Drivers?
Increasing Incidence of Skin Disorders
Over the past few decades, skin diseases have become more prevalent and have placed a significant burden on healthcare systems. It is estimated that approximately two thirds of the world’s population is affected by skin diseases, which are the fourth leading cause of diseases in humans worldwide. Despite their high visibility, their burden is often underestimated. Atopic dermatitis and urticaria, for example, have a high prevalence as well as morbidity over time, which can include severe itching or disfigurement. There are approximately 106,110 new melanoma cases diagnosed in the United States each year, according to the American Cancer Society. The American Academy of Dermatology reports that skin cancer was the most common cancer in the United States in 2021. According to estimates, the U.S. will diagnose 197,700 new cases of melanoma in 2022, of which 97,920 will be non-invasive (in situ) and 99,780 of which will be invasive. As a form of skin cancer, squamous cell carcinomas (SCCs) are the second most common. In the United States, there are approximately 1.8 million cases of SCC each year. .
Topical dermatological medications used to treat acne, such as anti-inflammatory, anti-inflammatory medications, local anaesthetics, emollients, and cleansers, are the main drivers of the market. According to the forecast, global skin disease incidences will increase during the forecast period, driving the market growth. A dermatologist is capable of identifying and treating approximately 3,000 disorders of the skin, according to the American Academy of Dermatology Association. There is a significant prevalence of skin cancer in some parts of the world, and the associated treatment costs pose an economic threat to some healthcare systems. Increasing life expectancy is likely to exacerbate this problem. This further drives the demand for dermatology products thereby fuelling the demand for the dermatology CRO market.
The adoption of tele-dermatology is expected to boost the progress of the industry
In tele-dermatology, digital images are stored on devices such as smartphones and computers and then transmitted electronically to the treating dermatologist. A growing number of skin conditions resulting from the aging population and a shortage of dermatologists will drive the market to experience profitable growth over the forecast period. The result is that patients are required to wait a long period of time for a consultation. For example, Walk-in Dermatology Management, LLC it was estimated that in August 2020, there were only 3.3 dermatologists to treat every 100,000 people. Due to increased awareness of virtual visits, such as lower costs and greater accessibility, teleconsultations are generally being driven by partnerships between pharmacies, insurance companies, and retailers. DermTech, for example, recently introduced its DermTech Pigmented Lesion Assay, which can be used remotely for detecting melanoma with its non-invasive adhesive patch test.
During the COVID-19 lockdown period, the number of dermatologists providing telehealth consultations almost tripled. Moreover, physicians are now able to provide care through virtual consultations as regulations have been relaxed, and coverage for virtual consultations has been expanded. Regulatory changes announced by the Centres for Medicare and Medicaid Services (CMS) on March 30, 2020 will make it easier for patients to receive medical care via telemedicine in the U.S.
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Where are the Market Opportunities?
Adoption trend for AI in dermatology
A major trend influencing the growth of this market is artificial intelligence integration with tele-dermatology. Tele-medicine programs are rapidly being scaled up by healthcare organizations, and long-distance consultations are becoming increasingly common. As part of tele-dermatology, new advances have been made in deep learning, a form of machine learning. Over the next decade, deep learning-capable smartphones will be available to consumers’ worldwide, thanks to the introduction of next-generation handsets and their widespread adoption. It was announced in May 2021 by Google that it would introduce a dermatology tool powered by artificial intelligence, which would assist users in understanding skin, hair, and other issues related to their skin and hair. The market is expected to grow as a result of ongoing research activities in the dermatology field, as well as ongoing advances in the field of drug discovery and development. A recent study conducted, demonstrated that Deep Convolutional Neural Networks (CNN) can efficiently classify skin cancers with a competence level comparable to that of dermatologists, demonstrating that Artificial Intelligence (AI) has great potential in dermatology.
The major players operating in the Dermatology CROs market are ICON Plc, IQVIA, Laboratory Corporation of America Holdings (LabCorp), Bioskin, Javara, Proinnovera, Innovaderm, Biorasi, LLC, PAREXEL International Corp, and Syneos Health, Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- On 12th January 2022, in an announcement, Vial announced the launch of the Dermatology CRO. The tagline of the company is “The CRO Built for Sponsors”. With the Vial, dermatology CROs will be able to conduct trials of higher quality and more rapidly. The organization has over 35 Dermatology clinics across the United States that are part of the Clinic Network.
- On September 2021, Icon plc. entered into an agreement in which it will acquire PRA Health Sciences for an estimated value of US$ 12 billion. Due to the expanded geographic, functional, and therapeutic scope of the merged company, customers will be able to benefit from the merger.
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