ROCKVILLE, Md., March 16, 2022 (GLOBE NEWSWIRE) -- 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.
With over 10.4% projected growth rate, Dermatology CRO revenue is expected to grow at fastest pace in North America, during 2022 - 2032. This is due to a number of factors, including an aging population, increased awareness of skin conditions, and the development of new treatments. The CRO industry is growing rapidly, and the dermatology segment is expected to experience strong growth in the next few years.
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.
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Dermatology CRO Market Report Scope
| Attribute | Details |
| Forecast Period | 2022-2032 |
| Historical Data Available for | 2017-2021 |
| Market Analysis | US$ Bn for Value |
| Key Regions Covered | • North America • Latin America • Europe • East Asia • South Asia • Oceania and MEA |
| Key Market Segments Covered | • Service • Product Type • End-user • Region |
| Key Companies Profiled | • IQVIA HOLDINGS INC. • Covance Inc. • Pharmaceutical Product Development, LLC (PPD) • Parexel International Corporation • Charles River Laboratories International, Inc. • Icon, Plc • Medidata Solutions, Inc. • Syneos Health • Pharmaron • GVK Biosciences Private Limited • Wuxi AppTec • MEDPACE HOLDINGS, INC. • PRA Health Sciences • CTI Clinical Trial & Consulting • Bioskin • Proinnovera • Biorasi • Javara • TFS |
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.
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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.
Competitive Landscape
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.
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Market Segments Covered in Dermatology CRO Industry Analysis
- By Type :
- Drug Discovery
- Target Validation
- Lead Identification
- Lead Optimization
- Clinical
- Phase I
- Phase II
- Phase III
- Phase IV
- Preclinical
- Drug Discovery
- By Service :
- 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
- Other Services
Revenue of Dermatology CRO from 2017 to 2021 Compared to Demand Outlook for 2021 to 2031
As per the Dermatology CRO industry research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Dermatology CRO industry increased at around 7.8% CAGR, wherein, countries such as the U.S., U.K., China, Japan and South Korea held significant share in the global market.
The rising need for topical dermatological drugs to treat acne, such as anti-inflammatory, anti-infective, local anaesthetics, 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 business ahead. Owing to this, Dermatology CRO market is projected to grow at a CAGR of 9.1% over the coming 10 years.
- The Dermatology CRO market is estimated to reach a valuation of US$ 1.7 Bn in 2022 as the worldwide revenues was up by 8.6% year-over-year. 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 COVID 19’s ramifications. Fact.MR estimates that Dermatology CRO revenue will grow 2.4X from 2022 to 2032, reaching nearly US$ 4.3 Bn in 2032.
- The revenue through clinical dermatology type is projected to garner a CAGR of around 10% during 2022 – 2032.
- Dermatology CRO revenue through clinical monitoring will account for majority share, owing to countries’ focus on dermatological medications
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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).
Key Points Covered in Dermatology CRO Industry Survey:
- Market Estimates and Forecasts (2017-2032)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Dermatology CRO and How to Navigate
- Recommendation on Key Winning Strategies
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