(EMAILWIRE.COM, December 11, 2018 ) Historically, the Global Dermatology Drugs Market size grew at a compound annual growth rate (CAGR) of nearly 5%. This can be attributed to the approval of a large number of drugs by the Food and Drug Administration (FDA) and other regulatory bodies to cure increased skin conditions and disorders.
The global dermatology drugs market is expected to grow to nearly $40 billion in 2021 at a CAGR of more than 5%. Going forward, increase in the number of indications treated by topical drugs coupled with increase in acne and rosacea patients will drive the market for dermatology drugs.
Find TBRCs report on the dermatology drugs market: http://www.thebusinessresearchcompany.com/report/dermatology-drugs-global-market-report-2018
Dermatology Drugs Trends: Early Rx-to-OTC switch, or switching the product from prescription to non-prescription status, is a key trend in the dermatology drugs market. Traditionally, the Rx-to-OTC status conversion was generally observed at a phase nearing the patent expiry or after. However, forward-thinking companies are now looking at switching from Rx-to-OTC well in advance of the patent expiry of the drug. This helps the manufacturer to capitalize on the market opportunities for the product. Early Rx-to-OTC switching also provides an additional benefit as a way to recover all the expenses incurred on the product by the company. A key example from the dermatology OTC drugs market for an early switch includes butenafine hydrochloride (Lotrimin Ultra), an anti-fungal drug. The product was reclassified and switched to being an OTC drug in December 2001, long before its patent expiry (April 2017). It is used in the treatment of athletes foot, jock itch and ringworm infections.
Download a sample of the dermatology drugs industry report: http://www.thebusinessresearchcompany.com/sample.aspx?id=272&type=smp
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