According to a recently released Fact.MR analysis, the Dermatology CRO market’s revenues were forecast to be US$ 4 Bn in 2021 and are projected to increase at a CAGR of 9.1% from 2022 to 2032. The market is anticipated to reach US$ 12.8 billion by the end of 2032.
One of the main factors driving the market is the increasing demand for topical dermatological medications to treat acne, such as anti-inflammatory, anti-infective, local anesthetics, cleansers, and emollients. The sector is progressing due to increased awareness of skin illnesses, a critical need for early detection, and an increase in the prevalence of skin cancer and other skin conditions.
Important conclusions from the market study
Sales of Clinical dermatology CRO are anticipated to generate the highest revenue, with a market opportunity of nearly US$ 3.5 billion between 2022 and 2032. The top service, clinical monitoring, is anticipated to grow at a CAGR of over 7% between 2022 and 2032. The global dermatology CRO market is anticipated to reach a market size of US$ 4.3 billion by 2022.
Dermatology CRO revenue is anticipated to rise at the quickest rate in the United States and North America between 2022 and 2032, with a projected growth rate of over 10%.
The Dermatology CRO market was valued at US$ 4.3 billion in 2022 because of an 8.6% increase in global revenues from the previous year.
Competitive Environment
In the dermatology CRO market, several local and international businesses are active. To sell their goods through numerous industries, these businesses compete based on the innovation of their products, their quality, their brand reputation, and their market presence. To stay competitive, businesses use a range of tactics.
• In a formal agreement signed in February 2021, Icon plc agreed to buy PRA Health Sciences for US$ 12 Billion. Customers will gain from the combination as a result of the expanded geographic, functional, and therapeutic scale.
• Under the terms of a pact, Thermo Fisher agreed to buy PPD for US$17.4 billion in 2021. Thermo Fisher will have a much stronger foothold in the early phase clinical trials sector of the clinical research services market.
