Dermatology CRO Market
Dermatology CRO Market Analysis by Type(Drug Discovery, Clinical, Preclinical), by Service (Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/Assurance, Bio-statistics), by Region - Global Forecast 2022-3032
Dermatology CRO Market Outlook
Newly-released Dermatology CRO industry analysis report by Fact.MR shows that global revenue of Dermatology CRO in 2021 was held at US$ 4 Bn. With 9.1%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Clinical type dermatology CRO is expected to be the highest revenue grossing service, accounting for an absolute dollar opportunity of nearly US$ 3.5 Bn during 2022 – 2032.
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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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.
What is Making Dermatology CRO an Essential Component?
The market is primarily driven by the need for topical dermatological medications such as anti-infectives, anti-inflammatory, local anesthetics, emollients, and cleansers to cure acne. Over the forecast period, increased incidences of skin diseases over the world are expected to boost market growth.
Acne is the most prevalent skin disease in the United States, with up to 50 Mn people affected each year, according to the American Academy of Dermatology Association. One out of every ten people suffers with atopic dermatitis at some time in their lives. In the United States, 7.5 Mn individuals suffer with psoriasis. Rosacea is a common skin ailment affecting 16 million individuals in the United States. More than 9,500 people in the United States were diagnosed with skin cancer every day.
An Adaptive Approach to Modern-day Research Needs
Which Region is projected to Offer the Largest Opportunity for Dermatology CRO?
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.
Which Country Lies at the Centerstage for Dermatology CRO Revenue?
US leads the global revenues of Dermatology CRO market. This is attributed to the high frequency of skin problems, demographic variety, ease of recruiting and retaining patients, and an improved regulatory environment. Furthermore, market development is aided by favourable government initiatives. In February 2018, the Central Drugs Standard Control Organization (CDSCO) published new standards that are intended to reduce the time it takes to gain clearance from almost 30 to 60 days.
The dermatology CRO market in North America grabbed a high revenue share in 2021 due to the largest number of trials done and outsourced in the region. The increased government support for R&D activities through grants and money to research institutes and enterprises has further supported the expansion of this regional industry. In 2018, the US government, for example, spent US$ 194.2 Bn on medical and health research and development.
Why Clinical Dermatology CRO Remains the Faster Revenue Generating Segment?
Clinical dermatology CRO is the fastest revenue generating segment because it offers a wide range of services that can be customized to meet the specific needs of each client. This allows for quick turnaround times and efficient project management, which results in increased profits for the client. Additionally, the dermatology market is growing rapidly, providing opportunities for continued growth and expansion. Increasing prevalence of skin diseases, especially in case of psoriasis, is expected to propel clinical dermatology CRO segment.
How Has COVID-19 Impacted Revenue Generation from Dermatology CRO?
The necessity of virtual trials and the utilisation of technology and software solutions has been underlined by the COVID-19 pandemic. The increased use of machine learning-based platforms, artificial intelligence, and creative trial designs is projected to change the dermatological CRO landscape in the next years. Biopharmaceutical and pharmaceutical investments in innovative and revolutionary therapies, such as regenerative medicine, and drug development services, are driving R&D activities. Experts and skills in a range of therapeutic disciplines are still needed by sponsors.
The impact of COVID-19 on Dermatology CRO was largely observed through the growing awareness of skin disorders, a high need for speedy diagnosis, and an increase in the frequency of skin cancer and other skin maladies.
According to the market research analysis, partnerships and expansion have been the prominent development in Dermatology CRO market in recent years. 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 are the prominent providers of Dermatology CRO services.
Some of the recent developments of key Dermatology CRO providers are as follows:
- In 2021 Thermo Fisher signed a binding deal to buy PPD for US$ 17.4 Bn. This purchase will greatly strengthen Thermo Fisher's position in the clinical research services market, particularly in the early phase clinical trials business. In addition to strengthening their services, healthcare contract research businesses are aiming to provide their services on a worldwide basis.
- In February 2021, Icon plc signed a binding deal to buy PRA Health Sciences for a valuation of around US$ 12 Bn. Customers will benefit from the merged firm because of the enhanced geographic, functional, and therapeutic scale.
- In October 2019, Parexel strengthened its ties with the Society for Clinical Research Sites (SCRS), to safeguard the interests of clinical research sites. The company implemented many significant initiatives as a Site Engagement Partner targeted at enhancing the patient experience in clinical trials.
Similarly, recent developments related to companies offering Dermatology CRO have been tracked by the team at Fact.MR, which are available in the full report.
Dermatology CRO Market Report Scope
Historical Data Available for
US$ Bn for Value
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Market Segments Covered in Dermatology CRO Industry Analysis
By Type :
- Drug Discovery
- Target Validation
- Lead Identification
- Lead Optimization
- Phase I
- Phase II
- Phase III
- Phase IV
- Drug Discovery
By Service :
- Project Management/Clinical Supply Management
- Data Management
- Regulatory/Medical Affairs
- Medical Writing
- Clinical Monitoring
- Quality Management/Assurance
- Investigator Payments
- Patient and Site Recruitment
- Other Services
By Region :
- North America
- Latin America
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