Dermatology CRO Market in North America to Register Growth at CAGR of 10.4% through 2032

The overall sales in the dermatology CRO market are expected to reach US$ 4.3 Bn by 2032, growing at a CAGR of 9.1% from 2022 to 2032.

Use of topical dermatological medications such as cleansers, anti-inflammatory, local anesthetics, anti-infective, and emollients to treat acne is increasing. According to the American Academy of Dermatology Association, there are nearly 50 million people suffering from acne each year in the U.S. This is anticipated to create high prospects for sales within the dermatology CRO market.

Pharmaceutical companies are improving their research services due to the growing prevalence of skin ailments such as cancer, eczema, psoriasis, and other diseases. Hence, the demand for dermatology CRO is expected to augment in the coming years.

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The rising integration of artificial intelligence (AI), machine learning, and advanced trial programs is observed as research and development initiatives gain momentum in the dermatology CRO.

Likewise, the surging focus on virtual clinical trials, adoption of various advanced software or technological solutions, and measures undertaken by governments to streamline supply-chain within healthcare will drive the dermatology CRO market.

Rising demand for biologics, regenerative medicines, and orphan drugs to treat the skin allergies and diseases will further augment the sales in the market.

Improvements in the regulatory environment are projected to help increase the adoption of dermatology CRO services in the near future. For instance, the Central Drugs Standard Control Organization (CDSCO) published new guidelines in February 2018 that are focused on reducing the time taken for approval from almost 30 to 60 days. Such developments will steer growth in the forthcoming years.

Key Takeaways:

• Based on type, the clinical segment is expected to exhibit growth at a CAGR of 10% between 2022 and 2032.
• North America is expected to exhibit10.4% CAGR due to increasing awareness about skin problems in the region.
• In terms of service, the clinical monitoring segment is estimated to lead the market owing to growing focus on dermatological treatments and medications.
• Dermatology CRO market size is anticipated to grow 2.4X from 2022 to 2032, accounting nearly US$ 4.3 Bn in 2032.

Growth Drivers:

• Growing incidence of skin cancer and other skin ailments are driving the need for dermatological medications. This is likely to bolster the growth in the market.
• Surging demand for vaccines and the exclusion of unfavorable regulations are projected to boost the growth in the market.

Restraints:

• The inability of small and medium enterprises or new players to invest in and conduct outsourced research services is likely to restrain the growth in the market.

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Competitive Landscape:

Leading manufacturers operating in the global dermatology CRO market are concentrating on advancing their production capabilities to expand their consumer base in the coming years. Furthermore, they are updating their product line by making technological advancements.

Apart from this, organizations are adopting new business strategies such collaborations, joint ventures, acquisitions, and others to extend their global presence.

For instance,

• February 2021: Icon plc. Entered into a definitive agreement with PRA Health Sciences for the purchase of the latter for nearly US$ 12 Bn. This merger will aid customers due to various advantages and developments offered in geographic, functional, and therapeutic scale.
• October 2019: For safeguarding the welfare of clinical research sites, Parexel developed closer links with the Society for Clinical Research Sites (SCRS). This stronger relationship is aiding the company execute significant initiatives as a Site Engagement Partner to improve the experience of patient in clinical trials.

Key Companies Profiled by Fact.MR

• IQVIA HOLDINGS INC.
• Pharmaceutical Product Development, LLC (PPD)
• Syneos Health
• Parexel International Corporation
• Covance Inc.
• CTI Clinical Trial & Consulting
• Charles River Laboratories International, Inc.
• Icon, Plc
• PRA Health Sciences
• Medidata Solutions, Inc.
• Pharmaron
• TFS
• MEDPACE HOLDINGS, INC.
• Wuxi AppTec
• Bioskin
• Proinnovera
• GVK Biosciences Private Limited
• Biorasi
• Javara

More Valuable Insights on Dermatology CRO Market

In the latest report, Fact.MR provides a comprehensive market study on the global dermatology CRO market by covering unbiased analysis for the forecast period of 2022 to 2032. This survey also highlights the factors influencing the growth in the dermatology CRO market with detailed segmentation as follows:

By Type:

• Drug Discovery

• • Target Validation
  • Lead Identification
  • Lead Optimization

• Clinical

• • Phase I
  • Phase II
  • Phase III
  • Phase IV

• Preclinical

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

By Region:

• North America
• Latin America
• Europe
• APAC
• MEA

Key Questions Covered in the Dermatology CRO Market Report

• Who are the prominent dermatology CRO manufacturers?
• Which region is estimated to account for a maximum share in the global dermatology CRO market during 2022-2032?
• What is the anticipated market value of dermatology CRO market in 2022?
• Which are the challenges encountered in the global dermatology CRO market?
• What is the estimated market size of global dermatology CRO market during the forecast period (2022-2032)?
• What is the expected growth rate of the global dermatology CRO market until 2032?

Explore Fact.MR’s Coverage on the Healthcare Domain

Dermatology Diagnostic Devices Market: Rising demand for anti-aging products in geriatrics-dominated emerging economies, such as the U.S and the U.K, is projected spur the demand for dermatology diagnostic devices. Furthermore, the growing prevalence of various skin allergies and diseases, such as acne and eczema, is likely to create lucrative opportunities for the market.

Dermatology Devices Market: Demand for dermatology devices is estimated to spur due to the prevalence of skin disorders and skin cancers. In addition to this, the rising use of dermatology devices to reduce stretch marks and for hair removal is projected to create prolific growth opportunities for the market.

Skincare Devices Market: The use of skincare devices is surging in the hospital sector, thereby propelling the growth in the market. Besides this, the increasing prevalence of skin diseases such as skin cancer, eczema, and others are likely to spur the sales of skincare devices.