Dermatology CRO Market Size Worth $7.04 Billion By 2028: Grand View Research, Inc.

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Oct 20, 2021, 05:05 ET

SAN FRANCISCO, Oct. 20, 2021 /PRNewswire/ -- The global dermatology CRO market size is expected to reach USD 7.04 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. The rise in demand for topical dermatological medications, such as anti-inflammatory agents, anti-infective, local anesthetics, cleansers, and emollients, to treat acne is a major factor driving the market. Furthermore, increased awareness regarding skin diseases, high demand for speedy diagnosis, and an increase in the prevalence of skin cancer and other skin problems are all driving the industry forward.

Key Insights & Findings:

Based on type, the clinical segment grabbed the largest revenue share of over 75.0% in 2020 owing to technological advancements, globalization of clinical trials, and the need for dermatology CROs to conduct clinical trials
In the clinical type segment, the phase III segment accounted for the largest revenue share of over 50.0% in 2020 as phase III clinical trials are the most expensive and involve a large patient pool
By service, clinical monitoring held the largest revenue share in 2020 owing to an increase in the number of clinical trials and the need to monitor those trials efficiently
Asia Pacific captured the largest revenue share of over 40.0% in 2020. This is due to the high prevalence of skin disorders, diversity in populations, the ease with which patients may be recruited and retained, and improving regulatory framework

Read 120 page market research report, "Dermatology CRO Market Size, Share & Trends Analysis Report By Type (Preclinical, Clinical, Drug Discovery), By Service (Clinical Monitoring, Regulatory/Medical Affairs), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

The COVID-19 pandemic shook the economy in 2020 and has an ongoing impact on various industries across the globe. The market for dermatology contract research organizations (CRO) was largely unaffected by the repercussions of the pandemic owing to the emergence of virtual clinical trials and government initiatives to sustain the disrupted supply chains in healthcare. Moreover, with the ongoing vaccination drives and lifting of shelter in place mandates, the bottlenecking of clinical trials is improving. Thus, the future seems good for the market.

Factors such as increased investment in R&D programs, a preference for outsourcing tasks due to time and cost constraints, and patent expiration in the dermatology industry are some of the key factors expected to drive the market over the forecast period. Contract research outsourcing collaborations provide cutting-edge services, thus pharmaceutical players and government agencies prefer to delegate projects to dermatology CROs, allowing the market to develop.

Grand View Research has segmented the global dermatology CRO market on the basis of type, service, and region:

Dermatology CRO Type Outlook (Revenue, USD Million, 2016 - 2028)

Drug Discovery

Target Validation
Lead Identification
Lead optimization

Preclinical

Clinical
Phase I
Phase II
Phase III
Phase IV

Dermatology CRO Service Outlook (Revenue, USD Million, 2016 - 2028)

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
Others

Dermatology CRO Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Asia Pacific

China
Japan
India
Australia
South Korea

Latin America

Brazil
Mexico
Argentina
Colombia
Chile

Middle East & Africa

South Africa
Saudi Arabia
UAE
Iran
Israel

List of Key Players of Dermatology CRO Market

IQVIA HOLDINGS INC.
Covance Inc.
Pharmaceutical Product Development, LLC (PPD)
Parexel International Corporation
Charles River Laboratories International, Inc.
Icon, Plc
Syneos Health
Wuxi AppTec
Bioskin
Proinnovera

Browse through Grand View Research's coverage of the Global Medical Devices Industry:

Drug Discovery Outsourcing Market–The global drug discovery outsourcing market size was valued at USD 3.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.4% over the forecast period.
Clinical Trials Market–The global clinical trials market size was estimated at USD 44.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
Anti-infective Agents Market–The global anti-infective agents' market size was valued at USD 111.1 billion in 2018 and is anticipated to expand at a CAGR of 3.4% during the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.