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Companies in this industry primarily engage in the medical practice of treating conditions of the skin, hair, and nails. No major companies dominate the industry. Dermatologists may work in group practices or as solo practitioners; some work for hospitals, medical schools, or outpatient facilities.
More than 11,000 dermatologists practice their specialty in the US. The US dermatology market is expected to grow to more than $13 billion by 2017, compared to about $10 billion in 2013, according to Harris Williams & Co.
Demand for dermatologists is driven by demographics and population growth. The profitability of dermatology practices depends on consumer spending trends and insurance reimbursement decisions. Large practices may be able to leverage the costs of administrative staff and equipment. Small practices compete by providing personalized patient experiences and specialized services.
For some services, dermatologists may compete with lower-cost providers such as medical spas.
PRODUCTS, OPERATIONS & TECHNOLOGY
About 65% of dermatology services focus on medical treatment, while another 25% involve surgery and about 10% focus on cosmetic dermatology, according to a survey by the American Academy of Dermatology (AAD). Dermatologists diagnose disorders of the skin, hair, and nails; oversee and perform surgeries and cosmetic treatments; and aid in the formulation of pharmaceutical and cosmetic products.
Most dermatologists' office visits are self-referrals. Referrals also come from hospitals, clinics, and spas. To share the patient workload and maintain efficient operations, dermatology practices employ physician assistants, aestheticians, nurses, ...
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