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.
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.
PRODUCTS, OPERATIONS & TECHNOLOGY
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. General dermatology treatment accounts for about 60% of the market, while cosmetic services account for another 20%, according to Harris Williams & Co. A micrographic surgery called Mohs, widely accepted as the most effective technique for removing common skin cancers, accounts for about 12%.