The dermatological products market is likely to grow at a steady pace in the long run, as per the latest report by Fact.MR. The demand for dermatological products continue to remain influenced with new formulations developed by manufacturers to treat various skin conditions and diseases.
The demand for dermo-cosmetic products combining OTC and prescription products to treat acne, skin infections, atopic dermatitis and other skin conditions is also increasing. Fact.MR estimates that the sales of dermatological products is expected to surpass US$ 13,000 million by the end of 2018.
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The demand for dermatological products is likely to be the highest among female consumers. Owing to the increasing skin diseases such as acne, rosacea, skin cancer, in women the maximum demand in dermatological products market is from female customers. The demand for dermo-cosmetic products is also rising among women. Also, over-the-counter anti-aging dermatological products are gaining popularity among female consumers.
Increasing Prevalence of Skin Problems among Children Driving Dermatological Products Demand
Skin diseases constitute a major health problem among children worldwide. Most common skin conditions found in children are skin rashes, diaper dermatitis, atopic dermatitis, acne, and warts. According to the American Academy of Dermatology, nearly 25% of children compared to 2-3% of adults are affected by atopic dermatitis. Hence, manufacturers in dermatological products market are developing over-the-counter medications, as most of the skin problems in children are treatable with these medications.
Eczema is also emerging as a common skin problem among children due to the rise in viruses, bacteria, and fungi. Moisturizers treating eczema are being developed on a large scale. Moreover, diaper rash is the most common problem among babies. This is driving the demand for dermatological products including medicated creams and moisturizers especially developed to treat diaper rash.
Dermatological products manufacturers are also focusing on developing a range of dermatological products that can be used by both children and adults. This can lead to cost-saving for consumers as well as manufacturers. However, the entire focus is on a formulation that should be safe to be used by adults and children at the same time.
Rise in Melanoma Incidences, Accidents, and Surgeries Worldwide Driving Demand in Dermatological Products Market
According to the American Institute of Cancer Research, Melanoma is the 15th most commonly occurring cancer worldwide, nearly 300,000 new cases were registered in 2018. Australia, New Zealand, Norway, Denmark, and the Netherlands accounted for the highest rate of melanoma in 2018. Meanwhile, Melanoma International Foundation states that incidence is rising steadily globally, with one person dying each hour from melanoma.
With the rise in melanoma cases worldwide, the demand for dermatological products including sunscreen and creams have increased. Manufacturers in dermatological products market are also focusing on developing sunscreen products with SPF between 15 and 50 to provide better protection against damaging UV radiation.
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Growing Side-Effects of OTC Dermatological Products to Remain Biggest Challenge
Consumers across the globe are buying over-the-counter dermatological products owing to the convenience and easy availability to treat various skin problems. However, improper dosage and longer usage of OTC than recommended time is leading to the rise in side-effects of OTC dermatological products.
In recent years, governments across the globe have been supporting OTC forms of prescription drugs, as it leads to huge savings on health spending. However, rise in incidences of inaccurate and high doses of OTC dermatological products is resulting in serious health issues.
dvanced Technologies to be incorporated in Dermatological Products
Skin care is primarily driven by product’s ingredient. However, new technologies and new delivery systems are gaining popularity in dermatological products. Manufacturers are focusing on developing new delivery systems and ways to get ingredients in the skincare products into skin galore. The technology companies are also focusing on introducing less invasive devices for customers.
Established companies are also introducing various devices containing skincare products. For instance, Samsung launched S Skin in 2017, a prototype from Samsung’s C lab department. The product analysis condition of the skin with help of sensors. It gives recommendation on how to improve skin with skin therapy integrating micro-needle patches including skincare products like collagen.
The report provides detailed profiles of the leading players in the dermatological products market. The report includes information on the production facilities, market share of each company based on the region. Key developments, key financials, product portfolio, and SWOT analysis are also included in the report on dermatological products market.
Johnson & Johnson Consumer Ltd. is planning to acquire a Japan-based skin care company, Ci:z Holdings Co. Ltd. The acquisition will provide ownership of some popular brands such as Labo Labo, Genomer, and Dr.Ci:Labo. It will also reinforce Johnson & Johnson’s presence in Japan.
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