Market Research Report
Dermatology OTC Medications Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Route of Administration, Indication, and Distribution Channel
|Dermatology OTC Medications Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Route of Administration, Indication, and Distribution Channel|
Published: March 15, 2022
The Insight Partners
Content info: 279 Pages
Delivery time: 1-2 business days
The dermatology OTC medications market is expected to grow from US$ 15,456.63 million in 2021 to US$ 21,313.40 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028.
The high prevalence of skin problems and rising income of middle-class population are expected to boost the global market growth. However, the inappropriate use of OTC medications is restraining the growth of market.
The COVID-19 pandemic has been adversely affecting several businesses across global. The supply chain disruptions and the huge demand for efficient treatments of COVID-19 have critically impacted the healthcare research industry in China. Prohibitive measures have been taken to resist the spread of the COVID-19 pandemic. The pandemic is expected to impact the dermatology OTC medications market significantly. For instance, India's manufacturers rely heavily on imports of their APIs from China. The lockdown has slowed the production of APIs, resulting in less availability and higher costs for the materials required for the products. Owing to the high demand for essential OTC drugs, the government has restricted the export of a few essential medicines. Due to the countrywide lockdown, the traditional supply chain of OTC drugs is facing several challenges. Many of these drugs are not available. Even after the specific guidelines and support of the state government to transport the essential OTC drugs, many retail pharmacies are experiencing a shortage of stock. On the other hand, the online purchase of OTC drugs has increased.
Most of the population agreed that fear of contracting SARS-CoV-2 would be a standalone factor for not undergoing any skin disease treatment during the COVID-19 pandemic in the country. This has resulted in a drastic drop in demand for dermatological treatment. On the other hand, a cross-sectional study conducted by Al Saud et al., published in Plastic and Reconstructive Surgery Global Open Journal, in September 2020, reveals that over two-thirds (~69.5%) of OTC dermatology drugs indicated that the COVID-19 pandemic had negatively affected practices in Saudi Arabia. For example, surgeons in private practices were affected more significantly than the public sector due to fear and future uncertainty, leading to surge in utilization of different technical means for maintaining such a high patient pool.
As per European Union, the middle-class population is expected to reach 5.3 billion by 2030, and the Asian population of middle-class people is likely to be at the forefront. According to the World Bank Group, by 2030, China and India are expected to represent ~66% of the global middle-class population and ~59% of middle-class consumption. With significant changes in consumer behavior and consumption patterns, the middle-class expansion will drive global economic development. In addition, the US Bureau of Labor Statistics stated that disposable income in the US increased from US$ 10,036.9 billion in 2006 to US$ 13,968.6 billion in 2016; it is further expected to reach US$ 21,178.2 billion by 2026. Increased disposable incomes and better after-care treatment have led to the growing adoption of dermatology OTC medications to treat skin conditions. Thus, a surge in the adoption rate of OTC medications supports the growth of the dermatology OTC medications market.
The approval is likely to enables the company to sell these products in the global dermatology OTC medications market. Similarly, the key companies are focusing on strategic initiatives such as mergers, acquisitions, new product development, and geographical expansions. For instance, in July 2016, Galderma received FDA approval for Differin Gel 0.1 percent (adapalene), a once-daily topical gel for the over-the-counter (OTC) treatment of acne, in July 2016. Differin Gel 0.1 percent is licensed for usage in people aged 12 and up.
The high prevalence of the skin disease support the growth of the dermatology OTC medications market. Acne affected 5.6 million Canadians, or ~20% of the population, according to the Canadian Dermatology Association in 2021. Similarly, ~80% of acne patients are aged between 12 and 24. Acne affects ~90% of teenagers and 20-30% of adults aged from 20 to 40. Similarly, as per a study published in the journal Actas Dermo-Sifiliograficas in 2019, the prevalence of psoriasis in France was 5.2% of the entire French population. Moreover, according to 2020 US census data, ~7.55 million US individuals are suffering from psoriasis. The prevalence of psoriasis was similar in men and women, with 3.2% in women and 2.8% in men.
The rising healthcare expenditure supports the growth of the dermatology OTC medications market during the forecast period. Pharmaceutical spending includes prescription medications and self-medication, also known as over-the-counter (OTC) items. In 2019, pharmaceutical products spending accounted for 14.3% and 11.9% of Germany's and France's total healthcare expenditure, respectively.
The dermatology OTC medications market is segmented into product type, route of administration, indication, and distribution channel. Based on indication, the global market is segmented into dermatitis, acne, psoriasis, skin bleaching, fungal disease, warts, and others. The acne segment held the largest share of the dermatology OTC medications market in 2021; it is estimated to register the highest CAGR in the dermatology OTC medications market during the forecast period.
The Food and Drug Administration, the World Health Organization, the European Commission, the American Academy of Dermatology, the National Center for Biotechnology Information, the Canadian Skin Patient Alliance, the Skin Science Foundation, the European Society for Dermatological Research, the Economic Co-operation and Development, and the Canadian Dermatology Association are among the primary and secondary sources referred to while preparing the report on the dermatology OTC medications market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global dermatology OTC medications market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global dermatology OTC medications market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.