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.
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.
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Demand for Dermatological Products to Remain High in North America
North America is expected to witness significant growth in the demand and sales of dermatological products in 2018. Growing number of skin diseases across all age groups in the US is likely to create growth opportunities for manufacturers in the dermatological products market in the region.
According to the American Academy of Dermatology, acne is the most common skin condition in the US, affecting around 50 million people every year. Moreover, nearly 7.5 million people in the US suffer from psoriasis. Majority of dermatological products treating acne, psoriasis, and other skin conditions have been approved by Food and Drug Administration (FDA) in last few years, while many dermatological products are still under process of approval.
In Canada, UV exposure is emerging as the growing risk resulting in melanoma as fastest rising cancers. According to the research by Canadian Dermatology Association (CDA), use of sunscreen continues to rise in Canada. In 2017, among 15-29 years of age group, around 7% of new melanoma cancer cases were registered in Canada.
Canadian consumers are also moving towards adopting premium skin care dermatological products with high quality of natural ingredients. Dermatological products including facial oils, masks, and serums are gaining immense popularity among consumers in Canada.
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Acne Treatment Products to Witness Surge in Demand
Demand for acne treatment dermatological products is projected to witness robust growth in the coming years. Increasing cases of acne worldwide, coupled with innovation in acne treatment is expected to drive demand for acne treatment products. Increasing research activities along with better understanding of pathology of acne is likely to result in new and safer acne treatment products by manufacturers in the dermatological products market.
Targeting inflammatory mechanisms with disease modifying ability, biologics is finding large application in development of acne treatment products. Acne is affecting increasing number of adolescents and young adults. According to the American Academy of Dermatology, acne is increasing among women, affecting nearly 15% of women in the US.
Currently, topical drugs or topical therapy are widely used by increasing number of people in acne treatment across the world. As per the study by Fact.MR, acne treatment products are expected to bring in more than US$ 3,000 million by 2018 end. Meanwhile, scar and stretch mark products are also likely to witness increasing demand in the dermatological products market owing to rise in accidents, surgeries, and rise in consciousness among pregnant women on developing stretch marks.
The overall growth in the dermatological products market is likely to remain steady. The demand in the dermatological products market is expected to reach 3.7% CAGR during 2018-2027.
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Dermatological Products Market to Experience Significant Growth during the Forecast Period 2018 - 20
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