New York, May 19, 2023 (GLOBE NEWSWIRE) -- The global medicated skincare market stood at US$ 36.7 billion in 2022 and is projected to expand rapidly at a CAGR of 8% over the forecast period (2023 to 2033).
Demand for medicated skincare is growing due to the increasing prevalence of skin disorders among adults and young adults. Moreover, increasing cases of photoaging due to excessive UV exposure have been documented, creating a lucrative environment for players to manufacture relevant treatment products. Personalized therapy has gained popularity due to the positive results of precision medicine in the treatment of skin diseases. Personalized therapy has the best response and highest margin to provide better patient care by providing attractive treatment costs to the patient.
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The skincare industry is undeniably huge, and the sales of personal care and beauty products through the e-commerce channel are constantly rising. There is an increased emphasis on repairing and strengthening the skin barrier. Medicated skincare products that contain ingredients like ceramides, hyaluronic acid, niacinamide, and peptides are gaining popularity as they help improve the skin's barrier function, retain moisture, and protect against external aggressors.
Technology is being incorporated into medicated skincare products to enhance their effectiveness and user experience. This includes the use of devices, such as LED light therapy devices or sonic cleansing brushes, that work in conjunction with skincare products to deliver better results. Additionally, smart skincare devices and apps are emerging, offering personalized recommendations and tracking of skincare routines.
Key Takeaways from Market Study
- The global medicated skincare market is forecasted to reach US$ 84.2 billion by the end of 2033.
- By product, pharmaceutical grade skincare products dominated the market in 2022 with a contribution of US$ 23.84 billion.
- By skin type, medicated skincare products for oily skin held a market share of 34.6% in 2022.
- By indication, skincare products for atopic dermatitis accounted for 11.8% share of the global market in 2022.
- By distribution channel, hypermarkets & supermarkets held a market share of 20.9% in 2022.
- North America led the global market with the U.S. accounting for US$ 10.04 billion in 2022.
“Rising occurrence of skin disorders is contributing to the growing demand for effective solutions, which, in turn, is driving the sales of medicated skincare products,” says an analyst of Persistence Market Research.
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Market Competition
Leading manufacturers around the globe are adopting strategic alliances and acquisitions as a key strategy to maintain their foothold in the already fragmented market.
Top Companies are
L’Oréal, Unilever, L'Oréal, GlaxoSmithKline PLC, Bausch Health Companies, Bayer AG, AbbVie Inc. (Allergan, Inc.), Procter & Gamble, Johnson & Johnson, Galderma Laboratories, L.P, Colgate-Palmolive Company (eltaMD), Kao Corporation, KOSE Corporation, Jan Marini Skin Research, Inc., Perrigo Company Plc, Merz Pharma GmbH & Co. KGaA, Unilever PLC, Estée Lauder, Natura
Recent Developments
- In June 2022, Sirona Biochem and Allergan Aesthetics (AbbVie company) signed a licensing deal. As per the deal, Allergan will utilize active ingredients from Sirona’s patents for TFC-1067 to develop and commercialize topical skincare therapies.
- In January 2022, Procter & Gamble acquired the skincare brand Tula. The acquisition will help P&G expand its portfolio of prestige brands. Tula is based on probiotic extracts and superfoods that improve skin balance, relieve skin irritation, soothe skin, and nourish skin to improve hydration.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the medicated skincare market in its latest study, presenting a historical demand assessment for 2017 to 2022 and projections for 2023 to 2033.
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The research is based on product {pharmaceutical grade skincare [vitamins (serum, creams, masks, lotions), retinoids (gels, foam, lotions, creams), salicylic acid (lotions, gels, soaps, shampoo, wash, patches), peptides, growth factors, disinfectants/ antiseptics, solutions, sprays, skin barrier repair products)] prescription skincare [corticosteroids, non-steroidal drugs, antifungal, antibiotics, immunosuppressants, biologics, others]} skin type [normal skin, dry skin, oily skin, combination skin, sensitive skin] indication [acne, scars, anti-aging, skin wrinkle, stretch marks, freckles & sun spots, dark circles, hyperpigmentation, psoriasis, eczema, atopic dermatitis, rosacea, melasma, athlete's foot, others], and distribution channel [dermatology clinics, beauty & wellness centers, medical spas, retail pharmacy chains, drug stores, hypermarkets & supermarkets, mono-brand stores, specialty stores, online sales channels], across seven key regions of the world.
For additional insights on how the growth of the medicated skincare market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations. Click here to learn more about how we zero in on the critical aspects of this industry.
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