NEW YORK, May 30, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global dermacosmetics market is expected to generate $76.3 billion revenue by 2024, advancing at a CAGR of 6.5% during the forecast period. Increasing prevalence of skin diseases, rising number of seminars and conferences, and increasing consciousness toward appearance are some of the drivers propelling the market growth.
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On the basis of product, the dermacosmetics market is classified into skincare products and haircare products. Of these, the market for skincare products is expected to hold the largest share and witness the fastest growth, contributing 88.3% revenue share to the total market by 2024. This is due to increasing prevalence of skin diseases, and availability of broad range of skincare products in the market.
Based on end user, the dermacosmetics market is categorized into clinics, medical spas, and salons; hospitals; and at-home. Amongst these, the clinics, medical spas, and salons category dominated the market during the historical period, with a revenue share of 48.1% in 2018, as compared to 34.3% market share of at-home category. This is primarily due to a large number of skin treatment procedures performed in this category.
The APAC dermacosmetics market is expected to grow at a CAGR of 7.8% during the forecast period. The growth is mainly attributed to the improving economic condition, changing lifestyle patterns, increasing personal spending, increasing awareness about dermacosmetics, and strong presence of regional players.
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Players in the dermacosmetics market are coming up with innovative solutions and technologies to enhance their market presence. For instance, in April 2019, the U.S. Food and Drug Administration (USFDA) approved Bausch Health Companies Inc.’s halobetasol propionate and tazarotene lotion, DUOBRII. The product has been approved for the topical treatment of plaque psoriasis indication in adults. With the approval of DUOBRII, patients suffering from plaque psoriasis now have an innovative topical treatment option that uniquely combines halobetasol propionate and tazarotene, with established safety profiles, into a single lotion featuring dual mechanisms of action.
Similarly, Shiseido Co. Ltd., a global cosmetics company, and A.S. Watson Group, an international health and beauty retailer, jointly announced the development of the exclusive range, Urban Damage Care, under derma skincare brand program. Urban Damage Care is developed with the objective to deliver a skincare solution to protect women with sensitive skin from harmful environment and pollution. The range has been successfully launched in Thailand and Taiwan.
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Besides, in February 2019, L’Oréal S.A. launched a digital skin diagnostic technology for consumers. This development was possible owing to the acquisition of augmented reality and artificial intelligence entity, Modiface Inc.
Allergan plc, Bausch Health Companies Inc., Procter & Gamble (P&G), Johnson & Johnson, L’Oréal S.A., Unilever Group, and Beiersdorf AG are some of the key players operating in the global dermacosmetics market.
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