New York, March 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Dermatology OTC Medications Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Tablets and Capsules, Gels, Creams and Ointments, and Others), Route of Administration (Topical and Oral), Indication (Dermatitis, Acne, Psoriasis, Skin Bleaching, Fungal Disease, Warts, and Others), and Distribution Channel (Online Distribution and Offline Distribution)”, the global dermatology OTC medications market growth is driven by the high prevalence of skin problems and rising income of middle-class population. However, the market is likely to get impacted by inappropriate use of OTC medications.
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| Report Coverage | Details |
| Market Size Value in | US$ 15.45 Billion in 2021 |
| Market Size Value by | US$ 21.31 Billion by 2028 |
| Growth rate | CAGR of 4.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 279 |
| No. Tables | 273 |
| No. of Charts & Figures | 97 |
| Historical data available | Yes |
| Segments covered | Product Type, Route of Administration, Indication, and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Dermatology OTC Medications Market: Competitive Landscape and Key Developments
Bausch Health Companies Inc.; Perrigo Company plc; Bayer AG; Viatris Inc.; Johnson and Johnson Services, Inc.; LEO Pharma A/S; GlaxoSmithKline plc.; Galderma; Dr. Reddy's Laboratories; and Acella Pharmaceuticals, LLC are among the leading companies operating in the global dermatology OTC medications market. These players are focusing on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.
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In August 2020, Perrigo Company plc, a leading global provider of quality and affordable self-care products, announced that it acquired three Eastern European OTC skincare and hair loss treatment brands (Emolium, Iwostin, and Loxon) from Sanofi.
In April 2018, Sol-Gel Technologies Ltd.—a clinical-stage dermatology company focused on identifying, developing, and commercializing branded and generic topical drug products for the treatment of skin diseases—announced it has collaborated with Perrigo Israel, an affiliate of Perrigo Company plc, for the development, manufacturing, and commercialization of a generic product candidate.
In 2020, North America dominated the dermatology OTC medications market. The US holds the largest share of the market in this region. The market growth is attributed to the increase in skin abnormalities and the rise in dermatology over-the-counter (OTC) drugs in North America.
The costs of Dermatology OTC medications are highest in the US globally. It is home to the world's leading multinational corporations, such as Perrigo Company plc, Bayer AG, Viatris Inc., Galderma, and LEO Pharma A/S. It has the most cutting-edge technology. All these factors contribute to the highest market growth in the region. Moreover, the American Academy of Dermatology (AAD) estimated that one in three American citizens visit dermatologists, and one in every four is affected by skin diseases every year. Hence, a growing need for rapid diagnosis and treatment of skin disorders is subsequently driving the dermatology OTC medications market.
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The dermatology OTC products approval is likely to enable the company to sell these products in the American 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% (adapalene), a once-daily topical gel for the over-the-counter (OTC) treatment of acne, in July 2016. Differin Gel 0.1% is licensed for usage in people aged 12 and above. Thus, the dermatology OTC medications market is estimated to grow significantly during the forecast period due to these factors.
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.
Dermatology OTC Medications Market: Segmental Overview
The dermatology OTC medications market is segmented into product type, route of administration, indication, and distribution channel. Based on product type, the global dermatology OTC medications market is segmented into tablets and capsules, gels, creams and ointments, and others. The creams and ointments segment held the largest share of the market in 2021. However, the tablets and capsules segment is anticipated to register the highest CAGR during the forecast period. Based on route of administration, the dermatology OTC medications market is bifurcated into topical and oral. The topical segment held a larger share of the market in 2021; however, the oral segment is estimated to register a higher CAGR during the forecast period. Based on indication, the dermatology OTC medications market is segmented into dermatitis, acne, psoriasis, skin bleaching, fungal disease, warts, and others. The acne segment held the largest share of the market in 2021; it is estimated to register the highest CAGR during the forecast period. Based on distribution channel, the dermatology OTC medications market is bifurcated into online distribution and offline distribution. The offline distribution segment held a larger share of the market in 2021; however, the online distribution segment is estimated to register a higher CAGR during the forecast period. Furthermore, the offline distribution segment is bifurcated into retail & hospital pharmacies and super & hyper markets. The retail & hospital pharmacies segment held a larger share of the market in 2021.
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The COVID-19 pandemic has brought about a significant burden on the healthcare industry globally. As the world slowly recovers, the way businesses are conducted will never be the same. COVID-19 has altered the corporate landscape in general. Several companies have experienced severe losses in the last quarter of 2019 and negatively influenced the first and second quarters of 2020. Research and development activities to identify the threat of the SARS-CoV-2 virus on the patients suffering are likely to slow the dermatology OTC medication market growth. Hence, the impact of the COVID-19 pandemic on the dermatology OTC medications market was immediate and drastic. The demand for dermatology OTC medications is reduced due to the COVID-19 outbreak, as the focus of healthcare shifted toward saving lives. The COVID-19 pandemic is causing massive disruptions in global supply chains, consumer markets, and the global economy. As a result of the measures implemented by governments worldwide, there is a risk of a temporary and significant decline in demand for dermatology OTC medications. Therefore, the pandemic has adversely affected the dermatology OTC medications market.
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