New York, USA, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global dermacosmetics market. According to the report, the global market is anticipated to surpass $130,460.6 million, growing at a CAGR of 11.1% in the 2022—2030 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
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Impact of the COVID-19 Pandemic on the Dermacosmetics Market
The outburst of COVID-19 pandemic in 2020 negatively impacted the growth of the global dermacosmetics market. During the pandemic, the implementation lockdown in various regions affected the manufacturing of dermacosmetics products owing to disruptions in supply chains, shortage of raw materials, and reduced workforce. Also, the demand for dermacosmetics products greatly declined owing to reduced customer spending on non-essential products during the crisis, which hampered the market growth. However, market players are investing in novel product launches to recover the market position and boost sales after the end of the pandemic.
Factors Influencing the Market Growth
The prime factor enhancing the growth of the global dermacosmetics market is the growing awareness among people about skincare, hair care, and skin-related issues and rising advancements in dermacosmetics products worldwide. Moreover, the growing prevalence of skin diseases and rising demand for skin and hair treatments are projected to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, the possibility of allergic reactions and side effects after using dermacosmetics products is expected to hinder the market growth.
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The report segments the global dermacosmetics market into product, treatment, distribution channel, end use, and region.
Skincare Sub-Segment to Lead the Market
The skincare sub-segment of the product segment is projected to grab a dominant position in the market and hit $80,894.5 million during the forecast period. This is primarily due to the rising use of skincare products owing to the increasing cases of skin diseases caused because of too much pollution and poor lifestyle of people.
Skin Sub-Segment to Dominate the Market
The skin sub-segment of the treatment segment is expected to observe marvelous growth and surpass $80,447.5 million during the forecast period. This is chiefly owing to the rising demand for skin treatments such as laser resurfacing, skin regeneration laser treatment, and botox treatments by people to improve the appearance of their skin.
Pharmacy & Retail Stores Sub-Segment to Experience Significant Growth
The pharmacy & retail stores sub-segment of the distribution channel segment is expected to perceive noteworthy growth and surpass $85,736.4 million during the forecast period. This is chiefly because retail stores offer an extensive variety of consumer products under one roof, dedicated and safe parking space, and suitable operating hours.
Hospital Sub-Segment to Observe Accelerated Growth
The hospital sub-segment of the end use segment is anticipated to witness speedy growth and hit $71,084.5 million in the estimated period. The growth of this sub-segment is mainly owing to the growing demand for dermacosmetics treatments in hospitals as they use advanced technologies and offer innovative skin & hair treatments.
Asia-Pacific Region to Observe Rapid Growth
The report analyzes the global dermacosmetics market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe outstanding growth with a CAGR of 12.2% in the forecast period. The growth of the regional market is primarily due to the rising cases of skin diseases and rising expenditures by people on skin treatments in this region.
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Key Players of the Dermacosmetics Market
The report lists some of the foremost players operating in the global dermacosmetics market including
- Estée Lauder Companies
- Abbvie
- ZO Skin Health Inc.
- Procter & Gamble
- Kanebo Cosmetics Inc.
- Galderma
- Johnson & Johnson Services
- Shiseido Company
- L'Oréal
- Beiersdorf
- Bausch Health Companies Inc., and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire Here to get the full report
For instance, in December 2021, Avicanna, an innovative biopharmaceutical company in the medical cannabis space, launched a clinically backed CBD Dermacosmetics brand, Pura H&W, in the U.S in partnership with Red White and Bloom, a cannabis operator and house of top brands in the U.S.
More about Dermacosmetics Market:
- Global Dermacosmetics Market to Observe Exponential Growth with Rising Awareness about Skin Health Worldwide
- Why are Dermacosmetics Better than OTC Skincare Products?
