Rising Incidence of Skin-Related Problems is Fuelling Demand in Dermocosmetics Market: Fact.MR
Increasing emphasis on skincare and beauty hygiene products is driving dermocosmetics market growth.
Fact.MR: The global dermocosmetics market is projected to witness healthy growth over the forecast period of 2021-2031. Rapid increase in skin-related concerns and awareness regarding the benefits of dermo-cosmetics are augmenting the market growth.
As per a study by the National Library of Medicine, the most prevalent skin disease by percentage are warts (41.3%), acne (19.2%), and contact dermatitis (15%). Generally, women are more affected by skin-related problems as compared to men, while skin cancer has a higher prevalence in men.
Owing to the increasing skin-related disorders among adults as well as young adults, the dermocosmetics market is experiencing steady growth in demand. Additionally, rising cases of photoaging due to high exposure to UV rays have also been recorded, thus creating a lucrative ground for players to manufacture relevant treatment products.
The increasing popularity of dermocosmetics can be attributed to growing interest in health, wellness, and the advantages derived from such products. The easy availability through offline and online channels has also propelled the demand for these products globally.
The unprecedented COVID-19 pandemic has affected the dermocosmetics market negatively due to a halt in production and a disrupted supply chain. Various skin clinics also have stopped operating due to lockdown restrictions, compelling dermatologists to offer services virtually. Nevertheless, the market is gaining momentum with the relaxation in the restrictions imposed worldwide, finds Fact.MR in this study.
North America will continue to dominate the dermocosmetics market throughout the forecast period. According to a study by the American Academy of Dermatology, approximately 85% of Americans are affected by acne. Rising incidences of skin disorders are increasing the popularity of dermo-cosmetics worldwide.
"Rising prevalence of skin-related disorders, coupled with the increasing awareness about skincare products and their benefits are creating lucrative opportunities for players operating in the market," says the Fact.MR analyst.
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- The skincare segment will dominate the sales in the dermocosmetics market due to rising cases of skincare concerns recorded worldwide.
- Acne treatment will gain traction as the second most common skin disorder in adults and teenagers.
- North America will witness significant growth, driven by the increasing per capita expenditure on beauty and personal care products.
- Europe will emerge as a lucrative market due to the presence of key players and surging awareness on dermo-cosmetics.
- Rising cases of skin-related problems, attributing to various environmental and personal health problems will generate demand in the market.
- The demand for innovative skincare products meant to target specific concerns such as acne and aging will augment the growth of the market.
- Increasing per capital expenditure on skincare and beauty products will drive sales in the market.
- Threat of side-effects caused by the products will hinder the market growth.
- High cost of some dermocosmetics might hamper their sales in the long run.
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Some leading players operating in the dermocosmetics market profiled by Fact.MR include Allergan plc, L’Oreal S.A., Procter & Gamble Co., Johnson & Johnson, Jan Marini Skin Research Inc, Unilever plc, ZO Skin Health Inc., BSN medical GmbH, La Prairie, Valeant Pharmaceuticals Inc., Revive, Shiseido Group, Glo Skin Beauty Bioelements, Amorepacific Corporation, PCA Skin.
Key players operating in the market are focusing on mergers and acquisitions to expand their product portfolio and for new product developments. Such inorganic strategies are assisting organizations with growing their current geographical reach.
They are also offering a wide range of advanced dermo-cosmetics through various distribution channels worldwide. The emergence of various innovative products in the market has brought extreme competition among producers and prompted high pricing strategies in sellers, which in turn is increasing the overall revenue.
More Insights into the Dermocosmetics Market
Fact.MR offers unbiased analysis of the dermocosmetics market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of type (skincare, haircare), treatment (skin, hair), distribution channel (pharmacy, retail stores, online) end-user (clinics, medical spas, salons, hospitals, at-home), and across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa)
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