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, according to P&S Intelligence.
Insights into Market Segments
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 48.9% in 2018, as compared to 33.8% market share of at-home category. This is primarily due to a large number of skin treatment procedures performed in this category.
Asia-Pacific (APAC) Dermacosmetics Market to Observe the Highest Growth in the Coming Years
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.
In APAC, due to rise in the prevalence of skin disorders, personal spending on skin treatment has also increased significantly in recent years. According to the Organization for Economic Cooperation and Development (OECD), Japan’s personal spending reached to $2,874 billion in 2017 from $2,833 billion in 2016. Similarly, personal spending in South Korea increased to $914 billion in 2017 from $880 billion in 2016. This increases the adoption of dermacosmetics in the region.
Browse report overview with detailed TOC on “Dermacosmetics Market Research Report: By Product (Skincare, Haircare), Treatment (Skin, Hair), Distribution Channel (Pharmacy and Retail Store, Online), End-User (Clinics, Medical Spas, and Salons, Hospitals, At-Home), Regional Insight (U.S., Canada, France, Italy, Germany, U.K., Spain, Russia, Switzerland, Sweden, Norway, Denmark, Poland, China, India, Japan, South Korea, Indonesia, Australia, Singapore, Thailand, Malaysia, Sri Lanka, Brazil, Mexico, Argentina, Chile, Colombia, Ecuador, Saudi Arabia, U.A.E., South Africa, Israel, Egypt, Kuwait) – Global Industry Analysis and Forecast to 2024” at:https://www.psmarketresearch.com/market-analysis/dermacosmetics-market
Dermacosmetics Market Competitive Landscape
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.
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.
Contributed article by P&S Intelligence
(Prescient & Strategic (P&S) Intelligence Private Limited (formerly known as P&S Market Research Private Limited) was born out of the idea of helping businesses achieve breakthroughs through intelligent decision making, underpinned by a thorough understanding of industry dynamics)