According to a market report, published by Sheer Analytics and Insights, The global medicated skin care products market was valued at $3.4 billion in 2021 and it is expected to reach $8.5 billion at a CAGR of 8.4% between 2022 and 2032. Over the past several years, there has been an increase in demand for skincare products due to growing knowledge of the many advantages of utilizing them. In addition, there is a trend toward natural and organic skincare products, making this a significant area of the cosmetics and wellness market. Natural resources are used to create organic products, which are devoid of dangerous chemicals. Additionally, growing skin care issues like acne, pimples, and scars in both children and adults are major drivers of market expansion. The necessity for medicated skin care products is further increased by less effective cosmetics for skin disorders including eczema and psoriasis. Additionally, the market players have profitable potential due to the rising demand for active components with a natural basis. The industry's expansion, however, is anticipated to be hampered in the years to come by high production costs.
Consumers are becoming more informed about inflammatory skin diseases and how they affect general health and can lead to skin problems. Due to this, customers are switching from Retin-A or acid peels to anti-inflammatory skincare routines and lifestyles that are beneficial for both the skin and general health. Skinimalism is a concept that advocates using a minimalist approach and straightforward skincare regimens as opposed to complex skincare products that contain chemical-filled goods as another trend in skincare. These primary factors are driving the market growth over the forecast period.
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Furthermore, the overuse of cosmetics raises the need for more of the product because it causes a variety of skin problems, including acne, skin allergies, premature aging, and others. Consumer behavior in developing nations has changed significantly, especially in China, Brazil, and India. The rise of the global market is fueled by rising income and purchasing power. This has increased the demand for chemicals in personal care products in these nations. Health, hygiene, and beauty-related public awareness have increasingly grown. Various governments across the world have regulatory bodies that control personal care items. Although each nation's regulatory framework is unique, they all share the same objective to guarantee the security and accurate labeling of personal care goods. Hence, these rising factors are estimated to create more growth opportunities for this market over the forecast period.
On the other hand, some factors could restrain market growth in the future. For instance, the market's accessibility of cheap skin care products and the rising cost of various medicated skin care products could serve as growth inhibitors for the global market for these products. The high cost of goods prevents market expansion since counterfeit items are produced using various ingredients and result in skin-related problems like rashes and allergies.
Some new developments in the global medicated skin care products market:
According to the study, key players dominating the global medicated skin care products market are Advanced Dermatology (India), Bayer AG (Germany), Beiersdorf (Germany), Curatio Healthcare (India), EltaMD (Switzerland), Episciences (U.S), Galderma (Switzerland), Himalaya Global Holdings (India), Johnson & Johnson (U.S), L’Oreal (France), Kao Corporation (Japan), NEOCUTIS (Switzerland), Obagi Medical (U.S), PCA Skin (U.S), Revive Skincare (U.S), Unilever Plc (U.K), Prestige Consumer Healthcare (U.S), among others.
The Global Medicated Skin Care Products Market Has Been Segmented Into:
The Global Medicated Skin Care Products Market – by Gender Type:
The Global Medicated Skin Care Products Market – by Product Type:
The Global Medicated Skin Care Products Market – by Regions:
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