According to The Insight Partners latest research study on “Dermatology OTC Medications Market Forecast to 2028 – COVID-19 Impact Analysis – by Product Type, Route of Administration, Indication, and Distribution Channel,” the market is expected to grow from US$ 15,456.63 million in 2021 to US$ 21,313.40 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028. The report highlights trends prevailing in the market and the factors governing the dermatology OTC medications market growth.
Dermatology over-the-counter (OTC) drugs are sold directly to a consumer without a prescription from a healthcare professional, as opposed to prescription drugs, which may be sold only to consumers possessing a valid prescription. In many countries, OTC drugs are selected by a regulatory agency to ensure that they contain ingredients that are safe and effective when used without a physician’s care. These medications are widely used in skin diseases, such as dermatitis, acne, psoriasis, skin bleaching, fungal infections, and warts.
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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 market.
According to the Global Burden of Disease Study 2019, 117.4 million incident cases of acne vulgaris, 231.2 million prevalent cases, and 5 million disability-adjusted life years (DALYs) were reported worldwide, representing a 48% increase since 1990. Thus, the high prevalence of skin diseases supports the market’s growth during the forecast period. Acne affected 5.6 million Canadians, or ~20% of the population, according to the Canadian Dermatology Association in 2021. Similarly, ~80% of acne patients are aged between 12 and 24. Acne affects ~90% of teenagers and 20-30% of adults aged from 20 to 40. Similarly, as per a study published in the journal Actas Dermo-Sifiliográficas in 2019, the prevalence of psoriasis in France was 5.2% of the entire French population. Moreover, according to 2020 US census data, ~7.55 million US individuals are suffering from psoriasis. The prevalence of psoriasis was similar in men and women, with 3.2% in women and 2.8% in men.
Based on indication, the global 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. This high share of acne segment is due to high prevalence of acne across the globe. Acne vulgaris is becoming more prevalent in every country. Dermatology OTC medications are widely used in the treatment of acne. Understanding the characteristics of acne vulgaris burden is critical for developing effective and targeted acne control therapies.
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The market is segmented into product type, route of administration, indication, and distribution channel. Based on product type, the global 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 estimated to register the highest CAGR during the forecast period. Based on route of administration, the market is bifurcated into topical and oral. The topical segment held the largest share of the market in 2021; however, the oral segment is estimated to register the highest CAGR during the forecast period.
Based on distribution channel, the market is bifurcated into online distribution and offline distribution. The topical segment held the largest share of the market in 2021; however, the oral segment is estimated to register the highest CAGR during the forecast period. Furthermore, offline distribution is sub-segment into retail & hospital pharmacies and super & hyper markets. The retail & hospital pharmacies segment held the largest share of the market in 2021.
Below is the list of the growth strategies done by the players operating in the dermatology OTC medications market:
In Aug’20 – Perrigo company plc – Perrigo Company plc a leading global provider of quality, 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 Jul-2019 – Mylan N.V. and Pfizer Inc. entered into an agreement to combine Mylan with Upjohn, Pfizer’s off-patent branded and generic established medicines business, creating a new global pharmaceutical company. Under the terms of the agreement, Pfizer shareholders would own 57% of the combined new company, and Mylan shareholders would own 43%.
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