Global Dermatological Products Market Revenue Growth Predicted by 2018 to 2028

Posted on 2019-05-20 by Mark Hub in Retail // 0 Comments

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FactMR has actively published a new research study titled “Global Dermatological Products Market Revenue Growth Predicted by 2018 to 2028 | Key Players are Ikeda Mohando Co Ltd., Johnson & Johnson Consumer Ltd., Taisho Pharmaceutical, etc.” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the dermatological products market during the period from 2018-2028. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global dermatological products market is expected to showcase impressive growth at 3.7% CAGR during the period until 2028.

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Biologic agents or protein-based drugs are increasingly used in dermatology for treatment of psoriasis. These products have also gained traction in the treatment of other inflammatory skin diseases. Treatment of psoriasis is the largest area of development for dermatological biologics. There are around 10 approved biologics in the dermatological products market to treat moderate to severe psoriasis. With advancement in biomedical science, manufacturers in dermatological products market are using new technologies such as bioinformatics, biomarkers, nanotechnology, and molecular targeting for medicine discovery. Production of biosimilars is likely to increase in dermatological products market as these drugs have similar active ingredients to biologic medicines and are more cost-effective.

Based on the regulatory approach of biosimilars, increasing number of biosimilar drugs are set to enter Europe and the US in the coming years. Moreover, with increasing prevalence of psoriasis in children across the world, manufacturers in dermatological products market are working towards developing effective biologics for children with psoriasis. The rise in skin allergies and lifestyle-related skin complaints is resulting in increasing use of dermo-cosmetic products by consumers to treat common skin conditions such as eczema, acne, extreme skin sensitivity, and reactive skin. Majority of the dermo-cosmetics products are developed on a large scale in Western European countries including Italy, France, and Spain.

New dermatological products formulas and developments are also on a rise, for instance, Pierre Fabre has launched sterile cosmetics, industries first sterile skincare line made without preservatives and fragrance. The company used a limited number of ingredients and offers D.E.F.I. (Device for Exclusive Formula Integrity) packaging. The packaging helps to protect formula from oxidation. In order to gain customer interest, brands in the dermatological products market are working with dermatologists to develop the formulation and also attach dermatologist-recommended claim. Dermatologists recommended brands are witnessing a rise in demand due to consumer belief that these dermatological products are safe and effective.

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Skin diseases constitute a major health problem among children worldwide. Most common skin conditions found in children are skin rashes, diaper dermatitis, atopic dermatitis, acne, and warts. According to the American Academy of Dermatology, nearly 25% of children compared to 2-3% of adults are affected by atopic dermatitis. Hence, manufacturers in dermatological products market are developing over-the-counter medications, as most of the skin problems in children are treatable with these medications.

Eczema is also emerging as a common skin problem among children due to the rise in viruses, bacteria, and fungi. Moisturizers treating eczema are being developed on a large scale. Moreover, diaper rash is the most common problem among babies. This is driving the demand for dermatological products including medicated creams and moisturizers especially developed to treat diaper rash. Dermatological products manufacturers are also focusing on developing a range of dermatological products that can be used by both children and adults. This can lead to cost-saving for consumers as well as manufacturers. However, the entire focus is on a formulation that should be safe to be used by adults and children at the same time.

According to the American Institute of Cancer Research, Melanoma is the 15^th most commonly occurring cancer worldwide, nearly 300,000 new cases were registered in 2018. Australia, New Zealand, Norway, Denmark, and the Netherlands accounted for the highest rate of melanoma in 2018. Meanwhile, Melanoma International Foundation states that incidence is rising steadily globally, with one person dying each hour from melanoma.

With the rise in melanoma cases worldwide, the demand for dermatological products including sunscreen and creams have increased. Manufacturers in dermatological products market are also focusing on developing sunscreen products with SPF between 15 and 50 to provide better protection against damaging UV radiation.

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