What Has Driven the Growth of the Dermatology OTC Medications Market in Recent Years?
The dermatology otc medications market has seen considerable growth due to a variety of factors.
•The size of the dermatology otc medications market has seen a consistent expansion in the past few years. The market is foreseen to soar from $15.77 billion in 2024 to $16.41 billion in 2025, showcasing a compound annual growth rate (CAGR) of 4.0%.
Factors contributing to the growth during the historical period include regulatory modifications, rising demand for convenience, effects of skincare fads, consumer-centric demand, along with marketing and advertising.
What is the Market Size Forecast for the Dermatology OTC Medications Market?
The dermatology otc medications market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipating a robust growth in the coming years, the dermatology over-the-counter (OTC) medications market is predicted to expand to $20.16 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 5.3%.
This expected rise in the forthcoming period can be accounted to factors such as increased awareness about skin health, an aging global population, environmental factors, emphasis on sustainability and clean beauty, and the introduction of telemedicine and remote consultations. Future trends likely to dominate this period involve condition-specific niche products, non-gender specific skincare, multi-purpose products, skincare products that support the microbiome, and those infused with CBD.
What Factors Are Driving Growth In The Dermatology OTC Medications Market?
The dermatology OTC medication market is poised to expand, with the rise in skin abnormalities acting as a significant driver for this growth. Skin abnormality refers to peculiar skin appearances or lesions which OTC dermatology drugs are utilized to treat and normalize. The surge in the demand for non-prescription dermatology drugs is due to the growing need for skin abnormality treatments, including conditions like psoriasis. For instance, data from the American Cancer Society, a US-based non-profit, predicts about 100,640 new melanoma cases to be diagnosed in the US by June 2024. The breakdown reveals about 59,170 cases in men and 41,470 in women. Furthermore, an estimated 8,290 melanoma-related deaths are expected, including roughly 5,430 men and 2,860 women. Consequently, the rise in skin abnormalities is fueling the expansion of the dermatology OTC medication market.
What Are The Main Segments Of The Global Dermatology OTC Medications Market?
The dermatology OTC medications market covered in this report is segmented –
1) By Type: Tablets And Capsules, Oils Gels, Creams And Ointments, Other Types
2) By Indication: Dermatitis, Acne, Psoriasis, Skin Bleaching, Anti-Fungal, Wart Remover, Other Indications
3) By Route Of Administration: Topical, Oral
4) By Distribution Channel: Online Distribution, Offline Distribution
Subsegments:
1) By Tablets And Capsules: Oral Antihistamines, Anti-Inflammatory Tablets, Nutritional Supplements
2) By Oils Gels: Herbal Oils, Medicated Gels, Moisturizing Oils
3) By Creams And Ointments: Corticosteroid Creams, Antifungal Creams, Moisturizers And Emollients
4) By Other Types: Lotions, Sprays, Foams
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What Emerging Trends Are Influencing The Growth Of The Dermatology OTC Medications Market?
Key companies in the dermatology over-the-counter (OTC) medications market are developing innovative drugs like anti-fungal treatments to enhance their market profitability. For example, Canesten, a new antifungal medication released in May 2022 by Bayer AG, a German pharmaceutical company, is available in different forms including creams, topical solutions, and combined products. It is designed to combat various fungal skin conditions such as vaginal thrush, ringworm, athlete's foot, diaper rash, and sweat rash. Clotrimazole is the active ingredient in Canesten, functioning as an antifungal substance that eliminates and prevents the spread of fungus. Canesten is an OTC medication that is generally considered safe for use during pregnancy or while breastfeeding.
Who Are the Key Players in the Dermatology OTC Medications Market?
Major companies operating in the dermatology OTC medications market include:
• Pfizer Inc.
• Johnson & Johnson
• AbbVie Inc.
• Bayer AG
• Novartis AG
• Bristol Myers Squibb Co
• GlaxoSmithKline Plc
• Acella Pharmaceuticals LLC
• Eli Lilly and Company
• Amgen Inc.
• Allergan plc
• Viatris Inc.
• Teva Pharmaceutical Industries Ltd.
• Mylan N.V.
• Astellas Pharma Inc.
• Bausch Health Companies Inc.
• Sun Pharmaceutical Industries Inc.
• Perrigo Company PLC
• Galderma S.A.
• Dr. Reddy's Laboratories Ltd.
• Aurobindo Pharma Limited
• Cipla Inc.
• Lupin Limited
• LEO Pharma A/S
• Almirall S.A.
What Is The Most Dominant Region In The Dermatology OTC Medications Market?
North America was the largest region in the dermatology OTC medications market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the dermatology OTC medications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
