Dermatology OTC medicines are directly sold to the consumer without a prescription from a healthcare professional, as opposed to prescription drugs, which may be sold only to consumers possessing a valid prescription. 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. OTC drugs are usually regulated according to their active pharmaceutical ingredient (API) rather than final products. By regulating APIs instead of specific drug formulations, governments allow manufacturers the freedom to formulate ingredients, or combinations of ingredients, into proprietary mixtures.
The dermatology OTC medications market is segmented based on product type, route of administration, indication, distribution channel, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South and Central America. The report offers insights and in-depth analysis of the market, emphasizing parameters, such as market trends, technological advancements, and market dynamics, along with the analysis of the competitive landscape of the world's leading market players.
The high prevalence of skin problems and rising income of the middle-class population are expected to boost the global market growth. However, the inappropriate use of OTC medications is restraining the growth of the dermatology OTC medications market. Skin issues, such as pigmentation, wrinkles, creases, acne, and burn scars, are common among people. According to the American Academy of Dermatology Association (AADA), acne is the most common skin condition in the US, affecting ~50 million Americans annually. Additionally, ~85% of people from ages 12 to 24 experience minor acne problems. The costs associated with acne treatment and lost productivity among those receiving acne treatment exceeded US$ ~1.2 billion in 2013; more than ~5.1 million people, primarily children and young adults were seeking medical treatment for acne in the same year. Further, 1 in 10 people develops atopic dermatitis, and it affects up to 25% of children and 2–3% of adults, as per the AADA. In 2021, according to a poll conducted by Dermstore with 2,000 women across the US, young women started using products to reduce the signs of aging much sooner than older women. Further, the European Commission (EC) has ranked skin diseases as the fourth most common cause of human illness. Acne vulgaris is becoming more prevalent in several countries. 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. 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.
Skin diseases significantly impact people's quality of life in developing countries, resulting in decreased productivity at work and school and discrimination due to disfigurement. Changes in the skin could also indicate the existence of more serious disorders that require treatment. Previously, such illnesses were overlooked or given little importance by health officials because they were not life-threatening in most cases, and they were rarely seen in tertiary care centers.
Currently, national and international healthcare centers have to train healthcare workers in developing countries to improve the diagnosis and treatment of dermatological conditions.
The American Academy of Dermatology (AAD) has launched several public awareness programs to improve the appearance of skin, hair, and nails. For example, October is Eczema Awareness Month, and the AAD offers dermatologist-approved information to help people better understand and manage their eczema. The American Skin Associations (ASA) funding options for 2021 are now available to support outstanding dermatological researchers and physicians. Over the last 34 years, ASA supported hundreds of grants that have resulted in important dermatological breakthroughs and better awareness and knowledge of skin conditions. Thus, the rising awareness of skin diseases supports the dermatology OTC medications market growth.
Based on product type, the global dermatology OTC medications 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 anticipated to register the highest CAGR during the forecast period.
Based on route of administration, the dermatology OTC medications market is bifurcated into topical and oral. The topical segment held a larger share of the market in 2021; however, the oral segment is estimated to register a higher CAGR during the forecast period.
Based on indication, the 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.
Based on distribution channel, the dermatology OTC medications market is bifurcated into online distribution and offline distribution. The offline distribution segment held a larger share of the market in 2021; however, the online distribution segment is estimated to register a higher CAGR during the forecast period. Furthermore, the offline distribution segment is bifurcated into retail & hospital pharmacies and super & hyper markets. The retail & hospital pharmacies segment held a larger share of the market in 2021.
Product launches, mergers, and acquisitions are the highly adopted strategies by the players operating in the global dermatology OTC medications market. A few of the recent key product developments are listed below:
In August 2020, Perrigo Company plc, a leading global provider of quality and 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 April 2018, Sol-Gel Technologies Ltd. a clinical-stage dermatology company focused on identifying, developing, and commercializing branded and generic topical drug products for the treatment of skin diseases announced it has collaborated with Perrigo Israel, an affiliate of Perrigo Company plc, for the development, manufacturing, and commercialization of a generic product candidate.
The COVID-19 pandemic has brought about a significant burden on the healthcare industry globally. As the world slowly recovers, the way businesses are conducted will never be the same. COVID-19 has altered the corporate landscape in general. Several companies have experienced severe losses in the last quarter of 2019 and negatively influenced the first and second quarters of 2020. Research and development activities to identify the threat of the SARS-CoV-2 virus on the patients suffering are likely to slow the dermatology OTC medication market growth. Hence, the impact of the COVID-19 pandemic on the dermatology OTC medications market was immediate and drastic. The demand for dermatology OTC medications is reduced due to the COVID-19 outbreak, as the focus of healthcare shifted toward saving lives. The COVID-19 pandemic is causing massive disruptions in global supply chains, consumer markets, and the global economy. As a result of the measures implemented by governments worldwide, there is a risk of a temporary and significant decline in demand for dermatology OTC medications. Therefore, the pandemic has adversely affected the dermatology OTC medications market.
The global dermatology OTC medications market is segmented on the basis of type, technology, services, and geography. Based on product type, market has been sub segmented into tablets and capsules, gels, creams and ointments, and others.. Based on route of administration, the dermatology OTC medications market is bifurcated into topical and oral. Based on indication, the dermatology OTC medications market is segmented into dermatitis, acne, psoriasis, skin bleaching, fungal disease, warts, and others. Based on distribution channel, the market is bifurcated into online distribution and offline distribution.The dermatology OTC medications market, by geography, is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America.
The regional trends and factors influencing the Dermatology OTC Medications Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Dermatology OTC Medications Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 15.46 Billion |
| Market Size by 2028 | US$ 21.31 Billion |
| Global CAGR (2021 - 2028) | 4.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Dermatology OTC Medications Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Dermatology OTC Medications Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The dermatology OTC medications market majorly consists of the players such as, 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.
Dermatology OTC medicines are directly sold by pharmacies and drug stores without the prescription from the physicians, as opposed to the drugs prescribed and maybe only sold to consumers who hold a valid prescription.
Several factors are believed to affect dermatology OTC medications market in the coming years. Factors such as high prevalence of skin problems and rising income of middle-class population are expected to boost the dermatology OTC medications market. However, the market is likely to get impacted by inappropriate use of OTC medications during the forecast period.
The global dermatology OTC medications market-based product type, market is categorized into tablets & capsules, gels, creams & ointments, and others. The creams and ointments segment held the largest share of the market in 2021. However, the tablets and capsules segment is anticipated to register the highest CAGR during the forecast period.
The global dermatology OTC medications market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The US holds the largest share of the market in this region. The market growth in the country is attributed to the increase in skin abnormalities and the rise of availability of medication for dermatology over the counter (OTC) in the region. The Asia Pacific region is expected to account for the fastest growth in the dermatology OTC medications market. In Japan, India and South Korea, the market is expected to grow owing to the ongoing research activities related to dermatology OTC products in the region.