[Research Report] The dermatology OTC medications 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.
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.
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Dermatology OTC Medications Market: Strategic Insights
Market Size Value in US$ 15,456.63 Million in 2021 Market Size Value by US$ 21,313.40 Million by 2028 Growth rate CAGR of 4.7% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Dermatology OTC Medications Market: Strategic Insights
| Market Size Value in | US$ 15,456.63 Million in 2021 |
| Market Size Value by | US$ 21,313.40 Million by 2028 |
| Growth rate | CAGR of 4.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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.
Lucrative Regions for Dermatology OTC Medications Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
High Prevalence of Skin Problems Drives Dermatology OTC Medications Market Growth
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.
Growing Awareness of Skin Diseases Contributes Significantly to Market Growth
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.
Product Type Insights
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.
Route of Administration Insights
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.
Indication Insights
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.
Distribution Channel Insights
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.
Dermatology OTC Medications Market, by Product Type – during 2021–2028
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
Dermatology OTC Medications – Market Segmentation
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.
Company Profiles
- 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
- ACELLA PHARMACEUTICALS, LLC
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Route of Administration, Indication, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
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 List of Companies - Dermatology OTC Medications Market
- 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
- Acella Pharmaceuticals, LLC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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