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To push dermatological product sales to over $13 billion.
November 29, 2018
By: Melissa Meisel
The dermatological products market is likely to grow at a steady pace in the long run, as per the latest report by Fact.MR. The demand for dermatological products continue to remain influenced with new formulations developed by manufacturers to treat various skin conditions and diseases. The demand for dermo-cosmetic products combining OTC and prescription products to treat acne, skin infections, atopic dermatitis and other skin conditions is also increasing. The study estimates that the sales of dermatological products is expected to surpass $13 billion by the end of 2018. The demand is likely to be the highest among female consumers. Owing to the increasing skin diseases such as acne, rosacea, skin cancer, in women the maximum demand in dermatological products market is from female customers. The demand for dermo-cosmetic products is also rising among women. Also, over-the-counter anti-aging dermatological products are gaining popularity among female consumers. North America is expected to witness significant growth in the demand and sales of dermatological products in 2018. Growing number of skin diseases across all age groups in the US is likely to create growth opportunities for manufacturers in this region. According to the American Academy of Dermatology, acne is the most common skin condition in the US, affecting around 50 million people every year. Moreover, nearly 7.5 million people in the US suffer from psoriasis. Majority of dermatological products treating acne, psoriasis, and other skin conditions have been approved by Food and Drug Administration (FDA) in last few years, while many dermatological products are still under process of approval. Demand for acne treatment dermatological products is projected to witness robust growth in the coming years. Increasing cases of acne worldwide, coupled with innovation in acne treatment is expected to drive demand for acne treatment products. Increasing research activities along with better understanding of pathology of acne is likely to result in new and safer acne treatment products by manufacturers in the dermatological products market. The overall growth in the dermatological products market is likely to remain steady. The demand in the dermatological products market is expected to reach 3.7% CAGR during 2018-2027, according to the report.
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