The global medicine skin care market size is expected to grow rapidly due to the rising cases of skin disorders globally. The increasing utilization of cosmetic products is expected to bolster the demand for medical skin care, which, in turn, can boost the market growth. Fortune Business Insights™ mentions this information in its report, titled, “Medicine Skin Care Market, 2023-2030.“
Medicine skin care is extensively used to cure several skin disorders, such as premature aging, skin care, leathery skin, acne, and wrinkles. The rising cases of skin damage from harmful ultraviolet (UV) rays would lead to the adoption of advanced skin care medicines. Further, the excessive use of cosmetics by consumers can lead to several harmful skin allergies, which, in turn, would enhance the demand for medicine skin care products. As per L’Oreal’s published data, the consumption of cosmetics reached 18% in Western Europe, 39% in Asia Pacific, 16% in Eastern Europe, 25% in North America, 3% in the Middle East & Africa, and 9% in Latin America in 2018. Medicine skin care products protect the skin against harmful particulates and pollution in the air. Therefore, these factors can drive the market during the foreseeable period.
Fortune Business Insights™ lists out all the medicine skin care market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Tatcha, LLC
- Drunk Elephant
- La Roche-Posay
- Sunday Riley
- The Ordinary
- Glossier
- SkinCeuticals International
- La Prairie
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Highlights of the Report
- It analyzes the recent market trends and the top segments.
- It comprehensively studies the impact of COVID-19 and the driving and restraining factors.
- It observes the regional developments and the strategies deployed by the prominent companies operating in the market.
Drivers and Restraints
Rising Skin Allergies to Augment Market Growth
The increasing cases of skin allergies among consumers would lead to the rising adoption of medicine skin care products. The sedentary lifestyle and unhealthy diet of consumers can result in several skin diseases. The presence of carbohydrates, fats, and calories can lead to rashes, acne, pimples, and other diseases. As per the National Health Interview Survey, approximately 9.2 million children of 18 years and under suffered from skin allergies in the United States in 2018.
Further, the rising adoption of medicine skin care products from the aged population can enhance its product demand. It helps to cure transparent or thin skin, dry or roughened skin, loose facial skin, and other skin disorders. As per the data published by the United Nations, approximately 703 million people globally are aged 65 years and more. Therefore, these factors can drive the medicine skin care market growth.
However, the availability of alternative and cheaper products can hamper the market growth.
Regional Insights
Emergence of Better Quality Products to Foster Market Growth in North America
North America is projected to dominate in terms of the medicine skin care market share due to the emergence of better quality products. These products have no side effects and provide great skin health. The rising awareness regarding skin disorders and better treatment procedures can enhance the product demand. Additionally, the adoption of unhealthy diets and the hectic lifestyles of consumers can propel market growth.
In Asia Pacific, the increasing spending capacity, adoption of a healthy lifestyle, and the rising awareness regarding skin health can boost medicine skin care product’s demand. Further, the increasing urbanization and pollution in India and China would negatively affect water and air quality, which, in turn, can enhance product demand. As per the Economic Times Healthworld, in November 2019, Delhi-NCR areas suffered from poor air quality, which, in turn, raised skin disorders by 30%. Thus, these factors can propel the market growth.
Segments
By type, the market is segmented into moisturizers, serums, scrubs & masks, toner, and cleansers. Based on application, it is classified into oily skin, sensitive skin, anti-aging, and acne. As per the marketing channel, it is bifurcated into offline and online. Geographically, it is clubbed into Europe, North America, South America, Asia Pacific, and the Middle East & Africa.
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Competitive Landscape
Prominent Companies Acquire Major Players to Expand Market Reach
Prominent companies operating in the market are acquiring major players to expand their market reach globally. For example, Canopy Growth acquired ‘This Works,’ a major skincare brand to offer superior quality medicine skin care products to consumers. This strategy can enable the company to enter the skin care sector to enhance its market reach. Further, the incorporation of technologically advanced production techniques would propel companies to enhance their product quality, improve operational efficiency, refine productivity, and achieve the set goals. This strategy can help them to spur their annual revenues.
The Global Medicine Skin Care Market Research/Analysis Report Contains Answers to your following Questions:
- Which Manufacturing Technology is used for Medicine Skin Care ? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Medicine Skin Care Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of Medicine Skin Care Market? What Was Capacity, Production Value, Cost and PROFIT of Medicine Skin Care Market?
- What Is Current Market Status of Medicine Skin Care Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Medicine Skin Care Market Trends by Taking Applications and Types in Consideration?
- What Are Projections of Global Medicine Skin Care Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is Medicine Skin Care Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Medicine Skin Care Industry? What are Global Medicine Skin Care Analysis Results? What Are Global Medicine Skin Care Development Trends?
- What Are Market Dynamics of Medicine Skin Care Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Medicine Skin Care Industry?
Industry Development
- May 2020: Bayer partnered up with Azirta, a dermatology biotech entity to create high-quality medical skin care products.
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