Dermatology is a therapy area that deals with the diseases of nails, hair, skin, and common conditions such as psoriasis, acne, eczema, and acne vulgaris. Dermatology drugs are used in the treatment and management of diseases related to hair, skin, and genital membranes.
Dermatology OTC medicines are directly sold to the customer without the prescription from the specialist, as opposed to the drugs prescribed and maybe only sold to consumers who hold a valid prescription. Dermatology OTC drugs are usually regulated as per the active pharmaceutical ingredient other than final products.
COVID-19 Scenario Analysis:
- The outbreak of COVID-19 is likely to have a moderate impact on the market in the forecast period. Research and development activities to identify the threat of SARS-CoV-2 virus on the patients suffering are likely to slow the dermatology OTC medication market growth.
- COVID-19 has brought about a significant burden on the healthcare industry globally, with disruption in the treatment of non-communicable diseases. Challenges exist in providing effective care.
- Realizing the disturbing healthcare trends, governments are making efforts to provide excellent quality healthcare to patients globally.
- Nationwide lockdowns, canceled or postponed elective surgeries, denied wound care services, rise in skin injuries may lead to a decline during the forecast timeline. However, on the flip side, the latter half of the forecast is predicted to show a drastic rise.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rise of dermatology OTC medications is attributed to an increase in skin abnormalities and the rise of availability of medication for dermatology over the counter (OTC). Moreover, the demand for dermatology medications and mainly for OTC has witnessed growth over the forecast timeline. Side effects of OTC medications such as skin allergy are likely to restrain the dermatology OTC medication market growth.
The rise in the use of dermatology OTC medications, mainly in the medical sector is the core factor that leads to the growth of the dermatology OTC medication market. For example, increasing expenditure on personal products, rising awareness towards skin diseases, increase in the number of patients suffering from dermatitis, acne, and vitiligo. The young generation is aware of products that are effective to cure skin disorders and infections, increasing demand for effective treatments and growth in the number of companies manufacturing OTC medications for dermatological treatments are the other major factors to drive the market of dermatology OTC medications in the forecast timeline.
Additionally, increasing technological advancements, research & developmental activities in the healthcare industry will create lucrative opportunities for dermatological OTC drugs in the forecasted timeline.
North America is anticipated to boost the market for OTC dermatological medications due to the rise in awareness among the people, government initiatives, and the presence of key market players. Asia-Pacific followed by Europe is predicted to have lucrative markets in the years to come
Key Benefits of the Report:
- This study presents the analytical depiction of the global dermatology OTC medication market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global dermatology OTC medication market share.
- The current market is quantitatively analyzed to highlight the global dermatology OTC medication market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global dermatology OTC medication market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Dermatology OTC Medication Market Research Report:
- What are the leading market players active in the dermatology OTC medication market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Dermatology OTC Medication Market Report Highlights
By Route Of Administration
Key Market Players
Lupin Pharmaceuticals, Inc., Novartis AG, Sun Pharmaceutical Industries Limited, Cipla Inc, Bayer AG, Aurobindo Pharma, Galderma, Mylan N.V, GlaxoSmithKline plc, Teva Pharmaceutical Industries Ltd.