Dermatology OTC Medications Global Market Report 2024

The dermatology otc medications market size has grown steadily in recent years. It will grow from $15.32 billion in 2023 to $15.96 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The expansion observed in the historical period can be ascribed to regulatory changes, a desire for convenience, the impact of skincare trends, consumer-driven demand, as well as marketing and advertising efforts.

The dermatology otc medications market size is expected to see steady growth in the next few years. It will grow to $19.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The anticipated growth in the forecast period can be credited to increasing awareness of skin health, a growing global aging population, environmental factors, a focus on sustainability and clean beauty, as well as the adoption of telemedicine and remote consultation. Key trends expected in the forecast period encompass the emergence of niche condition-specific products, the popularity of gender-neutral skincare, the prevalence of multi-functional products, the promotion of microbiome-friendly skincare, and the introduction of CBD-infused products.

The anticipated increase in skin abnormalities is expected to drive the growth of the dermatology over-the-counter (OTC) medication market in the future. Skin abnormalities refer to unusual skin lesions or appearances, and OTC drugs in dermatology are utilized to treat such abnormalities and restore skin to a normal state. The demand for over-the-counter dermatology medications is on the rise due to the growing need for treating various skin abnormalities, including conditions such as psoriasis. For example, as of August 2021, the Centers for Disease Control (CDC) reported that more than 7.5 million people in the USA and over 125 million people globally were affected by psoriasis, a prevalent chronic cutaneous dermatitis. Hence, the surge in skin abnormalities is a significant factor propelling the growth of the dermatology OTC medication market.

The expansion of e-commerce is playing a substantial role in driving the growth of the dermatology OTC medications market in the foreseeable future. E-commerce, which involves the online buying and selling of goods and services over the internet, enables dermatology OTC medication brands to broaden their market reach beyond local boundaries. This platform allows companies to market and sell their products to a global audience, providing access to consumers who may not have availability to specific products through traditional retail channels. For instance, according to the 2023 data released by the United States Census Bureau, e-commerce sales witnessed a 7.6 percent increase from the third quarter of 2022 to the third quarter of 2023. Therefore, the expansion of e-commerce and online pharmacies is poised to drive the dermatology OTC medications market.

Prominent companies in the dermatology over-the-counter (OTC) medications market are actively introducing innovative drugs, such as anti-fungal treatment solutions, to enhance their market profitability. An example of this is Bayer AG, a Germany-based pharmaceutical company, which launched Canesten in May 2022. Canesten, available in various forms such as cream, topical solution, and combination products, serves as an antifungal medication. It is designed to treat fungal skin infections, including vaginal thrush, ringworm, athlete's foot, diaper rash, and sweat rash. The active ingredient in Canesten products is clotrimazole, an antifungal agent that both kills and prevents the growth of fungus. Notably, Canesten is an over-the-counter (OTC) medication considered generally safe for use during pregnancy or while nursing.

Major players in the dermatology OTC medications market are strategically emphasizing the development of sustainable and clean offerings to attract customers. With consumers increasingly prioritizing environmentally friendly skincare solutions, companies are incorporating elements such as eco-friendly packaging, cruelty-free formulations, and minimal environmental impact. An illustration of this trend is seen in the initiative by the Honest Company, a US-based personal skincare products company, which introduced sustainable beauty packaging for its skincare products in July 2021. The initiative involved updating over 100 skincare units (SKUs) to use 100% recyclable cartons made from upcycled sugarcane byproduct. Changes to primary packaging, such as glass droppers, aluminum tubes, tin compacts, PCR materials, and mono-material components, aimed to utilize more environmentally friendly materials.

In February 2022, Taro Pharmaceutical Industries Ltd., a US-based pharmaceutical company, acquired Alchemee for an undisclosed amount. This strategic move positions Taro to strengthen its presence in the over-the-counter dermatology market by incorporating Alchemee's assets and resources, including the Proactiv brand. Additionally, Taro gains access to Alchemee's team expertise in omnichannel marketing. Alchemee, a US-based health, wellness, and fitness company specializing in skin health, direct marketing, and acne, enhances Taro's capabilities in the dermatology OTC medications market.

Major companies operating in the dermatology otc medications market report are Pfizer Inc., Johnson & Johnson, AbbVie Inc., Bayer AG, Novartis AG, Bristol Myers Squibb Co, GlaxoSmithKline PLC, Acella Pharmaceuticals LLC, Eli Lilly and Company, Amgen Inc., Allergan PLC, Viatris Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Astellas Pharma Inc., Bausch Health Companies Inc., Sun Pharmaceutical Industries Inc., Perrigo Company PLC, Galderma S.A., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, Cipla Inc., Lupin Limited, LEO Pharma A/S, Almirall S.A., Concert Pharmaceuticals, Arcutis Biotherapeutics, Dermavant Sciences, Roivant Sciences Inc.

North America was the largest region in the dermatology OTC medications market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the dermatology otc medications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dermatology otc medications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary forms of dermatology OTC medications include tablets and capsules, oils, gels, creams, ointments, and other formulations. Tablets are solid dosage forms containing drugs, either with or without excipients, while capsules are solid pharmaceutical dosage forms enclosed in a gelatin shell or a suitable material, offering a variety of shapes. An example of an over-the-counter medication is cetirizine, used to address allergy symptoms such as itchy eyes. Dermatology OTC medications are employed to treat various conditions, including dermatitis, acne, psoriasis, skin bleaching, anti-fungal treatments, wart removal, and others. These medications are primarily administered through topical and oral routes and are made available through distribution channels such as online and offline retail outlets.

The dermatology OTC medications market research report is one of a series of new reports that provides dermatology OTC medications statistics, including the dermatology OTC medications industry global market size, regional shares, competitors with a dermatology OTC medications market share, detailed dermatology OTC medications market segments, market trends, and opportunities, and any further data you may need to thrive in the dermatology OTC medications industry. This dermatology OTC medications market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The dermatology OTC medication market consists of sales of roasted moisturizers, shampoo, and acne products. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.