PORTLAND, Ore., Oct. 21, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Acne Medication Market by Therapeutic Class (Retinoids, Antibiotics, Salicylic Acid, Benzoyl Peroxide, and Others), Formulation (Topical Medications and Oral Medications), Type (Prescription Medicines and Over-The-Counter Medicines), Acne Type (Non-Inflammatory Acne and Inflammatory Acne), and Distribution Channel (Retail Stores, Pharmacies & Drug Stores, and E-Commerce): Global Opportunity Analysis and Industry Forecast, 2019-2027." According to the report, the global Acne Medication Industry was estimated at $11.86 billion in 2019, and is anticipated to hit $13.35 billion by 2027, registering a CAGR of 3.8% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Rise in prevalence of acne diseases, unhealthy urban lifestyle, and increase in focus toward good quality skin care products drive the growth of the global acne medication market. On the other hand, side effects associated with acne medications and presence of alternatives for acne treatment restrain the growth. Nevertheless, development of therapeutics with lesser side effects is expected to create multiple opportunities for the key players in the sector.
- After the pandemic worsened the global scenario, a number of dermatology clinics were made to close their services, owing to curb the spread. Also, several hospitals and clinics have been transformed into COVID-19 centers.
- Moreover, owing to lockdown, many patients have not been able to visit dermatology clinics and pharmacies.
- However, telemedicine has now become an appropriate and effective way to offer necessary dermatological services to patients with acne.
The retinoid segment to dominate by 2027-
Based on therapeutic class, the retinoid segment accounted for nearly one-third of the global acne medication market revenue in 2019 and is expected to rule the roost by 2027. The same segment would register the fastest CAGR of 4.6% throughout the forecast period. Retinoid are most effective for moderate to severe acne as it unblocks pores, allowing topical creams and gels to work better. This factor drives the growth of the segment.
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The topical medication segment to maintain the dominant share-
Based on formulation, the topical medication segment contributed to more than four-fifths of the global acne medication market share in 2019 and is anticipated to lead the trail by the end of 2027. The same segment would also grow at the fastest CAGR of 3.9% till 2027. This is because topical formulations are less toxic and do not affect other organs.
North America garnered the major share in 2019-
Based on geography, North America generated the highest share in 2019, garnering nearly half of the global acne medication market, due to numerous developments related to acne therapeutics. Simultaneously, Asia-Pacific would manifest the fastest CAGR of 4.9% from 2020 to 2027, owing to increase in number of product launches, high demand for acne therapeutics, surge in healthcare expenditure, and rise in awareness about new developed therapeutics that can replace conventional acne treatment.
Key players in the industry-
- Bausch Health Companies Inc.
- GlaxoSmithKline Plc (GSK)
- Galderma S.A
- Mayne Pharma Group Limited
- Almirall SA.
- Pfizer Inc.
- Johnson & Johnson
- Sun Pharmaceutical Industries Limited
- Teva Pharmaceutical Industries Ltd.
- Mylan N.V.
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