Market Introduction
Dermatology is a field of medicine that is engaged in the diagnosis, prevention, and treatment of various skin related diseases, such as pigmentation, acne, wrinkles, and psoriasis. OTC drugs are medications that are safe and effective for use by the public without seeking treatment by a health professional. The US dermatology OTC medications market growth is mainly attributed to rising prevalence of skin abnormalities and increasing availability of dermatology medication over the counter (OTC). Moreover, growing OTC market is further expected to foster the market growth during the forecast period. However, the side effects associated with OTC dermatology medication such as skin allergy, limit the growth of the market.
COVID-19 has affected a large population in the US leading to an unprecedented surge in demand for popular OTC drugs. Consumers appear to be trying to address illness symptoms on their own, to avoid doctor’s office. Physical distancing and stay-at-home orders have forced consumer to shop differently. Also, continuous use of mask and constant handwashing has led to skin irritation, and maskne. Constant handwashing has led to increase in conditions like skin dryness and eczema, this has led to increase in demand for dermatology OTC products.
Market Overview and Dynamics
The US dermatology OTC medications market is projected to reach US$ 1,124.56 million by 2028 from US$ 952.97 million in 2020. The market is anticipated to grow with a CAGR of 2.1% from 2021 to 2028. Factors driving the market growth are rising prevalence of skin abnormalities and increasing availability of dermatology medication over the counter (OTC). However, side effects associated with OTC dermatology medication such as skin allergy are likely to have a negative impact on the market growth.
Key Market Segments
Based on product type, the creams and ointments segment accounted for the largest share of the US dermatology OTC medications market in 2020. In terms of indication, the dermatitis segment held the largest share of the dermatology OTC medications market in the US. Based on route of administration, the topical segment held a larger share of the dermatology OTC medications market in the US. Based on distribution channel, the hospital and retail pharmacies segment held the largest share of the market.
Major Sources
A few major primary and secondary sources referred to while preparing the US dermatology OTC medications market report are World Health Organization, and Centre for Disease Prevention and Control.
Reasons to buy the report
US DERMATOLOGY OTC MEDICATIONSMARKET SEGMENTATION
By Product Type
By Indication
By Route of Administration
By Distribution Channel
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 952.97 Million |
| Market Size by 2028 | US$ 1,124.56 Million |
| CAGR (2021 - 2028) | 2.1% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered |
United States
|
| Market leaders and key company profiles |
|
The US Dermatology OTC Medications Market is valued at US$ 952.97 Million in 2020, it is projected to reach US$ 1,124.56 Million by 2028.
As per our report US Dermatology OTC Medications Market, the market size is valued at US$ 952.97 Million in 2020, projecting it to reach US$ 1,124.56 Million by 2028. This translates to a CAGR of approximately 2.1% during the forecast period.
The US Dermatology OTC Medications Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the US Dermatology OTC Medications Market report:
The US Dermatology OTC Medications Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The US Dermatology OTC Medications Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the US Dermatology OTC Medications Market value chain can benefit from the information contained in a comprehensive market report.
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