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Medicated Skin Care Products Market Report
Medicated Skin Care Products Market Trends, Dynamics & Market Insights
The Medicated Skin Care Products Market is estimated to grow from USD 7.1 billion in 2020 to USD 8.2 billion by 2026 at a healthy CAGR of 2.4% during the forecast period.
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Medicated skin care products are used for beautifying or to address issues such as pimples, acne, or scars. These products are also used to treat various skin-related issues such as eczema, psoriasis, dry skin, and dermatitis and it includes cleansers, face and body moisturizers, and hand sanitizers, among others.
Key players operating in the medicated skin care products market are-
Increasing skin care problems such as acne, pimples, and scars among youth and adults is a key factor driving the market growth. Less effective cosmetics for skin conditions such as psoriasis and eczema further augment the need for medicated skin care products. Moreover, the growing need for natural-based active ingredients offers lucrative opportunities to the market players. However, high product cost is likely to hinder the industry growth in the coming years.
Based on the distribution channel, the medicated skin care products market is classified into hospital pharmacies, retail pharmacies, online pharmacies, beauty clinics, and hypermarkets & supermarkets. The hypermarkets & supermarkets segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to an increase in the number of medicated skin care products on the shelf in brick and mortar stores along with high product demand. The e-commerce segment is projected to register the fastest growth owing to increasing internet penetration during the review period, thus bolstering the segment growth.
By region, the North American market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to increasing skincare issues among adults, rising skin consciousness among millennials, strong presence of healthcare companies, increasing healthcare expenditure, further proliferating the regional market growth.
The COVID-19 outbreak has moderately affected the medicated skin care products industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The pandemic resulted in a decline in the sales of medicated skin care products due to consumer buying behavior shift towards essential commodities.
Here is the list of the group of customers that the medicated skin care products market hopes to have the greatest opportunity to convert-
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The medicated skin care products market size is expected to reach USD 8.2 billion in the foreseeable future.
Avon Products Inc. (UK), Beiersdorf AG (Germany), Colgate-Palmolive Company (US), Kao Cor-poration (Japan), L’Oréal S.A. (France), Procter & Gamble (US), Shiseido Company (Japan), The Estee Lauder Companies Inc. (France), Unilever PLC (UK), and Revlon (US) are among the key players in the medicated skin care products market.
The medicated skin care products market is expected to witness an impressive growth of 2.4% CAGR in the foreseeable future.
Hypermarkets & supermarkets segment is expected to register a healthy CAGR in the medicated skin care products market in the coming years.
North American market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR.
Medicated skin care products vendors, Medicated skin care products retailers, Medical companies, Skin care companies are the target audience in the medicated skin care products market.
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