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Medicine skincare products are basically a solution that has been clinically approved to have a healing capability on various forms of skin issues. The product is gaining the trust of consumers as it is being supported by advance scientific research which goes through deep analysis and testing, and also follows strict protocols of who/where the products can be sold and used. Moreover, there is an increasing demand by people who are being affected by the exposer of ultraviolet radiation as this leads to the generation of wrinkles, leathery skin, skin cancer, and others. Furthermore, the excessive use of cosmetics increases the usage of the product as it is resulting to various types of skin issues such as acne, skin allergies, premature aging, and others. According to the data published by L’Oreal, in 2018 the assessment of the consumption of the cosmetic product by region are North America 25%, Western Europe18%, Eastern Europe16%, Asia Pacific 39%, Latin America 9%, and the Middle East & Africa 3%.
There is an increasing number of people experiencing skin allergy due to the consumption of food that contains high calories, fat and refined carbohydrates which later cause numerous types of skin issues. This skin allergy problem may simultaneously increase the demand for medicine skincare products. According to the data published by the National Health Interview Survey, in 2018 9.2 million children who are 18 years and under are stated to have skin allergy in the United States. Additionally, there is a rising consumption of the product by the aging population as this group of individuals are facing skin issues such as loose facial skin, roughened or dry skin, thinned skin or transparent, and others. According to the United Nations, statistical data released, in 2019 the global aging population who are beyond the age of 65 years and older is assessed to be 703 million people.
Nevertheless, the growing presence of unauthorized and counterfeit products made to replicate brands such as Jergens, Bio-oil, Olay, and others . And these products does not go through proper laboratory test and have a high chance of causing harm to the skin is diminishing the image of the medicine skincare and thus act as a hampering factor for the market growth.
Key Market Driver -
The growing number of people with skin allergy act as a driving factor for the market growth
Key Market Restraint -
The increasing availability of un-authorized and counterfeit product in the market act as a restraining factor for the market growth.
Tatcha, LLC, Drunk Elephant, La Roche-Posay, Sunday Riley, The Ordinary, Glossier, SkinCeuticals International, La Prairie are the key player operating in the medicine skincare market.
The medicine skincare market is fragmented into by type, by application, by marketing channel, and by geography.
On the basis of type the market is segmented into cleanser, toner, scrubs & masks, serums, and moisturizer. Cleanser is projected to be the dominating segment on an account of its ability to eliminate the building up of bacteria, pollutants, viruses, dirt, and old (dead) skin cells from the body and also helps to avoid dehydration of the skin by assisting in maintaining a proper level of hydration.
Based on application, the market is separated into acne, anti-aging, sensitive skin, oily skin, and others. Acne is anticipated to hold the largest share due to the growing number of people possessing acne due to allergic reaction from the food they consume, and hormonal changes occurring during puberty or pregnancy increase the number of people affected by acne.
By the marketing channel, the market is divided into online and offline. Offline market channel is estimated to be the greater shareholder owing to its ability to help compare with various types of brands on the spot though touching, smelling or even trying out samples. Moreover, its immediate purchase capability makes it more preferable to most consumers.
On the basis of region the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is projected to be the dominating region and is anticipated to continue during the forecast period of 2020-2017. There is increasing usage of the product as the advancement of medical science and technology is resulting in coming up with products that are effective and with fewer side effects. Moreover, large number of people in this region having a better awareness of skin-related issues and treatment which propels to increase the demand of medicine skincare products. Furthermore, the adaption of fast food culture escalates the number of people requiring this product. As refined carbohydrates, fats and high calories are present in most of the fast-food such as burgers, hot dogs, french fries, nuggets, milkshakes, and sodas which are generating allergic reaction and causes different types of skin issues. According to the data published by the Safety and Health Magazine, Dec 2018, there is an estimation of 37 percent of the American population to be consuming fast food on a daily basis.
The Asia Pacific is anticipated to display a significant presence during the coming years owing to the growing standard of living more people are conscious of their skin issues and tend to purchase and used this product to help in healing their skin. The rising growth of manufacturing industries especially in India and China is leading to an increase in air, and water pollution. Thus, this pollution has resulted to escalate the number of people dealing with various types of skin issues and thus lead to an increase in the demand for the product. According to the Economic Times Healthworld, November 2019, Delhi-NCR areas have to experience the worsening of air quality which is resulting in a 30 % rise in skin related problems.
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