What's driving the Dermacosmetics Market Size? | Key Players are Allergan, Bausch Health Companies Inc., Procter & Gamble, Johnson & Johnson, L'Oréal, Unilever, Beiersdorf

The global dermacosmetics market is expected to generate $76.3 billion revenue by 2024, advancing at a CAGR of 6.5% during the forecast period. Increasing prevalence of skin diseases, rising number of seminars and conferences, and increasing consciousness toward appearance are some of the drivers propelling the market growth.

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On the basis of product, the dermacosmetics market is classified into skincare products and haircare products. Of these, the market for skincare products is expected to hold the largest share and witness the fastest growth, contributing 88.3% revenue share to the total market by 2024. This is due to increasing prevalence of skin diseases, and availability of broad range of skincare products in the market.

The APAC dermacosmetics market is expected to grow at a CAGR of 7.8% during the forecast period. The growth is mainly attributed to the improving economic condition, changing lifestyle patterns, increasing personal spending, increasing awareness about dermacosmetics, and strong presence of regional players.

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In APAC, due to rise in the prevalence of skin disorders, personal spending on skin treatment has also increased significantly in recent years. According to the Organization for Economic Cooperation and Development (OECD), Japan’s personal spending reached to $2,874 billion in 2017 from $2,833 billion in 2016. Similarly, personal spending in South Korea increased to $914 billion in 2017 from $880 billion in 2016. This increases the adoption of dermacosmetics in the region.

Players in the dermacosmetics market are coming up with innovative solutions and technologies to enhance their market presence. For instance, in April 2019, the U.S. Food and Drug Administration (USFDA) approved Bausch Health Companies Inc.’s halobetasol propionate and tazarotene lotion, DUOBRII. The product has been approved for the topical treatment of plaque psoriasis indication in adults. With the approval of DUOBRII, patients suffering from plaque psoriasis now have an innovative topical treatment option that uniquely combines halobetasol propionate and tazarotene, with established safety profiles, into a single lotion featuring dual mechanisms of action.

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Some of the key players operating in the Dermacosmetics Market:
1- Allergan
2- Bausch Health Companies Inc.
3- Procter & Gamble
4- Johnson & Johnson
5- L'Oréal
6- Unilever
7- Beiersdorf

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This release was published on openPR.