What's driving the Dermacosmetics Market Dermacosmetics Market Trends? | Top Key Players are: L'Oréal, Allergan, Bausch Health Companies Inc., Johnson & Johnson, Procter & Gamble, Unilever, Pierre Fabre Group, ZO Skin Health, Inc., AMOREPACIFIC, Shiseido

The global dermacosmetics market is predicted to attain a size of $76.3 billion by 2024, progressing at a 6.5% CAGR during the forecast period. The key factors behind the growth of the market are the surging prevalence of skin diseases, increasing number of conferences and seminars, and rising consciousness toward appearance. Based on product, the market is bifurcated into haircare and skincare. Of these, the skincare bifurcation is expected to hold the larger revenue share of more than 88.0% and witness the fastest growth till 2024.

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This is ascribed to the growing incidence of skin diseases and a wide range of skincare products available in the market. Further, on the basis of end user, clinics, medical spas, and salons, at-home and hospitals are the classifications of the dermacosmetics market. Out of these, in 2018, the clinics, medical spas, and salons classification held the dominating revenue share of more than 45.0% in the market as compared to the at-home classification’s market share of 33.8%. This is attributed to the significant number of skin treatment procedures done at such places.

The Asia-Pacific (APAC) dermacosmetics market is predicted to advance at a 7.8% CAGR during the forecast period. The main reason behind the growth of the market in this region would be the improving economic conditions, dynamic lifestyle patterns, growing disposable income, surging awareness on dermacosmetics, and significant presence of regional players. In APAC, owing to the rising incidence of skin disorders, the amount of money spent on skin treatment has also increased. As per the Organisation for Economic Cooperation and Development (OECD), in 2017, Japan’s personal spending reached $2,874.0 billion from $2,833.0 billion in 2016.

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Similarly, personal spending increased from $880.0 billion in 2016 to $914.0 billion in 2017 in South Korea, which raised the consumption of dermacosmetics in the region. Further, key players operating in the dermacosmetics market are introducing innovative solutions and technologies to increase their market presence. For instance, in April 2019, the U.S. Food and Drug Administration (USFDA) approved the halobetasol propionate and tazarotene lotion, DUOBRII, manufactured by Bausch Health Companies Inc. The product has been permitted for the topical treatment of plaque psoriasis in adults.

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Some of the leading players in the global dermacosmetics market include:
1- L'Oréal
2- Allergan
3- Bausch Health Companies Inc.
4- Johnson & Johnson
5- Procter & Gamble
6- Unilever
7- Pierre Fabre Group
8- ZO Skin Health, Inc.
9- AMOREPACIFIC
10- Shiseido

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