Press release
Global Acne Medication Market to Garner $13.35 Billion by 2027, States the Report by Allied Market Research
Increase in focus on skin care products, rise in prevalence of acne diseases, and unhealthy urban lifestyle have boosted the growth of the global acne medication market.Allied Market Research published a research report on the acne medication market. The findings of the report state that the global market for acne medication generated $11.86 billion in 2019, and is expected to garner $13.35 billion by 2027, witnessing a CAGR of 3.8% from 2020 to 2027.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Onkar Sumant, the Manager, Healthcare at Allied Market Research, outlined, "Growth of the global acne medication market is driven by rise in prevalence of acne vulgaris across the world, unhealthy urban lifestyle, surge in pollution, and increase in focus on skin."
The report offers an in-depth analysis of drivers, restraints, and opportunities to help market players in devising strategies and capitalizing on potential market opportunities. Increase in focus on skin care products, rise in prevalence of acne diseases, and unhealthy urban lifestyle are crucial in contributing to the growth of the market. On the other hand, presence of alternatives for acne treatment and side effects associated with acne medications hinder the market growth. However, development of therapeutics with lesser side effects and opportunities in emerging economies presents opportunities in the next few years.
The research offers an extensive scenario of Covid-19 along with outlining its impact on the acne medication market across the world. As the pandemic worsened, a number of dermatology clinics were forced to close their doors in order to prevent the spread of the disease and even several clinics and hospitals were transformed into Covid-19 centers. Furthermore, many people have been unable to reach dermatology clinics and pharmacies due to the lockdown. Telemedicine, on the other hand, has emerged as a viable and effective means of providing critical dermatological services to acne patients.
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The report offers a detailed analysis of segments of the global acne medication market based on therapeutic class, formulation, type, acne type, distribution channel, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue-generating segments to accomplish growth in the future.
Based on therapeutic class, the retinoid segment leads the global acne medication market in terms of revenue in 2019, contributing to nearly one-third of the market share, and is expected to rule the roost by 2027. Moreover, this segment would witness the highest CAGR of 4.6% throughout the forecast period. Retinoid is most effective for moderate to severe acne as it unblocks pores, allowing topical creams and gels to work better. This factor drives the growth of the segment.
Based on formulation, the topical medication segment dominated the global acne medication market share in 2019, accounting for more than four-fifths of the market share, and is anticipated to lead the trail by the end of 2027. Moreover, the same segment is anticipated to grow with the fastest CAGR of 3.9% till 2027. This is because topical formulations are less toxic and do not affect other organs.
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Based on geography, North America lead the market in 2019, contributing to nearly half of the global acne medication market, due to numerous developments related to acne therapeutics. However, Asia-Pacific would witness the fastest CAGR of 4.9% from 2020 to 2027, owing to increase in number of product launches, high demand for acne therapeutics, surge in healthcare expenditure, and rise in awareness about newly developed therapeutics that can replace conventional acne treatment.
The leading market players analyzed in the global acne medication market report include Mylan N.V., Bausch Health Companies Inc., Almirall SA., Sun Pharmaceutical Industries Limited, GlaxoSmithKline Plc (GSK), Galderma S.A, Johnson & Johnson, Mayne Pharma Group Limited, Pfizer Inc., and Teva Pharmaceutical Industries Ltd.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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