Market Size of Dermatological OTC Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Dermatological OTC Drugs Market Analysis
The dermatological over the counter (OTC) drugs market is expected to register a CAGR of nearly 4.3% over the forecast period.
The COVID-19 pandemic had a significant impact on the studied market. Some studies reported that COVID-19 was responsible for dermatological conditions. For instance, according to the research study published by the National Library of Medicine in June 2022, the pandemic has caused a marked increase in stress-responsive dermatological conditions such as telogen effluvium, psoriasis, eczema, urticaria, and atopic dermatitis. Further, with the onset of telemedicine during the pandemic, there has been a significant increase in the demand for dermatological treatment. For instance, according to an article published by the National Library of Medicine, in May 2021, the COVID-19 pandemic had a huge impact on dermatology, as evidenced by the reduction of nonessential visits and procedures and the emergence of teledermatology. Teledermatology solutions have demonstrated the ability to enhance health outcomes during a high-stress period like the COVID-19 pandemic. Thus, the COVID-19 pandemic has significantly impacted the market initally, but later on with the emergence of telemedicine, the market witnessed a significant growth.
The major factor driving the growth of the studied market is the rising prevalence of skin-related diseases, the aging population as well as increasing demand and availability of dermatological OTC drugs. For instance, according to the research study published by the British Journal of Dermatology, in February 2021, skin diseases are the fourth most common cause of all human diseases, which affects approximately one-third of the global population. Hence, dermatological OTC drugs are gaining traction around the world due to increasing out-of-pocket expenditure. Besides, OTC drugs are not only cheaper than prescribed drugs, but also they are easily available and do not need any medical consultation. Thus, they offer a better alternative to the prescribed drugs which involves doctor's consultation with additional charges and expensive products.
Furthermore, increasing demand and availability of dermatological OTC drugs are expected to drive the growth of the market over the forecast period. For instance, according to an article published by Dermatology Advisor, in September 2022, there is an increase in the accessibility of OTC emollients for atopic dermatitis (AD) that resulted in cost savings by reducing hospital and outpatient visits along with prescription costs, and other care expenses.
Therefore, the factors mentioned above are attributed collectively to the studied market growth. However, side effects associated with the OTC medications are projected to hamper the market growth slightly over the forecast period.
