September 18, 2019
Worldwide acne medication market is expected to surpass US $7 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Increasing instances of acne problems, along with rising concerns regarding the facial aesthetics will drive the global acne medication market outlook. However, side effects related to acne medication will be one of the main factors impeding the market growth in the upcoming years, claims the report.
On the basis of formulation, topical acne medication market was worth US $2,914 million in 2017. The segment consists of gels and creams, containing salicylic acid, benzoyl peroxide, and antibiotics, and is for the treatment of moderate acne problems.
Based on the type of product, azelaic acid segment is projected to grow with a CAGR of 7.6% over the forecast timespan. It is a prescription drug used to treat moderate to mild acne vulgaris. Various benefits include reduced inflammation of acne blemishes, reduced pore blockages, and improvement in hyperpigmentation after inflammation.
Considering the type, the acne medication market from OTC segment was worth US $2,420 million in 2017. Increasing occurrence of mild to moderate acne, along with ease of availability of OTC products and their efficacy will enhance the market growth.
Speaking of age group, the acne medication market from 10-16 years age segment is anticipated to grow with a CAGR of 6.8% over the analysis period. The main cause of acne during teenage is puberty and hormonal stimulation. Hence, puberty in teenagers will propel the demand for acne medication in the segment.
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In terms of regional landscape, North America acne medication market was dominated by the U.S. and was worth US $2,331 million in 2017. As per the report, more than 50 million people in the country have acne problems and is considered as one of the major skin issues faced by the Americans. Increasing consumption of fast food and excessive use of makeup leading to acne problems, will stimulate the regional market growth.
The prominent companies in acne medication market include Bayer Healthcare, Johnson & Johnson, Valeant Pharmaceuticals, Galderma, and Allergan among others.