Ocean View, DE -- (SBWire) -- 04/15/2020 --Acne Medication Market will exceed USD 7.0 billion by 2024; as per a new research report. Increasing prevalence of severe acne problems in North America region will enhance the market growth in the forthcoming years. According to the American Academy of Dermatology, the most common skin disorder in the U.S. is acne and that affects around 50 million Americans annually and out of those people, over 15% have severe acne that results in scaring of skin. Hence, growing number of people suffering from acne problem in the North America region will lead to growing demand and adoption rate of acne medication, hence fueling the market growth.
Rise in concern for facial aesthetics in the Latin America region will eventually lead to growing demand for acne medication products. According to a recent research survey, it was found that 61% of people in Brazil think that physical appearance or facial aesthetics is the most important factor responsible for social success. Growing concern among the people in Latin America regarding their physical appearance will enhance the growth of acne medication market in the upcoming years.
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Side-effects associated with acne medication will be one of the major market impeding factors in the near future. The number of side effects of acne medication or treatment depends on the method and type of acne medication. The most common side effects of topical drugs is irritation and skin dryness whereas oral drugs cause dizziness, lightheadedness and upset stomach. Aforementioned side effects of acne medication will be responsible for hampering the growth of acne medication market in the forthcoming years.
Topical acne medication market held the majority of market share in the year 2017 and was valued over USD 2,914.3 million. Increase in use of topical acne medication in order to treat moderate level acne will boost the growth and sales of topical acne products such as creams and gels that contain antibiotics, salicylic acid and benzoyl peroxide, augmenting the segment growth over the forecast time period.
Azelaic acid market is estimated to witness a considerable amount of growth at a CAGR of 7.6% during the projection period. Azelaic acid is a prescription drug that is used to treat mild to moderate acne vulgaris. Several benefits such as reduced pore blockages, reduced inflammation of acne blemishes and improvement in post-inflammatory hyperpigmentation will lead to growing demand and adoption rate of azelaic acid products, thereby enhancing the segment growth.
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OTC acne medication market held the major market share and was valued at around USD 2,420.9 million in the year 2017. According to a recent research study, it was observed that there are currently several OTC acne treatment drugs or products on the market than any other time before. Growing prevalence of mild to moderate acne, easy availability and effectiveness of the OTC acne products will augment the business growth in the near future.
The sale of acne medication among the people of age group 10-16 years will be high and is projected to grow at a robust CAGR of 6.8% over the forecast timeframe. The primary cause of acne in the teenagers is due to hormonal stimulation and puberty, causing oil glands to enlarge and produce more sebum or oil. According to a recent research study, more than 85% of teenagers face common skin problem of acne. Hence, puberty in the teenagers will be one of the major reason for boosting the sales of acne medication products in future.
U.S. dominated the North America acne medication market and was valued at around USD 2,331.5 million in the year 2017. Acne is one the major skin problems faced by the Americans and more than 50 million people in U.S. have acne problem and around 85% of the adults experience acne problem at least once in their lifetime. Changes in eating habits, increase in fast-food consumption and use of more makeups by the Americans have resulted in increased acne problems. Hence, growing acne problem in the country will be a major market driving factor for the growth of acne medication market in the U.S.
The major industry players in the acne medication market are: Johnson & Johnson, Allergan, Galderma, Valeant Pharmaceuticals and Bayer Healthcare. These companies mainly focus on the strategies such as merger, acquisition, new product development and new product launches in order to enhance their product portfolio and strengthen the market position.
