Skin Rash Treatment Market to reach $5.70 Billion by 2031, growing at 6.5% CAGR: Coherent Market Insights
Global skin rash treatment market is estimated to be valued at USD 3.67 Bn in 2024 and is expected to reach USD 5.70 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031
Burlingame, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The global skin rash treatment market Size to Grow from USD 3.67 billion in 2024 to USD 5.70 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Growing geriatric population is also expected to drive market growth as skin conditions are highly prevalent among the older population. Meanwhile, ongoing research and development activities for developing more effective treatment regimens are estimated to offer lucrative market opportunities over the forecast period.
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Market Dynamics
The skin rash treatment market is expected to witness significant growth over the forecast period. Rising incidences of various skin diseases such as eczema, psoriasis and dermatitis are expected to propel the demand for skin rash treatment products.
According to American Academy of Dermatology, over 50 million Americans suffer from eczema every year. Furthermore, new product launches by the key players are also anticipated to boost the market growth during the analysis period.
Skin Rash Treatment Market Report Coverage
Report Coverage | Details |
Market Revenue in 2024 | $3.67 billion |
Estimated Value by 2031 | $5.70 billion |
Growth Rate | Poised to grow at a CAGR of 6.5% |
Historical Data | 2019–2023 |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Source of Raw Material, By Type, By End-use Industry |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Growth Drivers | • Growing environmental awareness |
Restraints & Challenges | • High production costs |
Market Trends
Increasing adoption of natural and herbal products for skin rash treatment is projected to create lucrative opportunities for market players during the forecast period. For instance, Dead Sea products or aloe vera creams are widely used for skin rash treatment.
Rising consumer awareness regarding the side effects of synthetic products is further expected to fuel the demand for organic and natural skin rash treatment products.
Moreover, surge in online purchase of skin rash treatment products owing to easy availability and convenience is also estimated to support the market growth over the coming years.
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Market Segmentations
Corticosteroids Treatment: Corticosteroids are expected to hold the largest share of the skin rash treatment market during the forecast period. Corticosteroids work by reducing inflammation and itching caused by skin conditions like eczema, psoriasis, and hives.
Immunosuppressants Treatment: Immunosuppressants are projected to witness the highest growth in the skin rash treatment market. Conditions like eczema that cause chronic inflammation can sometimes become resistant to conventional corticosteroid treatment.
Key Market Takeaways
The global skin rash treatment market size is anticipated to witness a CAGR of 6.5% during the forecast period 2024-2031. Due to the high and growing prevalence of skin rashes across all age groups.
On the basis of treatment type, the corticosteroids segment is expected to hold a dominant position, owing to their widespread adoption as first-line therapy due to effectiveness and easy availability.
Based on skin rash type, the contact dermatitis segment is anticipated to lead the market, as it is one of the most common types of skin rashes caused by various allergens and irritants.
By distribution channel, hospital pharmacies are projected to dominate the market since patients often require prescription medications which are conveniently available at these medical facilities.
Regionally, North America is expected to hold the largest share over the forecast period, due to the rising awareness about skin diseases, developed healthcare infrastructure, and presence of major players.
Competitor Insights
Key players in the skin rash treatment market include:
Amgen
Sun Pharmaceutical Industries
Teva Pharmaceuticals Industries
Eli Lilly and Company
Mylan N.V
Johnson & Johnson
Leo Pharma
Novartis AG
AbbVie
Merck & Co.
Skin Rash Treatment Industry News
In April 2024, Dermavant Announces U.S. FDA Acceptance of Supplemental New Drug Application (sNDA) for VTAMA (tapinarof) Cream, 1% for the Treatment of Atopic Dermatitis in Adults and Children 2 years and older.
In January 2024, Pfizer and Glenmark launched a new atopic dermatitis drug, abrocitinib, which has received marketing authorization from the Central Drugs Standard Control Organization in India and approval from the US Food and Drug Administration (FDA), European Medicines Agency (EMA), and other regulatory agencies.
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Detailed Segmentation:
By Treatment Type:
Corticosteroids
Immunosuppressants
Antihistamines
Antifungals
Others
By Skin Rash Type:
Contact Dermatitis
Atopic Dermatitis
Psoriasis
Seborrheic Dermatitis
Others
By Distribution Channel:
Pharmacies
Retail Stores
Others (Hypermarkets, etc.)
By Region:
North America
U.S.
Canada
Latin America
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
GCC Countries
Israel
Rest of Middle East
Africa
South Africa
North Africa
Central Africa
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About Us:
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