Global medicated skin care products market forecast to reach $6.2bn by 2017: GIA Report

Global medicated skin care products market, which is forecast to reach $6.2bn by 2017, is being increasingly driven by the need for youthful appearance and skin care prevention, according to the ‘Medicated Skin Care Products: A Global Strategic Business Report’ by Global Industry Analysts (GIA).

Owing to the abilities of enhancing visual appeal of the skin to suit varied lifestyle requirements along with catering to beauty and skin care needs without adversely impacting the skin health, medicated skin care products hold high value in the consumer mindsets.

Product premiumisation, where highly priced products offer increased benefits, along with products innovation, expansion, and celebrity endorsements is claimed to be the platform for the market’s future growth, the report stated.

Promising to help consumers suffering from various categories of acne and pre-mature aging, medicated skin products help cleanse the skin blemish-free from acne and prevent recurrence, renew cells, replenish the skin with vitamins and also delay cell senescence and formation of wrinkles.

The market has also witnessed the shift from traditional anti-aging products to effective skin care products, with youngsters using products to accomplish holistic skin care from an early age.

The report also stated that skin care, which has emerged as an important lifestyle requirement and workplace competence quotient, is making way in the mature economies where consumers are increasing their spending on personal grooming.

GIA said that the rising accessibility through expanded sales channels and increasing affordability owing to mass marketing also is leading to an increase in sales of male skin care products.

The US, irrespective of the category, is claimed to be the most active market for skin care products, followed by Asia-Pacific that has huge population base, rising disposable incomes and evolving markets of India, China, Australia, Malaysia, Thailand, among others, which offer huge, untapped marketing potential

The report also said that the Asian market is set to forge ahead at the strongest CAGR of about 6% over the analysis period.