According to estimations, the dermatology segment of the Indian Pharmaceutical Market (IPM) will flourish at a rate of 11-12%. Increased skin diseases and more knowledge about these conditions among Indians are driving this growth.
To take advantage of this trend, major players in the industry are releasing new products and solutions based on science.
How does the market work and what drives growth?
Recent data sources show that the dermatology market will be worth Rs 13,200 crore, growing at an 8% CAGR. This market is booming for several reasons, including pollution, changing lifestyles, and the increasing desire for aesthetic dermatological services.
The primary drivers of this growth include:
- Increasingly common skin conditions:
As a result of pollution and changing weather patterns, more people are seeking dermatological treatments for their skin problems.
- Demand for aesthetic dermatology:
As more people desire to enhance their appearance, there is an increasing interest in aesthetic procedures.
- Rise in population:
Naturally, a growing population means a higher frequency of dermatological conditions.
- Increasing disposable income:
Nowadays, people with more disposable income are spending more on skincare and other aspects of wellness and fitness.
Industry Insights and Predictions for the Future
Ajay Kumar Desai, Senior Vice President at Alembic Pharmaceuticals, highlights the bright future for the dermatology market. He believes the dermatology segment in India will continue to grow.
Experts expect the industry to grow at a higher single-digit rate, fueled by the hair care and moisturiser markets. Moreover, Alembic Pharmaceuticals plans to capitalise on this trend by focusing on key areas and releasing new derma products soon.
Managing Director at Equirus Bhavesh Shah also highlighted how appealing the Indian skincare market is. Experts expect this market to grow lightning-fast, by about 11 to 12 per cent per year.
Shah also noted that lifestyle changes, improved products, and increased preventive awareness among more people are all reasons for this growth. Private equity and strategic investors are interested in the market, which is causing constant innovation and new product launches.
The Market Segment
Recent data shows that the biggest names in the dermatological sector have had impressive growth. The compound annual growth rates (CAGRs) for these businesses are between 6% and 13%.
Key segments showing increased demand include:
- Anti-dandruff Products: 24% growth
- Hair-care Products: 14% growth
- Cosmetic Dermatology: 12% growth
Looking Forward
Experts expect the dermatology segment in IPM to expand at a higher rate than other segments. It is due to an increase in awareness, higher disposable income and more focus on skincare.
Key players can easily get into this growing market if they invest in it at the right time and are open to new ideas. This steady growth pattern will continue as long as companies improve new products and propose new ideas.
Hence, it will make dermatology a fascinating segment of the pharmaceutical industry.
Reference Link: https://www.business-standard.com/industry/news/dermatology-segment-in-ipm-poised-for-11-12-growth-amid-rising-demand-124052001235_1.html