The Indian dermatological market size stood at around USD 129 Billion in 2019 and is projected to reach USD XX million by 2028, exhibiting a CAGR of 8.22% during the forecast period.
As people age, the risk of developing skin-related disorders increases, due to factors, such as changes in the connective tissue, reduction in the skin’s strength and elasticity, and reduction in secretions from sebaceous glands. Skin conditions pose a significant threat to patient’s well-being, mental health, ability to function, and social participation. The derma market has grown by approximately 4.5% per year on an average (CAGR). The current market size of the Dermatology segments in India is approximately Rs. 1950 crores, growing rapidly at about 11%. In terms of revenue, the face care products was dominating the market with 57.22% share in 2020. The other skincare products segment, which includes depilatory products for face and body, is growing with the CAGR of 10.13% during the 2021 – 2028 period. The increasing incidence of dermatological diseases and increasing levels of awareness-related disease progression, aetiology, and available therapies are leading to a high growth of dermatological therapeutics in India.
Rise in the incidence of skin diseases, improved awareness regarding skin health, rising number of working women is leading to higher demand for personal care product, demand for topical dermatological drugs such as anti-inflammatory agents, anti-infective, local anaesthetics, cleansers, and emollients to treat acne easy accessibility of the products through company websites and online channels, and doorstep delivery are driving the market. The online brands like Nykaa and Purplle along with increasing internet users is resulting in growing presence of online retail in the country’s skin care market. The initiatives taken by state governments are expected to contribute to the growth of the dermatology market in India. For example, Mukhyamantri Amrutum Yojana, is funded tertiary health coverage scheme, which provides cashless surgical treatments for various ailments, including dermatological problems.