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| Global Skin Barrier Products Market Size |
Skin barrier products are used to protect the skin from external irritants and
contamination. These products includes emollients, creams, ointments, ultrasound
gel, wound dressings and related medical consumables. Skin barrier products are
used for various conditions including eczema, dermatitis, burns and wounded or
aging skin. With increasing cases of chronic skin conditions globally along
with growing geriatric population prone to skin issues, the demand for skin
protecting and healing products is growing substantially.
The global
Skin Barrier Products Market is estimated to be valued at US$ 1063.94 Mn in 2023 and
is expected to exhibit a CAGR of 4.2% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity
Rising geriatric population is the key opportunity driving the growth of skin
barrier products market. People aged over 65 years are more prone to chronic
skin conditions like eczema and dermatitis due to aging skin and reduced
healing ability. According to United Nations (UN), the global population aged
over 60 years is projected to grow from 962 million in 2017 to 2.1 billion in
2050. Several countries worldwide are experiencing rapid growth in their aged
population. For instance, the percentage of population aged over 65 years in
US, Japan and European countries is projected to rise over 20% by 2050. This
growing geriatric demographic susceptible to skin diseases will significantly
boost the demand for protective skin barrier products like ointments, creams
and dressings during the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand
recognition makes it difficult for new players to enter and gain market share.
Bargaining power of buyers: Buyers have high bargaining power owing to the
availability of substitutes and indifference towards brands.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
the availability of substitutes and established distribution channels.
Threat of new substitutes: Threat of substitutes is high as alternative
treatment procedures are being researched.
Competitive rivalry: Industry players compete on the basis of product quality,
reliability and pricing.
SWOT Analysis
Strength: Wide product portfolio and established brands. Innovation is a key
strength to sustain competitive advantage.
Weakness: High R&D costs and stringent regulations. Dependence on seasonal
demand and climatic conditions.
Opportunity: Growth in developing regions due to increasing healthcare spending
and demand for diagnostic services. New applications in disease screening offer
new opportunities.
Threats: Threat from alternative treatment procedures and home-based diagnostic
kits. Economic slowdowns impact discretionary healthcare spending.
Key Takeaways
Global
Skin Barrier Products Market Size is expected to witness high growth on
account of increasing awareness. The global Skin Barrier Products Market is
estimated to be valued at US$ 1063.94 Mn
in 2023 and is expected to exhibit a
CAGR of 4.2% over the forecast
period 2023 to 2030.
The North
American region currently dominates owing to availability of advanced
healthcare facilities and high healthcare spending. Europe follows in terms of
market share led by Germany and United Kingdom. The Asia Pacific region is
slated to be the fastest growing market driven by factors like rising income
levels, awareness and healthcare investments from governments in nations like
China and India. Latin America and Middle East & Africa offer latent
opportunities to be tapped.
Key players operating in the market are Thermo Fisher Scientific Inc. (US),
Merck KGaA (Germany), Danaher (US), Becton, Dickinson and Company among others.
Players compete on innovation, reliability and pricing amid stringent
regulations.
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