High Adoption Of Pharmaceutical & Cosmetic Products In Daily Life Among The Global Populace Will Boost Industry Growth

The pharma & cosmetics market is anticipated to witness a high CAGR over the forecast period. The difference between cosmetic and pharmaceutical drugs is based on the envisioned use of the product. These products have two envisioned uses, for instance, shampoo is a beauty product used to cleanse the hair. Whereas, antidandruff treatment is a medicine to treat dandruff. Thus, an antidandruff shampoo is both a medication and a cosmetic product. 

Among pharmaceuticals & cosmetics, leading brands are Neova and HL. Neova connects between science and beauty by offering groundbreaking formulas while changing the way men and women care for their skin. Whereas, HL concentrates on body skin and facial solutions.

Drivers & Restraints

Rising demand for natural cosmetics and medicines with organic ingredients will boost product demand in the forecast period. Factors such as side effects caused due to OTC drugs and lack of knowledge among populace regarding the benefits of pharmaceutical and beautification medicines will hamper overall industry growth in the forecast period.

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Pharma & cosmetics industry is characterized based on type, application, and sales channel. Based on type, the industry is categorized into gels, ointments, creams, and others. Based on application, the industry is categorized into cosmetics and pharmaceuticals over-the-counter (OTC). Based on sales channel, the industry is categorized into distribution channels and direct channels. Geographically, the industry is categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Pharmaceutical OTC drugs will escalate industry growth on account of rising demand from consumers to treat minor sicknesses.

As per the report published by Consumer Healthcare Products Association (CHPA), stated that over 80% of consumers in the U.S. use OTC drugs as a first-line treatment for minor illnesses. OTC drugs are a major class of medicines, which can be sold directly to the customers without any prescription. These drugs comprise anti-allergy drugs and skin creams, as well as painkillers like paracetamol. Also, its cost-efficient alternative property will escalate product demand in the coming years.

India is anticipated to witness the fastest growth rate in the forecast period as new chemists open up in rural areas and arrival of novel products hit the shelves.

Globally, Asia Pacific is expected to witness the fastest growth rate owing to expanding pharmaceutical and beauty sector along with the presence of key players in the region. In addition, rising population in emerging countries like India prefers prescription-free medicines that will contribute to the growth of industry in the forecast period. For instance, antibiotics are preferred without any doctor’s prescription.

Major manufacturers of pharma & cosmetics market include Shanghai Jahwa, Johnson & Johnson, Henkel, Roche, Beiersdorf, Novartis, Shiseido, Pfizer, Kao, Sanofi, Estee Lauder, Eli Lilly, Procter & Gamble, GSK, Unilever, Bayer, L' OREAL, and Merck & Co. These players are concentrating to make their position in the industry by boosting innovation and ingenuity and by offering the best solutions to their clientele across the globe.