Skin Barrier Products Market is Estimated to Witness High Growth Owing to Opportunity of Rising Geriatric Population

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.

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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