Global Retinoid Market Poised for Growth, Expected to Reach US$ 3.05 Billion by 2034 at a moderate CAGR of 6.5% | Future Market Insights
Russia's diverse climate boosts skin issues, spiking demand for retinoids and driving a global market CAGR of 13.3%. The growing preference for anti-aging products is a key retinoid market forecast, providing lucrative market growth opportunities.
NEWARK, Del, April 15, 2024 (GLOBE NEWSWIRE) -- The global retinoid market will follow the growth path to reach *US$ 3.05 billion* by 2034. Moreover, it will reach *US$ 1.63 billion* by 2024. This advancement will likely occur at a moderate CAGR of *6.5%*.The fundamental retinoid demand generator is the rising demand for preventive treatments. More patients have started to emphasize preventive treatment to avoid exponential medical bills and excessive health damage due to lack of attention. This spurs the demand for retinoids from retinoid manufacturers and suppliers, driving the market.
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Minimal-invasive treatments have been used recently. Medical professionals focus on tablets, moisturizers, lotions, and other non-invasive therapies to avoid complications. Therefore, this surges the demand for retinoids.
The increasing hair loss and damage cases increase the need for retinoids to restore damaged physical health. Other skincare related diseases also spur the need for retinoids, driving the market.
*Key Takeaways from the Market Study:*
· The Russian market, due to its extreme weather conditions, provides the highest growth opportunities for the retinoid market. It is estimated to propel at a CAGR of 13.3%, the highest.
· The French cosmetic industry is attributed to the impressive retinoid market growth in the global market. It is anticipated to leap at a CAGR of 8.4% through 2034.
· The rising prevalence of acne cases in young adults in Latin America, the growth opportunities are rising in the region. Brazil estimates a CAGR of 5.8%.
· Synthetic retinoids, due to their wide applicability, are used the maximum, ensuring they will occupy 77.3% of market space by 2024.
“Due to the side effects of retinoids, alternative therapies and treatments are growing, affecting the growth opportunities of the subject market. This is a key market challenge,” *opines *Sabyasachi Ghosh* Associate Vice President at Future Market Insights (FMI).*
*Competitive Landscape of the Retinoid Market:*
Several multi-national medical institutions and organizations clutter the healthcare sector. Due to this, the industry experiences a great competitive force. Organizations strive to expand in the industry using strategic initiatives like partnerships, collaboration, and international expansion.
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*The following key developments have recently occurred in the market:-*
· In September 2019, Mylan Pharmaceuticals Inc. and Eisai India entered a collaboration agreement that focused on commercializing Teceris, the second Eribulin Brand in India. This strategic initiative has helped the organization bolster its international position.
· In October 2023, GlaxoSmithKline Inc. partnered with Zhifei to produce vaccines in China. The latter will receive all rights to import and distribute vaccines of the organization in China. This will mark the presence of the organization in the international market.
*Report Scope Retinoid Market:*
*Attributes* Details
*Estimated Market Size in 2024* US$ 1.63 billion
*Projected Market Valuation in 2034* US$ 3.05 billion
*Value-based CAGR 2024 to 2034* 6.5%
*Forecast Period* 2024 to 2034
*Historical Data Available for* 2019 to 2023
*Market Analysis* Value in US$ billion
*Key Regions Covered* · North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and Pacific
· East Asia
· The Middle East and Africa
*Key Market Segments Covered* · Type
· Application
· Distribution Channel
· Region
*Key Countries Profiled* · The United States
· Canada
· Brazil
· Mexico
· Germany
· The United Kingdom
· France
· Spain
· Italy
· Poland
· Russia
· Czech Republic
· Romania
· India
· Bangladesh
· Australia
· New Zealand
· China
· Japan
· South Korea
· GCC Countries
· South Africa
· Israel
*Key Companies Profiled* · GlaxoSmithKline Inc.
· Mylan Pharmaceuticals Inc.
· Sun Pharmaceutical Industries Ltd.
· Janssen Pharmaceuticals Inc.
· Bausch Health Companies Inc.
· Ortho Dermatologics
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*Retinoid Market- Key Segments*
*By Type:*
· Natural Retinoids
· Synthetic Retinoids
*By Application:*
· Acne
· Psoriasis
· Anti-aging
· Others
*By Distribution Channel:*
· Hospitals Pharmacies
· Online Pharmacies
· Retail Pharmacies
· Supermarkets / Hypermarkets
*By Region:*
· North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and Pacific
· East Asia
· The Middle East and Africa*Author By:*
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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Moderate-to-Severe Acne Treatment Market Size: The global market was valued at US$ 1.2 Billion in 2022 and is expected to reach US$ 2.4 Billion by 2033. The retinoid therapy with around 25.6% value share, has topped the global market within the treatment category in 2022 and is expected to grow at a CAGR of close to 6.5% over the forecast period (2023 to 2033).
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