July 25, 2024
Skin Barrier Products Market

Skin Barrier Products Market is estimated to Witness High Growth Owing To Growing Awareness

The Skin Barrier Products Market is estimated to be valued at US$ 1063.94 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: –

Skin barrier products help protect the skin from the development and worsening of conditions like ulcers, moisture lesions, and trauma. These products form a physical barrier on the skin surface, preventing external irritants and contaminants from damaging the skin. They maintain a moist environment needed for proper wound healing. Some key products include protective creams/ointments, sealants & patches, and medical tapes.

Market key trends: –

Growing awareness regarding skin protection along with benefits of barrier creams is a major factor driving the growth of the global skin barrier products market. According to an article published by the Skin Cancer Foundation in 2021, skin cancer is the most common cancer in the U.S., with over 5 million cases diagnosed annually. Moreover, rising geriatric population suffering from conditions such as diabetes, obesity, and vascular disease requiring prolonged medical care and hospital stays is leading to increased demand for advanced wound care products like skin barriers for prevention and management of pressure ulcers and skin injuries. The development of novel adhesive technologies and innovative product formulations that enhance comfort, wear-time and breathability without compromising the protective properties is expected to present lucrative opportunities for players in the market.

Porter’s Analysis: –

  • Threat of new entrants: – The skin barrier products market requires substantial capital investment for R&D, manufacturing facilities and distribution networks. This acts as a barrier for new companies.
  • Bargaining power of buyers: – The buyers have moderate bargaining power as there are many established brands in the market producing skin barrier products. Buyers can choose from variety of options available.
  • Bargaining power of suppliers: – The suppliers have low to moderate bargaining power due to availability of substitutes and established supply chains of key players.
  • Threat of new substitutes: – Substitutes like petroleum jelly pose low threat as skin barrier products manufactured by innovating technologies provide better protection and healing.
  • Competitive rivalry: – Intense as major players compete on basis of product quality, innovation and marketing.

SWOT Analysis: –

  • Strength: – Established brands, innovative products, wide distribution network.
  • Weakness: – High R&D and marketing costs, stringent regulations.
  • Opportunity: – Rising geriatric population, increasing awareness, growth in emerging markets.
  • Threats: – Threat from alternatives, pricing pressure from private labels.

Key Takeaways: –

The Global Skin Barrier Products Market Growth is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing cases of wounds worldwide. The market size for 2023 is US$ 1063.94 Mn.

Regional analysis: – North America dominates the market holding over 30% share due to faster adoption of advanced products and awareness about skin care. Asia Pacific is the fastest growing region due to rising disposable incomes, healthcare infrastructure development and growing medical tourism.

Key players operating in the skin barrier products market are 3M, ConvaTec Inc., Coloplast Corp., Salts Healthcare, MEDLINE, Medicareplus International, Essity Medical Solutions, Cardinal Health, Smith & Nephew Plc., Safe n Simple, B Braun Medical Inc., Hollister Inc., and DermaRite Industries, LLC. 3M and Smith & Nephew capture major market share owing to their diversified product portfolio and strong distribution network globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it