Dermatologicals is set to record a decline in 2020, similar to results recorded in 2019. However, the outbreak of COVID-19 is not the key reason for a decline in value growth.
With schools and day-cares closed during the initial outbreak of COVID-19, the spread of head and body lice reduced. This is set to continue across the rest of 2020, as children social distance from each other, having less contact.
During the outbreak of COVID-19, consumers have continued to look for efficacy and convenience in dermatologists. Dong Wha Pharmaceutical Industrial is set to lead with Fucidin Ointment in 2020, which has been in the market for 30 years, viewed as a must-have OTC product by many consumers.
Following a predicted decline in 2020, driven heavily by antiparasitics/lice (head and body) treatments and haemorrhoid treatments, growth is set to be positive in 2021, remaining steady across the forecast period. Sales in 2021 will benefit from children socialising in school once more, especially in pre-schools, where children have a great deal of contact with each other, and social distancing is hard to control.
The development of the beauty and personal care industry is expected to impact the performance of dermatologicals across the forecast period. The most significant threats will be made towards hair loss treatments and nappy (diaper) rash treatments.
The competitive landscape within dermatologicals is set to witness a level of stagnation across the forecast period. Existing powerful brands are set to continue leading sales, which discourages potential competitors from entering the landscape.
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Understand the latest market trends and future growth opportunities for the Medicated Skin Care industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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