COVID-19 IMPACT ON PHOTOPROTECTIVE DRUGS MARKET
Photoprotective drugs consist of protective mechanisms that may vary and include anti-oxidant, anti-inflammatory, and immunomodulatory effects. As such, they provide protection against UVR and prevent photo-induced carcinogenesis and aging. The photoprotective drugs market is expected to grow significantly during the forecast period as a large no. people have become very conscious about their skin and the rising clean beauty trends. The photoprotective drugs market is segmented based on agent type, distribution channel and region. On the basis of agent type, the market is segmented carotenoids, lycopene, xanthophylls, astaxanthin and others. carotenoids and xanthophylls are expected to be the largest revenue contributor in this segment. Based on end user, the global photoprotective market is segmented into hospital pharmacies, retail pharmacies and online pharmacies.
The impact of COVID-19 on photoprotective drugs market has started to be felt. The breakout of this disease led to lockdowns across globe which has slowed down the growth of many markets. Photoprotective drugs market is no different. Additionally, the employees have beenasked to work from home which may have also affected the photoprotective drugs market. However, the market is expected to catch up and grow rapidly in the forecast years 2020-2030.
Photoprotective Drugs Market: Drivers and Restraints
The rising demand for healthy and natural food along with supplement consumption on account of rising health issues is likely to drive the growth of the market. The prominence of carotenoids, which is a photoprotective agent is expected to boost the growth of the photoprotective drugs market. As carotenoids can prevent induction of DNA damage due to oxidative stress, lipid peroxidation, etc. that may lead to wrinkles and aging.
However, stringent approval norms and regulatory are expected to hinder product demand over the upcoming years.
Photoprotective Drugs Market: Segmentation
Tentatively, the global photoprotective drugs markethas been segmented on the basis of agent type, distribution channel and region.
Based on agent type, the global photoprotective drugs market is segmented as:
Based on distribution channel, the global photoprotective drugs market is segmented as:
Based on region, the global photoprotective drugs market is segmented as:
Photoprotective Drugs Market: Overview
Photoprotective drugs market is expected to experience significant growth during the forecast period.
Based on agent type, the market is segmented into carotenoids, lycopene, xanthophylls and astaxanthin and others. carotenoids and xanthophylls are expected to be leading contributor of revenue in this segment.
Based on distribution channel, the global photoprotective drugs market is segmented into hospital pharmacy, online pharmacy and retail pharmacy. The retail pharmacy is expected to continue to be the highest contributor of revenue in this segment. However, the growing demand of E- commerce will lead to significant growth in online pharmacy during the forecast period.
Photoprotective Drugs Market: Regional-WiseOutlook
Geographically, the photoprotective drugs market is segmented into seven regions, i.e.; Latin America, South Asia, Oceania, East Asia, Europe, North America and Middle East & Africa.
The North America is expected to account for the largest share in the photoprotective drugs market due to large no. people suffering from sensitive skin issues and demand for clean beauty trends. Europe is expected to have the second largest market for global photoprotective drugs market.
However, East Asia and south Asia is expected to observe a substantial growth in the photoprotective drugs market as a result of rising pollution concerns and increase in per capita spending in countries like India, China, Japan and Indonesia. The Middle East and Africa is expected to havelimited market growth due to lower access to technological advancement,slow economic growth and underdeveloped infrastructure.
Photoprotective Drugs Market: Key players
Some of the players identified in the photoprotective drugs marketinclude:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis of the photoprotective drugs market report includes
Photoprotective drugs market Report Highlights: