Market Insights Health OTC Pharmaceuticals

Skin Treatment - Taiwan

Taiwan

In Taiwan, the revenue in the Skin Treatment market market is recorded at US$216.70m in 2024.
It is projected to experience an annual growth rate of 6.97% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, reaching US$4,184.00m in 2024.
Considering the total population, the per person revenues in Taiwan amount to US$9.05 in 2024.
Taiwan is experiencing a surge in demand for skin treatments in the OTC Pharmaceuticals market, driven by an increasing focus on skincare and beauty among its population.

Key regions: Europe, United Kingdom, United States, Canada, China

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Analyst Opinion

The Skin Treatment market in Taiwan has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Customers in Taiwan have shown a growing interest in skin treatments, driven by a desire for healthier and more youthful-looking skin. With increasing exposure to global beauty trends and the influence of social media, Taiwanese consumers are becoming more conscious about their appearance and are seeking out skincare solutions to address their specific concerns. This includes a demand for products and treatments that target issues such as acne, pigmentation, and aging.

Trends in the market: One of the key trends in the Skin Treatment market in Taiwan is the rising popularity of natural and organic skincare products. Consumers are becoming more aware of the potential harmful effects of chemicals and are seeking out products that are free from harmful ingredients. This trend is also influenced by the global shift towards sustainability and eco-friendly practices.Another trend in the market is the growing demand for non-invasive and minimally invasive skin treatments. Taiwanese consumers are increasingly opting for procedures such as laser treatments, chemical peels, and microdermabrasion, which offer effective results without the need for surgery or extensive downtime. This trend is driven by a desire for quick and convenient solutions that can be incorporated into busy lifestyles.

Local special circumstances: Taiwan has a well-established beauty and skincare industry, with a wide range of local and international brands available in the market. This competitive landscape has led to a high level of innovation and product development, with companies constantly introducing new and advanced skincare solutions to meet the evolving needs of consumers.Furthermore, Taiwan has a strong culture of beauty and skincare, with a focus on prevention and maintenance rather than corrective treatments. This has contributed to the popularity of regular skin treatments and the adoption of comprehensive skincare routines among Taiwanese consumers.

Underlying macroeconomic factors: The growing Skin Treatment market in Taiwan can also be attributed to favorable macroeconomic factors. The country has a stable economy and a relatively high disposable income, allowing consumers to invest in skincare products and treatments. Additionally, the aging population in Taiwan has created a demand for anti-aging solutions, driving the growth of the market.In conclusion, the Skin Treatment market in Taiwan is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and favorable macroeconomic factors. With a focus on natural and organic products, non-invasive treatments, and a culture of beauty and skincare, Taiwan presents opportunities for both local and international players in the industry.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.