Dermatological Drugs - Baltics | Statista Market Forecast

The market of Dermatological Drugs market in the Baltics is expected to witness a substantial growth in revenue, projected to reach a staggering US$17.57m in 2024.
Furthermore, it is anticipated that this market will maintain a steady annual growth rate of 5.96% (CAGR 2024-2029), ultimately leading to a market volume of US$23.46m by 2029.
However, in a global context, United States will dominate this sector, generating the highest revenue of US$11.67bn in 2024.
The demand for dermatological drugs in the Baltics is driven by the high prevalence of skin conditions and a growing awareness about the importance of skincare.

Definition:
The Dermatological Drugs market covers treatments of diseases related to skin, nails, hair, and genital membranes. Typical examples are medications for eczema, acne, and rosacea. These preparations include ointments, creams, gels, pills, capsules, washing lotions, peelings, pastes, solutions, and sprays. Products which are primarily used for cosmetic purposes are not included.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Johnson & Johnson, Bayer, Leo Pharma, Galderma

Drugs to treat diseases related to skin, nails, hair, and genital membranes
Steroids such as corticosteroids (topical and systemic)
Topical antihistamines
Antifungals

Cosmetic products
Immunosuppressants to treat psoriasis
Skin cancer treatment

The demand for dermatological drugs in the Baltics has been steadily increasing over the past few years.

Customer preferences: Customers in the Baltics are increasingly concerned about their skin health and are willing to spend more on dermatological drugs. They prefer products that are effective, affordable, and easily accessible. The demand for natural and organic products is also on the rise.

Trends in the market: The market for dermatological drugs in the Baltics is driven by the increasing prevalence of skin diseases such as acne, psoriasis, and eczema. The aging population is also contributing to the growth of the market as they are more prone to skin problems. The rise in disposable income and awareness about skin health is also driving the market. The market is expected to grow further with the introduction of new and innovative products that cater to the specific needs of customers.

Local special circumstances: The Baltic countries have a relatively small population, which limits the size of the market. However, the market is still attractive due to the high purchasing power of customers. The market is also highly competitive, with both local and international companies vying for market share. The regulatory environment is also favorable, which makes it easier for companies to introduce new products into the market.

Underlying macroeconomic factors: The Baltic countries have experienced steady economic growth over the past few years, which has led to an increase in disposable income. This has allowed customers to spend more on healthcare and personal grooming products, including dermatological drugs. The increase in tourism has also contributed to the growth of the market, as tourists are more likely to spend on skincare products during their travels. The aging population is also a key factor, as they are more likely to suffer from skin problems and are willing to spend more on healthcare.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.