Dermatological Drugs - Equatorial Guinea

Equatorial Guinea

The Dermatological Drugs market in Equatorial Guinea is estimated to reach a revenue of US$0.55m by 2024.
It is expected to exhibit an annual growth rate of 4.94% (CAGR 2024-2029), leading to a market volume of US$0.70m by 2029.
In terms of global comparison, United States is projected to generate the highest revenue in this market, with US$11,670.00m in 2024.
Equatorial Guinea is witnessing a growing demand for dermatological drugs, driven by an increasing awareness of skincare and a higher prevalence of skin conditions in the population.

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

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Analyst Opinion

The Dermatological Drugs market in Equatorial Guinea has been steadily growing in recent years.

Customer preferences: Equatorial Guinea has a high prevalence of skin diseases due to its tropical climate and lack of access to clean water. As a result, there is a high demand for dermatological drugs in the country. Customers in Equatorial Guinea prefer topical treatments over oral medications due to their ease of use and lower risk of side effects.

Trends in the market: The dermatological drugs market in Equatorial Guinea has been seeing a shift towards more natural and organic products. This trend is in line with the global movement towards natural and sustainable products. Additionally, there has been a rise in demand for products that target specific skin conditions such as acne, eczema, and psoriasis.

Local special circumstances: Equatorial Guinea is a small country with a population of just over one million people. The market for dermatological drugs is largely driven by urban areas, particularly the capital city of Malabo. The country has a limited healthcare infrastructure, which means that many people rely on over-the-counter medications for their skin conditions.

Underlying macroeconomic factors: Equatorial Guinea is a resource-rich country, with oil and gas being the main drivers of its economy. However, the country has been facing economic challenges in recent years due to falling oil prices and corruption. This has led to a decrease in government spending on healthcare, which has had an impact on the availability of dermatological drugs in the country. Despite these challenges, the market for dermatological drugs in Equatorial Guinea is expected to continue growing due to the high prevalence of skin diseases in the country.

Methodology

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.