Dermatological Drugs - Estonia

Estonia

Highlights

The Dermatological Drugs market in Estonia is predicted to witness a substantial growth in revenue, with projections estimating it to reach US$5.01m in 2024.
Furthermore, it is expected to display an annual growth rate of 5.82% from 2024 to 2029, ultimately leading to a market volume of US$6.64m by 2029.
In terms of global comparison, United States is anticipated to generate the highest revenue, amounting to US$11.67bn in 2024.
The demand for dermatological drugs in Estonia has been steadily increasing, driven by a growing awareness of skincare and a rising incidence of skin conditions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for dermatological drugs in Estonia has been steadily increasing in recent years, driven by several factors such as an aging population, rising disposable incomes, and a growing awareness of skin health.

Customer preferences: Estonian consumers are increasingly seeking out dermatological drugs that are effective and affordable. They are also becoming more conscious of the ingredients used in these products, with a growing preference for natural and organic formulations. In addition, there is a rising demand for products that cater to specific skin concerns such as acne, eczema, and psoriasis.

Trends in the market: One of the key trends in the Estonian dermatological drugs market is the growing popularity of online sales channels. With the rise of e-commerce platforms, consumers are now able to easily access a wide range of products from international brands. Another trend is the increasing availability of prescription dermatological drugs, which were previously only available through hospitals or specialized clinics. This has led to greater convenience and accessibility for patients.

Local special circumstances: Estonia's small population size and limited healthcare infrastructure means that there are fewer dermatologists and dermatology clinics compared to other European countries. This has led to a growing demand for over-the-counter dermatological drugs that can be easily obtained at pharmacies or online. Additionally, the country's cold and dry climate can exacerbate certain skin conditions, leading to a higher demand for products that address these issues.

Underlying macroeconomic factors: Estonia's strong economic growth and low unemployment rate have contributed to rising disposable incomes and increased spending on personal care products. The country's aging population has also resulted in a higher incidence of skin conditions, further driving demand for dermatological drugs. Additionally, Estonia's membership in the European Union has led to greater regulatory harmonization and increased availability of products from other member states.

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.