Dermatological Drugs - Ethiopia

Ethiopia

The projected revenue in the Dermatological Drugs market in Ethiopia is estimated to reach US$4.49m in 2024.
It is expected that the revenue will show an annual growth rate (CAGR 2024-2029) of 7.01%, resulting in a market volume of US$6.30m by 2029.
When compared globally, United States is expected to generate the highest revenue of US$11,670.00m in 2024.
Ethiopia's dermatological drugs market is experiencing a surge in demand due to increasing awareness about skin health and a growing middle class.

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

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Analyst Opinion

Despite being a developing country, Ethiopia has a rapidly growing economy with an increasing demand for healthcare services. The Dermatological Drugs market in Ethiopia has been experiencing a steady growth in recent years due to several factors.

Customer preferences: The Ethiopian population has a high prevalence of skin diseases due to the country's tropical climate and lack of access to clean water and sanitation facilities. As a result, there is a high demand for dermatological drugs to treat skin conditions such as fungal infections, eczema, and psoriasis. Customers in Ethiopia prefer affordable drugs that are easily accessible and effective in treating their skin conditions.

Trends in the market: The Dermatological Drugs market in Ethiopia has seen an increase in the availability of generic drugs, which are more affordable than branded drugs. This has led to increased competition among pharmaceutical companies and a decrease in the prices of dermatological drugs. Additionally, there has been an increase in the number of dermatology clinics and hospitals in Ethiopia, which has led to an increase in the demand for dermatological drugs.

Local special circumstances: The Ethiopian government has been making efforts to improve the healthcare system in the country by increasing funding for healthcare services and building new hospitals and clinics. This has led to an increase in the availability of healthcare services, including dermatology services. However, there is still a lack of dermatologists in Ethiopia, which has led to a shortage of specialized dermatological care in the country.

Underlying macroeconomic factors: Ethiopia has a rapidly growing economy, with a GDP growth rate of over 8% in recent years. This has led to an increase in the disposable income of the population, which has led to an increase in the demand for healthcare services, including dermatological drugs. Additionally, the Ethiopian government has been implementing policies to encourage foreign investment in the country, which has led to an increase in the number of pharmaceutical companies operating in Ethiopia.In conclusion, the Dermatological Drugs market in Ethiopia is expected to continue growing in the coming years due to the high prevalence of skin diseases, the increase in the availability of healthcare services, and the growing economy. However, there is a need for more specialized dermatological care in the country to meet the increasing demand for healthcare services.

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.