Dermatological Drugs - Fiji | Statista Market Forecast

The revenue in the Dermatological Drugs market of Fiji is estimated to reach US$332.50k by the year 2024.
It is anticipated that there will be an annual growth rate (CAGR 2024-2029) of 5.64%, leading to a market volume of US$437.40k by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$11.67bn in 2024.
The demand for dermatological drugs in Fiji is growing steadily due to the increasing awareness of skin health and the rise in skin-related conditions.

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 Fiji has been steadily increasing over the years.

Customer preferences: Fijians are becoming more health-conscious and are taking better care of their skin. As a result, they are seeking out dermatological drugs to treat various skin conditions such as acne, eczema, and psoriasis. Additionally, the availability of a wider range of dermatological drugs in the market has made it easier for consumers to find products that suit their specific needs.

Trends in the market: The dermatological drugs market in Fiji is experiencing an influx of new products from both local and international manufacturers. This has resulted in increased competition, leading to lower prices for consumers. There is also a growing trend towards natural and organic skincare products, with many consumers preferring products that contain natural ingredients.

Local special circumstances: Fiji's tropical climate and high levels of UV radiation make it a prime location for skin damage, which has contributed to the high demand for dermatological drugs. Additionally, the country's multi-ethnic population means that there is a diverse range of skin types and conditions that need to be addressed.

Underlying macroeconomic factors: Fiji's growing economy and increasing disposable income have led to a rise in demand for healthcare products, including dermatological drugs. The government's efforts to improve healthcare infrastructure and services have also contributed to the growth of the market. However, the high cost of importing drugs remains a challenge for the industry.

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.