Key regions: United Kingdom, Canada, Japan, Europe, China
The demand for dermatological drugs in G7 countries has been on the rise in recent years. This can be attributed to various factors such as an increase in skin-related diseases and disorders, a growing aging population, and a rise in disposable income.
Customer preferences: Customers in G7 countries are increasingly looking for dermatological drugs that offer quick and effective solutions to their skin problems. They are also more inclined towards natural and organic products that are free from harmful chemicals. In addition, there is a growing demand for dermatological drugs that offer multiple benefits such as anti-aging, sun protection, and hydration.
Trends in the market: The dermatological drugs market in the United States is witnessing a significant growth owing to the presence of a large aging population, a high prevalence of skin diseases, and an increase in healthcare expenditure. The market in Japan is also expanding due to the rising incidence of skin cancer and an increase in the number of people seeking cosmetic treatments. In Europe, the market is being driven by the growing demand for dermatological drugs for the treatment of acne and psoriasis.
Local special circumstances: In the United States, the market for dermatological drugs is highly competitive with the presence of several established players. However, the market in Japan is relatively less competitive with a few dominant players. In Europe, the market is fragmented with the presence of both local and international players.
Underlying macroeconomic factors: The rise in disposable income and an increase in healthcare expenditure are the major macroeconomic factors driving the growth of the dermatological drugs market in G7 countries. In addition, the growing aging population and the rise in skin-related disorders are also contributing to the growth of the market. However, stringent regulations and the high cost of dermatological drugs are some of the factors that may hinder the growth of the market in the future.
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.
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