Dermatological Drugs - GCC

GCC

Highlights

The Dermatological Drugs market in the GCC is anticipated to witness a significant upsurge in revenue, with projections indicating a rise to US$178.40m by the year 2024.
This growth is expected to continue steadily, with an estimated annual growth rate (CAGR 2024-2029) of 5.71%.
As a result, the market volume is projected to reach US$235.40m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue in the Dermatological Drugs market, reaching a staggering US$11.67bn in 2024.
The demand for dermatological drugs in the GCC is driven by the high prevalence of skin conditions and the increasing awareness of their treatment options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for dermatological drugs in the GCC region has been steadily increasing in recent years.

Customer preferences: One of the major factors driving the growth of the dermatological drugs market in GCC is the rising awareness and concern for skin health among the population. The hot and humid climate in the region, combined with the high prevalence of skin diseases, has led to a growing demand for effective dermatological treatments. Additionally, the increasing disposable income and changing lifestyle patterns have also contributed to the growth of this market.

Trends in the market: The dermatological drugs market in GCC is witnessing several trends that are shaping its growth trajectory. One of the key trends is the increasing adoption of biologics and targeted therapies for the treatment of skin diseases. Biologics offer a more targeted approach to treating skin diseases, with fewer side effects than traditional treatments. Another trend is the growing popularity of over-the-counter (OTC) dermatological drugs, which are easily accessible and affordable.

Local special circumstances: The GCC region has a unique set of circumstances that are driving the growth of the dermatological drugs market. The high prevalence of skin diseases in the region, such as psoriasis and eczema, is a major factor. Additionally, the hot and humid climate in the region can exacerbate skin conditions, leading to a higher demand for effective treatments. The growing number of medical tourists in the region is also contributing to the growth of the dermatological drugs market.

Underlying macroeconomic factors: Several macroeconomic factors are driving the growth of the dermatological drugs market in GCC. The region has a high GDP per capita and a rapidly growing population, which is increasing demand for healthcare services. Additionally, the GCC governments are investing heavily in healthcare infrastructure and research and development, which is creating a favorable environment for the growth of the dermatological drugs market. The expanding private healthcare sector in the region is also contributing to the growth of this market.

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.