Dermatological Drugs - Ghana | Statista Market Forecast

In Ghana, the revenue in the Dermatological Drugs market is estimated to reach US$3.90m in 2024.
This market is expected to experience an annual growth rate of 5.80% from 2024 to 2029, resulting in a market volume of US$5.17m by 2029.
It is worth noting that in global comparison, United States is projected to generate the highest revenue in this market, reaching US$11.67bn in 2024.
Ghana's dermatological drugs market is witnessing a surge in demand due to increasing awareness about skin health and rising disposable incomes.

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 Ghana has been on the rise in recent years.

Customer preferences: Customers in Ghana are increasingly aware of the importance of skincare and are willing to invest in high-quality dermatological products. This trend is particularly evident among the middle class, who are willing to spend more on premium products.

Trends in the market: One of the key trends in the Ghanaian dermatological drugs market is the increasing popularity of natural and organic products. Consumers are increasingly looking for products that are free from harmful chemicals and are made using natural ingredients. This trend is in line with the global trend towards natural and organic products.Another trend in the market is the increasing availability of dermatological drugs through online channels. This has made it easier for consumers to access a wider range of products and has also increased competition in the market.

Local special circumstances: One of the unique factors influencing the dermatological drugs market in Ghana is the country's climate. Ghana has a tropical climate, which means that skin conditions such as eczema and acne are more common. This has led to a higher demand for products that can treat these conditions.

Underlying macroeconomic factors: Ghana's economy has been growing steadily in recent years, which has led to an increase in disposable income. This has made it easier for consumers to afford premium skincare products. In addition, the government has been investing in healthcare infrastructure, which has increased access to healthcare services, including dermatological treatments.

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.