Dermatological Drugs - Guatemala | Statista Market Forecast

In Guatemala, it is projected that the revenue in the Dermatological Drugs market will reach US$8.04m by 2024.
It is expected that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 6.07%, leading to a market volume of US$10.80m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in this market, with US$11.67bn in 2024.
Guatemala's dermatological drugs market is witnessing a growing demand for skincare products infused with natural ingredients.

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 Guatemala has been on the rise in recent years, driven by various factors such as increasing awareness about skin health, growing disposable income, and a rise in skin diseases.

Customer preferences: Guatemalan consumers are increasingly becoming aware of the importance of maintaining healthy skin, leading to a rise in demand for dermatological drugs. This trend is particularly evident among the younger population, who are more likely to invest in skincare products and treatments. Additionally, the growing disposable income of the middle class has enabled them to afford more expensive dermatological drugs.

Trends in the market: One of the major trends in the Guatemalan Dermatological Drugs market is the increasing demand for topical drugs, which are easier to apply and have fewer side effects compared to oral drugs. Another trend is the growing popularity of natural and organic skincare products, which are perceived to be safer and more effective than synthetic products. Additionally, there is a rising trend towards the use of combination therapy, where two or more drugs are used together to treat skin diseases.

Local special circumstances: The Guatemalan Dermatological Drugs market is highly competitive, with both local and international players vying for market share. Local companies have an advantage in terms of pricing, while international companies have an advantage in terms of brand recognition and quality. Additionally, the market is highly regulated, with stringent requirements for drug approval and distribution.

Underlying macroeconomic factors: The Guatemalan economy has been growing steadily in recent years, driven by factors such as increasing foreign investment, a growing tourism industry, and a rise in exports. This has led to a rise in disposable income and an increase in healthcare spending, including spending on dermatological drugs. However, the market is also affected by factors such as political instability, corruption, and a lack of infrastructure, which can hinder growth and investment.

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.