Dermatological Drugs - India

India

The Dermatological Drugs market in India is expected to witness a significant growth in revenue, projected to reach ₹US$196.00m by 2024.
Furthermore, it is anticipated that the market will display a steady annual growth rate (CAGR 2024-2029) of 6.31%, leading to a market volume of ₹US$266.20m by 2029.
When compared globally, United States is predicted to generate the highest revenue in this market, reaching a staggering US$11,670.00m in 2024.
India is experiencing a surge in demand for dermatological drugs due to the high prevalence of skin diseases in the country.

Key regions: United Kingdom, Canada, Japan, Europe, China

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Analyst Opinion

India is one of the fastest-growing pharmaceutical markets in the world, with a significant demand for dermatological drugs.

Customer preferences: The Indian population has a high incidence of skin diseases due to factors such as pollution, poor hygiene, and exposure to sunlight. Therefore, there is a high demand for dermatological drugs in the country. Additionally, the increasing awareness of personal grooming and the desire to look good has led to a surge in demand for cosmetic dermatology products.

Trends in the market: The dermatological drugs market in India is witnessing a shift towards more advanced and innovative products. There is a growing demand for biologics and other targeted therapies that offer better efficacy and safety profiles. Additionally, there is an increasing trend towards the use of combination therapies to achieve better treatment outcomes.

Local special circumstances: India has a highly competitive pharmaceutical market, with a large number of domestic and international players. The market is characterized by intense price competition, which has led to a significant reduction in the prices of dermatological drugs. Additionally, the presence of a large number of unorganized players in the market has resulted in the proliferation of counterfeit drugs, which poses a significant challenge to the growth of the market.

Underlying macroeconomic factors: The Indian economy is growing at a fast pace, with a large and growing middle class that has significant purchasing power. This has led to an increase in healthcare spending, including spending on dermatological drugs. Additionally, the Indian government has taken several initiatives to promote the growth of the pharmaceutical industry, including the introduction of favorable policies and the establishment of special economic zones.

Methodology

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.