Dermatological Drugs - Jamaica

Jamaica

Highlights

The Jamaican dermatological drugs market is expected to witness significant growth in the coming years.
By 2024, the revenue in this market is projected to reach US$1.72m.
Furthermore, it is anticipated that the market will continue to grow at a compound annual growth rate (CAGR) of 5.22% between 2024 and 2029, resulting in a market volume of US$2.22m by the end of 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in this market, with an estimated revenue of US$11.67bn in 2024.
Jamaica's dermatological drugs market is witnessing a surge in demand for sunburn treatments due to the country's tropical climate and popularity as a tourist destination.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for dermatological drugs in Jamaica has been on the rise in recent years.

Customer preferences: Jamaicans are increasingly becoming aware of the importance of skincare and are willing to invest in quality dermatological drugs. This is evident in the growing number of skincare clinics and cosmetic stores across the country. Additionally, the hot and humid climate in Jamaica makes the population more susceptible to skin conditions such as acne, eczema, and psoriasis, which further drives the demand for dermatological drugs.

Trends in the market: One of the major trends in the dermatological drugs market in Jamaica is the increasing popularity of natural and organic skincare products. Consumers are becoming more conscious of the potential harmful effects of chemicals in skincare products and are opting for natural alternatives. This trend is in line with the global shift towards natural and organic skincare products. Another trend is the growing demand for prescription dermatological drugs, which are often more effective in treating severe skin conditions.

Local special circumstances: Jamaica has a vibrant tourism industry, with millions of tourists visiting the country every year. The tourism industry plays a significant role in driving the demand for dermatological drugs as tourists often suffer from skin conditions due to the hot and humid climate. Additionally, the population of Jamaica is predominantly of African descent, which means that dermatological drugs tailored to black skin are in high demand.

Underlying macroeconomic factors: Jamaica has a growing economy, and the government has been implementing policies to attract foreign investment and boost economic growth. This has led to an increase in disposable income, which has in turn driven the demand for dermatological drugs. Additionally, the government has been investing in healthcare infrastructure, which has improved access to dermatological drugs across the country.

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.