Dermatological Drugs - Kuwait

Kuwait

The Dermatological Drugs market in Kuwait is forecasted to achieve a revenue of US$16.86m Kuwaiti Dinars in the year 2024.
This revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.80%, leading to a market volume of US$22.35m Kuwaiti Dinars by 2029.
When compared globally, United States is projected to generate the highest revenue of US$11,670.00m Kuwaiti Dinars in 2024.
The demand for dermatological drugs in Kuwait is on the rise due to the increasing prevalence of skin diseases and the growing awareness among the population about the importance of skincare.

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

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Currency

Analyst Opinion

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

Customer preferences: Kuwaiti consumers have become increasingly concerned about their skin health and are willing to invest in high-quality dermatological drugs. They are particularly interested in products that offer quick and effective results, as well as those that are made from natural ingredients.

Trends in the market: One of the main trends in the dermatological drugs market in Kuwait is the growing popularity of prescription-based products. Many consumers are turning to dermatologists for advice on which products to use, rather than relying on over-the-counter options. Additionally, there has been a significant increase in demand for anti-aging products, as well as those that target specific skin conditions such as acne and rosacea.

Local special circumstances: Kuwait has a hot and dry climate, which can be harsh on the skin. This has led to a high demand for moisturizing and hydrating products, as well as those that offer sun protection. Additionally, Kuwaiti consumers tend to prefer products that are halal-certified, as well as those that are free from harmful chemicals and additives.

Underlying macroeconomic factors: The Kuwaiti economy has been relatively stable in recent years, with a strong focus on healthcare and wellness. This has led to an increase in disposable income, which has in turn fueled demand for high-quality dermatological drugs. Additionally, the government has implemented a number of initiatives to promote healthcare and wellness, which has further boosted the market.

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.