Dermatological Drugs - NAFTA

NAFTA

Highlights

The Dermatological Drugs market in NAFTA is anticipated to achieve a revenue of US$12.18bn by the year 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 5.27%, leading to a market volume of US$15.75bn by 2029.
When compared to other countries, United States is projected to generate the highest revenue, amounting to US$11.67bn in 2024.
In the NAFTA region, the demand for dermatological drugs is steadily growing due to an aging population and increasing awareness about skin health.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for dermatological drugs in NAFTA is on the rise due to several factors that have impacted the market in recent years.

Customer preferences: Customers in the NAFTA region are increasingly concerned about their skin health, leading to a growing demand for dermatological drugs. With the rising awareness of the harmful effects of UV radiation, pollution, and stress on the skin, consumers are looking for effective solutions to maintain their skin health.

Trends in the market: The dermatological drugs market in NAFTA is expected to grow due to the increasing prevalence of skin diseases and disorders such as acne, psoriasis, and eczema. Furthermore, the aging population is also contributing to the growth of the market as they are more prone to skin-related problems. The trend of using natural and organic products in skincare is also driving the demand for dermatological drugs derived from natural sources.In the US, the market is dominated by prescription drugs for acne and rosacea, while over-the-counter products for skin conditions such as eczema and psoriasis are also gaining popularity. In Canada, the market is driven by prescription drugs for psoriasis and atopic dermatitis.

Local special circumstances: In Mexico, the market for dermatological drugs is driven by the high prevalence of skin diseases and disorders, particularly in the rural areas. The country also has a large population of indigenous people who have unique skin conditions that require specific treatments.

Underlying macroeconomic factors: The growing demand for dermatological drugs in NAFTA can be attributed to several underlying macroeconomic factors. The increasing disposable income of consumers in the region has led to a rise in demand for premium skincare products. The growing awareness of the importance of skin health and the availability of advanced dermatological treatments have also contributed to the growth of the market.In conclusion, the dermatological drugs market in NAFTA is growing due to the increasing prevalence of skin diseases and disorders, aging population, and rising consumer awareness of skin health. The market is expected to continue its growth trajectory in the coming years, driven by the underlying macroeconomic factors of rising disposable income, growing awareness, and availability of advanced 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.