Dermatological Drugs - Namibia | Statista Market Forecast

The Dermatological Drugs market in Namibia is expected to witness a significant growth in revenue, reaching US$1.71m by 2024.
Further projections indicate a promising annual growth rate (CAGR 2024-2029) of 5.14%, leading to a substantial market volume of US$2.20m by 2029.
When compared to other countries worldwide, United States is anticipated to generate the highest revenue, amounting to US$11.67bn in 2024.
Namibia's dermatological drug market is experiencing a surge in demand for sunburn treatments due to its high UV radiation levels.

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

Namibia, a country in southern Africa, has been experiencing a surge in the demand for dermatological drugs. This can be attributed to several factors that have been shaping the market in recent years.

Customer preferences: Namibian customers have been increasingly conscious about their skin health and are seeking out products that can help them maintain healthy skin. This trend is not unique to Namibia, as consumers worldwide are becoming more aware of the importance of skincare. Additionally, the country's high prevalence of skin diseases such as eczema, psoriasis, and skin cancer has increased the demand for dermatological drugs.

Trends in the market: The Namibian dermatological drugs market has been experiencing steady growth in recent years. The market is being driven by the increasing demand for topical drugs, which are easy to use and have fewer side effects than oral drugs. Additionally, the rising prevalence of skin diseases, coupled with the growing awareness of the importance of skincare, has led to an increase in the demand for dermatological drugs.

Local special circumstances: Namibia's unique climate and geography have contributed to the high prevalence of skin diseases in the country. The country's arid climate and high levels of UV radiation increase the risk of skin cancer and other skin diseases. Additionally, the country's high poverty levels have led to poor living conditions, which can contribute to the spread of skin diseases.

Underlying macroeconomic factors: Namibia's economy has been growing steadily in recent years, which has led to an increase in disposable income and an improvement in living standards. This has contributed to the growing demand for dermatological drugs as consumers have more money to spend on healthcare products. Additionally, the country's growing population has led to an increase in the demand for healthcare services, including dermatological drugs.

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.