Dermatological Drugs - Panama

Panama

The Dermatological Drugs market in Panama is expected to witness a significant surge in revenue, reaching a projected value of US$9.93m in 2024.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 6.54%, ultimately resulting in a market volume of US$13.63m by 2029.
In comparison to other countries, United States is projected to generate the highest revenue, reaching a substantial value of US$11,670.00m in 2024.
Panama's dermatological drugs market is experiencing a surge in demand due to the country's high prevalence of skin diseases.

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

Market

Region

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Currency

Analyst Opinion

The demand for dermatological drugs in Panama has been steadily increasing in recent years.

Customer preferences: Panamanian consumers are becoming increasingly aware of the importance of skincare and are willing to invest in dermatological drugs to maintain healthy skin. The rise in disposable income has also led to an increase in demand for premium skincare products.

Trends in the market: The dermatological drugs market in Panama is driven by the increasing prevalence of skin diseases such as acne, eczema, and psoriasis. The market is also witnessing a shift towards natural and organic skincare products, as consumers become more conscious of the ingredients in their skincare products. Additionally, there is a growing trend of using medical-grade skincare products prescribed by dermatologists.

Local special circumstances: Panama's tropical climate and high humidity levels make it a challenging environment for skincare. The hot and humid weather can cause skin problems such as acne, rashes, and fungal infections. As a result, there is a high demand for skincare products that can combat these issues.

Underlying macroeconomic factors: Panama's economy has been growing steadily, with a GDP growth rate of 4.9% in 2019. This growth has led to an increase in disposable income, which has contributed to the rising demand for dermatological drugs. Additionally, the government's efforts to improve healthcare infrastructure and increase access to healthcare services have also contributed to the growth of the dermatological drugs 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.