Dermatological Drugs - Philippines

The Dermatological Drugs market in the Philippines is anticipated to achieve a revenue of US$29.45m by 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 6.75%, leading to a market volume of US$40.82m by 2029.
When compared globally, United States will generate the highest revenue, amounting to US$11.67bn in 2024.
The dermatological drugs market in the Philippines is experiencing a surge in demand due to the increasing prevalence of skin diseases and rising awareness about skincare.

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

The demand for dermatological drugs in the Philippines has been steadily increasing over the years.

Customer preferences: Customers in the Philippines have shown a preference for topical creams and ointments as opposed to oral medication. This is due to the convenience and ease of application of topical medication. Additionally, there is a growing trend towards the use of natural and organic products, which has led to an increase in demand for herbal and plant-based dermatological drugs.

Trends in the market: One of the key trends in the Philippine dermatological drugs market is the rise in demand for anti-aging products. This can be attributed to the increasing aging population in the country and the growing awareness of the importance of skincare. Another trend is the increasing prevalence of skin diseases such as acne and eczema, which has led to a rise in demand for medication to treat these conditions. Additionally, there is a growing trend towards the use of combination therapies, where multiple drugs are used to treat a single condition.

Local special circumstances: The hot and humid climate in the Philippines has led to a high incidence of skin problems such as acne and fungal infections. This has created a large market for dermatological drugs that can effectively treat these conditions. Additionally, the Philippines has a large cosmetic industry, which has led to an increasing demand for dermatological drugs that can improve the appearance of the skin.

Underlying macroeconomic factors: The Philippines has a rapidly growing economy, which has led to an increase in disposable income and a growing middle class. This has resulted in an increase in demand for skincare products, including dermatological drugs. Additionally, the government has implemented policies to improve access to healthcare in the country, which has led to an increase in demand for medication, 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.