Dermatological Drugs - Saudi Arabia

Saudi Arabia

In Saudi Arabia, the revenue in the Dermatological Drugs market is forecasted to reach US$105.50m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.24%, leading to a market volume of US$136.20m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$11,670.00m in 2024.
Saudi Arabia is experiencing a growing demand for dermatological drugs due to increasing awareness about skincare and beauty.

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

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Analyst Opinion

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

Customer preferences: Saudi Arabia has a high prevalence of skin diseases, including psoriasis, eczema, and acne, which has led to a growing demand for dermatological drugs. In addition, there is a cultural emphasis on maintaining healthy and youthful-looking skin, which has further fueled the demand for these products.

Trends in the market: The dermatological drugs market in Saudi Arabia is experiencing significant growth due to a number of factors. Firstly, there has been an increase in the number of people seeking treatment for skin conditions, which has led to a rise in demand for dermatological drugs. Secondly, there has been a shift towards more effective and innovative treatments, such as biologics, which has also contributed to the growth of the market. Finally, there has been an increase in the availability of these drugs, with more companies entering the market and expanding their product portfolios.

Local special circumstances: One of the key factors driving the growth of the dermatological drugs market in Saudi Arabia is the country's hot and dry climate, which can exacerbate skin conditions. In addition, the country has a high prevalence of skin diseases, which has led to a greater awareness of the importance of skincare and an increased demand for dermatological drugs.

Underlying macroeconomic factors: Saudi Arabia has a growing healthcare sector, with significant investment being made in the development of new hospitals and clinics. This has led to an increase in the availability of healthcare services, including dermatological treatments. In addition, the country has a large and growing population, which has contributed to the growth of the market. Finally, there has been a shift towards more innovative and effective treatments, which has led to increased demand for dermatological drugs.

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.