Dermatological Drugs - Serbia

Serbia

The revenue of the Dermatological Drugs market in Serbia is estimated to reach US$8.04m in the year 2024.
It is expected that the revenue will exhibit a compound annual growth rate (CAGR 2024-2029) of 5.92%, leading to a market volume of US$10.72m by the year 2029.
When compared globally, United States is projected to generate the highest revenue of US$11,670.00m in the year 2024.
Serbia's growing population and increasing awareness about skin health are driving the demand for dermatological drugs in the country.

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

Market

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Currency

Analyst Opinion

The demand for Dermatological Drugs in Serbia has been on the rise in recent years, driven by various factors such as increasing prevalence of skin disorders, growing awareness about skincare, and rising disposable income among consumers.

Customer preferences: In Serbia, consumers are increasingly becoming conscious about their skin health and are willing to invest in high-quality dermatological products. They prefer products that are clinically proven, safe, and effective in treating a wide range of skin conditions. Additionally, consumers are also showing a preference for organic and natural products that are free from harmful chemicals.

Trends in the market: One of the major trends in the Dermatological Drugs market in Serbia is the growing demand for topical drugs, which are easy to apply and have fewer side effects compared to oral medications. Additionally, there is a rising demand for biologic drugs, which are highly effective in treating chronic skin conditions such as psoriasis and atopic dermatitis.Another trend in the market is the increasing popularity of online sales channels, which offer consumers a convenient and hassle-free way to purchase dermatological products. E-commerce platforms are gaining traction in Serbia, with more and more consumers opting to buy products online due to the wider range of products available and the ease of comparing prices.

Local special circumstances: Serbia has a relatively small market size for Dermatological Drugs, which has resulted in intense competition among market players. Domestic companies are competing with multinational companies, with the former focusing on offering affordable products while the latter are targeting the premium segment.Another factor that is unique to the Serbian market is the high prevalence of skin disorders, which is driving demand for dermatological products. According to a study conducted by the Serbian Ministry of Health, around 20% of the population suffers from some form of skin disorder.

Underlying macroeconomic factors: The Serbian economy has been growing steadily in recent years, with rising disposable income among consumers. This has led to an increase in spending on personal care products, including dermatological drugs. Additionally, the government has been implementing various measures to improve the healthcare system and increase access to affordable healthcare, which has also contributed to the growth of the Dermatological Drugs market in Serbia.

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.