Dermatological Drugs - Singapore | Statista Market Forecast

The Dermatological Drugs market in Singapore is expected to witness an impressive growth in revenue, reaching a projected value of US$32.67m in 2024.
This growth is anticipated to continue with an annual growth rate of 6.71% from 2024 to 2029, resulting in a market volume of US$45.20m by the end of 2029.
When compared globally, it is noteworthy that United States will generate the highest revenue in this market, with an estimated value of US$11.67bn in 2024.
"Demand for dermatological drugs in Singapore is on the rise, driven by the growing awareness of skincare and the increasing prevalence of skin conditions in the country."

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 Singapore has been increasing steadily in recent years.

Customer preferences: Singaporeans are becoming more health-conscious and are increasingly seeking medical treatment for their skin conditions. With the rise of social media and the beauty industry, there is also a growing awareness of the importance of skincare, leading to an increased demand for dermatological drugs.

Trends in the market: The dermatological drugs market in Singapore is expected to continue to grow due to the increasing prevalence of skin diseases such as eczema, psoriasis, and acne. There is also a trend towards more personalized skincare, with consumers seeking products that are tailored to their specific skin type and concerns. This has led to the development of new dermatological drugs that target specific skin conditions and are more effective than traditional treatments.

Local special circumstances: Singapore's hot and humid climate also contributes to the demand for dermatological drugs, as it can exacerbate skin conditions such as acne and eczema. In addition, Singapore has a large multicultural population, with different skin types and concerns, leading to a diverse range of products and treatments available in the market.

Underlying macroeconomic factors: The growing demand for dermatological drugs in Singapore is also driven by the country's strong economy and high standard of living. With increasing disposable income, consumers are willing to spend more on skincare and medical treatments. The government has also invested in healthcare infrastructure and research, leading to advancements in dermatological drugs and treatments.

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.