Dermatological Drugs - Sri Lanka | Statista Market Forecast

The Dermatological Drugs market in Sri Lanka is expected to achieve a revenue of US$4.15m in 2024.
Moreover, it is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.00%, leading to a market volume of US$4.81m by 2029.
When compared globally, United States is anticipated to generate the highest revenue, amounting to US$11.67bn in 2024.
Sri Lanka's dermatological drugs market is witnessing a surge in demand due to the increasing prevalence of skin conditions and a growing 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 Sri Lanka is on the rise due to a number of factors.

Customer preferences: Customers in Sri Lanka are increasingly seeking out dermatological drugs due to a growing awareness of the importance of skin health. In addition, the country's aging population is also contributing to the demand for these drugs, as older individuals are more likely to experience skin-related issues.

Trends in the market: One of the major trends in the dermatological drugs market in Sri Lanka is the increasing availability of over-the-counter (OTC) products. This is due in part to the country's expanding retail sector, which is making it easier for consumers to access a wider range of products. Another trend is the growing popularity of natural and organic skincare products, which are perceived as being gentler and safer for the skin.

Local special circumstances: Sri Lanka's tropical climate presents unique challenges for those seeking to maintain healthy skin. The country's high humidity levels and exposure to the sun can contribute to a variety of skin issues, including acne, rashes, and sunburn. As a result, consumers in Sri Lanka are particularly interested in products that can help protect their skin from these environmental factors.

Underlying macroeconomic factors: Sri Lanka's growing middle class is also contributing to the demand for dermatological drugs. As incomes rise, consumers are becoming more willing to spend money on products that can help them maintain their appearance and improve their overall quality of life. Additionally, the country's expanding healthcare sector is creating new opportunities for dermatological drug manufacturers, as more individuals gain access to medical care and seek treatment for skin-related issues.

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.