Dermatological Drugs - Thailand

Thailand

The Dermatological Drugs market in Thailand is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$35.01m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 5.84%, resulting in a market volume of US$46.50m by 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Dermatological Drugs market, amounting to US$11,670.00m in 2024.
This indicates the dominance of the United States in this market.
Thailand has seen a surge in demand for dermatological drugs, as the country's growing urban population becomes more conscious of skincare.

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

Market

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Analyst Opinion

The demand for dermatological drugs in Thailand has been on the rise in recent years.

Customer preferences: Thai consumers are becoming increasingly aware of the importance of skincare and are willing to invest in products that cater to their specific needs. This has led to a growing demand for dermatological drugs that target various skin conditions such as acne, eczema, and psoriasis.

Trends in the market: One of the key trends in the Thai dermatological drugs market is the growing popularity of natural and herbal products. Consumers are increasingly looking for products that are free from harsh chemicals and are made from natural ingredients. This has led to a rise in the number of companies offering herbal and natural skincare products in Thailand.Another trend in the market is the increasing availability of dermatological drugs online. With the rise of e-commerce platforms in Thailand, consumers are now able to purchase dermatological drugs from the comfort of their own homes. This has made it easier for consumers to access a wider range of products and has also led to increased price competition among sellers.

Local special circumstances: Thailand is known for its hot and humid climate, which can lead to various skin conditions such as acne and heat rash. This has led to a high demand for dermatological drugs that can help to alleviate these conditions. Additionally, the Thai beauty industry is highly competitive, with a wide range of local and international brands vying for market share.

Underlying macroeconomic factors: Thailand has a rapidly growing middle class, which has led to increased spending on personal care products. Additionally, the country's aging population has also contributed to the growth of the dermatological drugs market, as older consumers are more likely to suffer from skin conditions and are willing to invest in products that can help to alleviate these conditions. Overall, the Thai dermatological drugs market is expected to continue to grow in the coming years, driven by changing consumer preferences and increasing awareness of the importance of skincare.

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.