Dermatological Drugs - United Kingdom

United Kingdom

Highlights

The Dermatological Drugs market in the United Kingdom is expected to witness a significant surge in revenue, projected to reach US$595.00m by 2024.
This market is anticipated to display a commendable annual growth rate (CAGR 2024-2029) of 6.52%, leading to a market volume of US$816.00m by 2029.
When compared on a global scale, United States is set to generate the highest revenue in this market, amounting to US$11.67bn in 2024.
The United Kingdom has seen a rise in demand for dermatological drugs due to an increase in skin conditions caused by pollution and lifestyle factors.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for dermatological drugs in the United Kingdom has been steadily increasing in recent years.

Customer preferences: Customers in the United Kingdom are increasingly seeking out dermatological drugs for a variety of skin conditions, including acne, eczema, and psoriasis. This is partly due to rising awareness of the importance of skincare and the availability of over-the-counter treatments. However, many customers are also turning to prescription medications for more severe or persistent conditions.

Trends in the market: One of the key trends in the dermatological drugs market in the United Kingdom is the rise of biologic drugs. These medications, which are derived from living organisms, are becoming increasingly popular for the treatment of conditions such as psoriasis. Biologics offer several advantages over traditional treatments, including higher efficacy rates and fewer side effects. However, they are also more expensive, which may limit their accessibility to some patients.Another trend in the market is the increasing use of telemedicine for dermatological consultations. With the COVID-19 pandemic limiting in-person appointments, many patients are turning to virtual visits to receive diagnoses and prescriptions. This trend is expected to continue even after the pandemic subsides, as it offers greater convenience and accessibility for patients.

Local special circumstances: The United Kingdom has a well-developed healthcare system that provides universal coverage to its citizens. This means that dermatological drugs are widely accessible to patients, regardless of their income or insurance status. However, the system is also under strain due to rising demand and limited resources, which may impact the availability of certain medications.

Underlying macroeconomic factors: The United Kingdom is currently facing economic uncertainty due to Brexit and the ongoing COVID-19 pandemic. These factors may impact the dermatological drugs market by affecting consumer spending and healthcare budgets. However, the government has also made significant investments in healthcare in recent years, which may help to mitigate some of these effects. Overall, the dermatological drugs market in the United Kingdom is expected to continue growing in the coming years, driven by rising demand and technological advancements.

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.