Dermatological Drugs - Vietnam

Vietnam

The Dermatological Drugs market in Vietnam is expected to see a significant growth in revenue, with projections indicating that it will reach US$39.19m in 2024.
Furthermore, the market is expected to display a steady annual growth rate of 6.63% (CAGR 2024-2029), resulting in a market volume of US$54.02m by 2029.
When comparing globally, it is noteworthy that United States is expected to generate the highest revenue in the Dermatological Drugs market, with an estimated value of US$11,670.00m in 2024.
Vietnam's dermatological drug market is experiencing a surge in demand due to an increasing awareness of skincare and a growing middle-class population.

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

Market

Region

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Currency

Analyst Opinion

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

Customer preferences: Vietnamese customers are becoming more aware of the importance of skincare and are increasingly turning to dermatological drugs to treat various skin conditions. In addition, the country's humid climate and high levels of air pollution have contributed to the growing demand for these products.

Trends in the market: One of the major trends in the Vietnamese dermatological drugs market is the increasing popularity of natural and organic products. Customers are looking for products that are gentle on their skin and do not contain harsh chemicals. Another trend is the growing demand for anti-aging products, as the country's population continues to age.

Local special circumstances: Vietnam has a large and growing middle class, which has increased purchasing power and is willing to spend more on skincare products. In addition, the country's large youth population is also contributing to the growth of the dermatological drugs market, as young people are increasingly concerned about their appearance.

Underlying macroeconomic factors: Vietnam's economy has been growing at a rapid pace in recent years, which has led to an increase in disposable income and consumer spending. The government has also implemented policies to encourage foreign investment, which has led to an influx of international skincare brands entering the Vietnamese market. However, the country's regulatory environment can be challenging for foreign companies, which may hinder market growth in the long run.

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.