Skin Treatment (Pharmacies) - Ghana

Revenue in the Skin Treatment market is projected to reach US$10.99m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.15%, resulting in a market volume of US$15.53m by 2029.
In global comparison, most revenue will be generated United States (US$3.32bn in 2024).
In relation to total population figures, per person revenues of US$0.32 are generated in 2024.

Definition: Skin Treatment Market
The Skin Treatment market encompasses a range of over-the-counter (OTC) natural and synthetic medical products designed for skin treatment. This category includes antibacterial preparations, agents for acne treatment, and antifungal solutions. These treatment preparations are available in various forms, such as ointments, creams, gels, pills, capsules, washing lotions, peelings, pastes, solutions, fluids, suppositories, and sprays. Both external and internal applications are covered in this market segment. It's important to note that prescription medications, products contravening state regulations, items that do not explicitly serve as skin treatment drugs (e.g., painkillers), or those primarily intended for cosmetic purposes are excluded from this definition. This market exclusively covers product sales through pharmacies.

Additional Information:
The Skin Treatment market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Natural and synthetic agents
Agents for internal and external application
Preparations to treat skin diseases (e.g. acne treatment)

Prescription medicines
Homeopathic remedies
Painkillers
Cosmetic products
Adhesive patches

The Skin Treatment (Pharmacies) market in Ghana is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Skin Treatment (Pharmacies) market in Ghana are shifting towards natural and organic products. Consumers are becoming more conscious about the ingredients used in skincare products and are opting for products that are free from harmful chemicals. This preference for natural and organic products is driven by the increasing awareness of the potential side effects of synthetic ingredients and the desire for a more sustainable and eco-friendly lifestyle. Trends in the market show a growing demand for skincare products that address specific skin concerns. Consumers in Ghana are increasingly seeking products that target issues such as acne, hyperpigmentation, and aging. This trend is fueled by the desire for personalized skincare solutions and the influence of social media and beauty influencers. As a result, pharmacies in Ghana are expanding their product offerings to include a wide range of specialized skincare products. Local special circumstances in Ghana, such as the high prevalence of skin conditions like eczema and psoriasis, are driving the growth of the Skin Treatment (Pharmacies) market. These skin conditions require specialized treatment and consumers often turn to pharmacies for advice and products. Additionally, the hot and humid climate in Ghana contributes to skin issues such as excessive oiliness and dehydration, further boosting the demand for skincare products. Underlying macroeconomic factors also play a role in the development of the Skin Treatment (Pharmacies) market in Ghana. The country's growing middle class and increasing disposable income are driving consumer spending on skincare products. As Ghanaians have more money to spend, they are willing to invest in high-quality skincare products to maintain their skin health and appearance. Furthermore, the expansion of the retail sector and the increasing number of pharmacies in Ghana are making skincare products more accessible to consumers. In conclusion, the Skin Treatment (Pharmacies) market in Ghana is experiencing growth due to changing customer preferences towards natural and organic products, the demand for specialized skincare solutions, local special circumstances such as prevalent skin conditions, and underlying macroeconomic factors such as the growing middle class and increasing disposable income. As the market continues to evolve, pharmacies in Ghana will need to adapt to these trends and preferences to meet the demands of their customers.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.