Skin Treatment (Pharmacies) - Guatemala

Revenue in the Skin Treatment market is projected to reach US$35.11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.88%, resulting in a market volume of US$53.72m 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$1.91 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 Guatemala has been experiencing significant growth in recent years, driven by changing customer preferences and trends in the market.

Customer preferences: Customers in Guatemala are increasingly seeking out skin treatment products from pharmacies due to the convenience and accessibility they offer. Pharmacies are easily accessible in urban areas and often have longer operating hours compared to other retail outlets, making it convenient for customers to purchase skin treatment products. Additionally, customers trust the expertise of pharmacists and value their recommendations when it comes to skincare. This has led to a growing demand for skin treatment products in pharmacies.

Trends in the market: One of the key trends in the skin treatment market in Guatemala is the increasing demand for natural and organic products. Customers are becoming more conscious about the ingredients used in skincare products and are opting for products that are free from harmful chemicals. This trend is driven by a growing awareness of the potential health risks associated with certain ingredients found in conventional skincare products. As a result, pharmacies in Guatemala are stocking a wider range of natural and organic skin treatment products to cater to this demand. Another trend in the market is the rising popularity of multi-functional skincare products. Customers are looking for products that offer multiple benefits, such as moisturizing, anti-aging, and sun protection, in a single product. This trend is driven by the desire for simplicity and efficiency in skincare routines. Pharmacies are responding to this trend by offering a variety of multi-functional skincare products from different brands.

Local special circumstances: In Guatemala, there is a strong cultural emphasis on skincare and personal grooming. This has contributed to the growth of the skin treatment market, as customers are willing to invest in skincare products to maintain their appearance and overall well-being. Additionally, the country's warm climate and high levels of humidity make skincare a priority for many Guatemalans, as they seek products that can address issues such as oiliness and acne.

Underlying macroeconomic factors: The growing middle class in Guatemala has played a significant role in the development of the skin treatment market. As disposable incomes increase, more customers are able to afford higher-quality skincare products and are willing to spend more on their personal care. Additionally, the increasing urbanization in the country has led to a higher concentration of pharmacies in urban areas, making skin treatment products more accessible to a larger population. In conclusion, the Skin Treatment (Pharmacies) market in Guatemala is experiencing growth due to changing customer preferences, including a preference for natural and organic products and multi-functional skincare products. The cultural emphasis on skincare and personal grooming, as well as the country's warm climate, also contribute to the growth of the market. The growing middle class and increasing urbanization in Guatemala are underlying macroeconomic factors that have further fueled the development of the market.

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.