Market Insights Health Pharmacies OTC Products

Skin Treatment (Pharmacies) - Malaysia

Malaysia

Revenue in the Skin Treatment market is projected to reach US$59.52m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.34%, resulting in a market volume of US$88.84m by 2029.
In global comparison, most revenue will be generated in the United States (US$3,319.00m in 2024).
In relation to total population figures, per person revenues of US$1.72 are generated in 2024.

Key regions: Germany, Europe, South Korea, France, China

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Analyst Opinion

The Skin Treatment (Pharmacies) market in Malaysia has been experiencing significant growth in recent years.

Customer preferences: Customers in Malaysia have shown a growing interest in skin treatment products available in pharmacies. They are increasingly seeking out these products as they offer convenience and accessibility. Pharmacies are easily accessible to the general public, allowing customers to purchase skin treatment products without the need for a prescription. Additionally, customers prefer the wide range of options available in pharmacies, allowing them to choose products that suit their specific skin concerns.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Malaysia is the increasing demand for natural and organic skin treatment products. Customers are becoming more conscious about the ingredients used in skincare products and are opting for those that are free from harmful chemicals and artificial additives. This trend is driven by a growing awareness of the potential side effects of certain chemicals used in skincare products. As a result, pharmacies are expanding their offerings to include 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 anti-aging skincare products. Malaysia has a rapidly aging population, and as people age, they become more concerned about maintaining youthful and healthy skin. This has led to an increased demand for anti-aging skincare products, such as serums, creams, and masks, which are targeted towards reducing the signs of aging and improving skin elasticity. Pharmacies have responded to this trend by stocking a variety of anti-aging skincare products to cater to the needs of their customers.

Local special circumstances: One of the unique aspects of the Skin Treatment (Pharmacies) market in Malaysia is the influence of traditional remedies and practices. Malaysian culture places a strong emphasis on natural remedies and traditional healing methods. This has led to a demand for skincare products that incorporate traditional ingredients and techniques, such as herbal extracts and traditional massage techniques. Pharmacies have recognized this demand and have started offering a range of skincare products that combine traditional ingredients with modern formulations.

Underlying macroeconomic factors: The growing middle class in Malaysia has contributed to the development of the Skin Treatment (Pharmacies) market. As disposable incomes rise, more people have the ability to spend on skincare products. Additionally, the increasing urbanization in Malaysia has led to a greater awareness of skincare and beauty trends, driving the demand for skin treatment products. In conclusion, the Skin Treatment (Pharmacies) market in Malaysia is experiencing growth due to customer preferences for convenience and accessibility, as well as the increasing demand for natural and anti-aging skincare products. The influence of traditional remedies and the growing middle class in Malaysia are also contributing factors to the market's development.

Methodology

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.