Skin Treatment (Pharmacies) - Nigeria

Revenue in the Skin Treatment market is projected to reach US$68.99m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.48%, resulting in a market volume of US$129.90m 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$0.30 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 Nigeria has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in the Nigerian market have shifted towards a greater focus on skincare and overall wellness. This can be attributed to increasing awareness about the importance of skincare and the desire for a youthful appearance. Customers are seeking effective and affordable skin treatment solutions, which has led to a rise in demand for skincare products available in pharmacies. Additionally, the Nigerian population has a diverse range of skin types and concerns, creating a need for a wide variety of skin treatment options. Trends in the market indicate a growing demand for natural and organic skin treatment 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 in line with the global shift towards natural and sustainable beauty products. As a result, pharmacies in Nigeria are expanding their offerings to include a wider range of natural and organic skincare brands. Another trend in the market is the increasing popularity of online pharmacies. With the rise of e-commerce platforms and the convenience they offer, customers are now able to purchase skin treatment products online and have them delivered to their doorstep. This has opened up new opportunities for pharmacies to reach a larger customer base and increase their sales. Local special circumstances in Nigeria have also contributed to the growth of the Skin Treatment (Pharmacies) market. Nigeria has a large and growing population, with a significant proportion of young people. This demographic is more likely to invest in skincare products and treatments, leading to increased demand. Additionally, Nigeria has a diverse cultural heritage, with different ethnic groups having their own skincare traditions and practices. This has created a market for both traditional and modern skincare products, catering to the specific needs and preferences of different communities. Underlying macroeconomic factors have also played a role in the development of the Skin Treatment (Pharmacies) market in Nigeria. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. As a result, consumers have more spending power and are willing to invest in skincare products. Furthermore, the Nigerian government has implemented policies to promote local manufacturing and entrepreneurship, which has encouraged the growth of the skincare industry and the availability of locally produced skin treatment products. In conclusion, the Skin Treatment (Pharmacies) market in Nigeria is developing due to changing customer preferences, trends towards natural and organic products, the rise of online pharmacies, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, pharmacies in Nigeria have the opportunity to expand their offerings and cater to the diverse needs 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.