Skin Treatment (Pharmacies) - Philippines

Revenue in the Skin Treatment market is projected to reach US$93.01m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.30%, resulting in a market volume of US$138.50m 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$0.78 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 Philippines has been experiencing significant growth in recent years.

Customer preferences: Customers in the Philippines are increasingly concerned about their skin health and are actively seeking out products and treatments to address various skin concerns. This is driven by a growing awareness of the importance of skincare and the desire to achieve a youthful and healthy appearance. As a result, there is a strong demand for skin treatment products and services in the country.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Philippines is the increasing popularity of natural and organic skincare products. Customers are becoming more conscious of the ingredients used in their skincare products and are opting for those that are free from harmful chemicals and additives. This trend is also driven by the growing preference for sustainable and eco-friendly products. Another trend in the market is the rise of personalized skincare solutions. Customers are looking for products and treatments that are tailored to their specific skin concerns and needs. This has led to the development of customized skincare regimens and the use of advanced technologies, such as skin analysis tools, to determine the most effective treatments for individual customers.

Local special circumstances: The tropical climate in the Philippines has a significant impact on the skincare market. The high humidity and intense sun exposure in the country can cause various skin issues, such as acne, hyperpigmentation, and sun damage. This has led to a higher demand for products and treatments that specifically target these concerns. Additionally, the cultural emphasis on fair skin has also contributed to the popularity of skin whitening products in the market.

Underlying macroeconomic factors: The growing middle class in the Philippines has played a significant role in the development of the Skin Treatment (Pharmacies) market. As disposable incomes have increased, more individuals have the financial means to invest in skincare products and treatments. Additionally, the rise of e-commerce platforms has made it easier for customers to access a wide range of skincare products, further fueling market growth. In conclusion, the Skin Treatment (Pharmacies) market in Philippines is experiencing growth due to increasing customer preferences for natural and personalized skincare solutions. The local special circumstances, such as the tropical climate and cultural emphasis on fair skin, also contribute to the market's development. The underlying macroeconomic factors, including the growing middle class and the rise of e-commerce, further drive the market's expansion.

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.