Skin Treatment (Pharmacies) - Serbia

Revenue in the Skin Treatment market is projected to reach US$27.36m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.66%, resulting in a market volume of US$43.39m 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$3.86 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 Serbia has been experiencing significant growth in recent years.

Customer preferences: Customers in Serbia have shown a growing interest in skin treatment products available at pharmacies. This can be attributed to the increasing awareness about the importance of skincare and the desire to maintain a healthy and youthful appearance. Customers are seeking out products that address specific skin concerns, such as acne, aging, and hyperpigmentation. They are also looking for products that are formulated with natural and organic ingredients, as there is a growing preference for clean and sustainable beauty products.

Trends in the market: One of the key trends in the Serbian skin treatment market is the rise of cosmeceuticals. These are products that combine the benefits of cosmetics and pharmaceuticals, offering customers a more targeted and effective solution for their skincare needs. Cosmeceuticals are often formulated with active ingredients that have been scientifically proven to improve the skin's condition. This trend is driven by the increasing demand for products that deliver visible results and address specific skin concerns. Another trend in the market is the growing popularity of online sales channels. With the advent of e-commerce platforms, customers in Serbia now have access to a wide range of skin treatment products from both local and international brands. Online shopping offers convenience and allows customers to compare prices and read reviews before making a purchase. This trend has led to increased competition among brands and has also opened up new opportunities for smaller, niche brands to enter the market.

Local special circumstances: Serbia has a well-established pharmaceutical industry, which has contributed to the availability of a wide range of skin treatment products in pharmacies. Local brands have also gained popularity among customers, as they offer products that are specifically formulated for the local climate and skin types. Additionally, the affordability of skincare products in Serbia has made them accessible to a larger segment of the population, driving the growth of the market.

Underlying macroeconomic factors: The growth of the skin treatment market in Serbia can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income. As a result, customers have more purchasing power and are willing to spend on skincare products. Furthermore, the rising middle class in Serbia has led to a shift in consumer behavior, with individuals becoming more conscious of their appearance and investing in skincare products. In conclusion, the Skin Treatment (Pharmacies) market in Serbia is witnessing significant growth due to the increasing customer preferences for targeted skincare solutions, the rise of cosmeceuticals, the popularity of online sales channels, and the affordability of skincare products. These trends, coupled with the country's well-established pharmaceutical industry and favorable macroeconomic factors, have contributed to 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.