Skin Treatment (Pharmacies) - Southeast Asia

Revenue in the Skin Treatment market is projected to reach US$775.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.53%, resulting in a market volume of US$1.17bn 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$1.12 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 Southeast Asia is experiencing significant growth and development.

Customer preferences: Customers in Southeast Asia are increasingly conscious about their skin health and appearance, leading to a growing demand for skin treatment products. Skin treatments, such as moisturizers, cleansers, and anti-aging creams, are becoming essential parts of daily skincare routines. Consumers are seeking products that address specific skin concerns, such as acne, dark spots, and dryness. They are also looking for natural and organic ingredients in their skincare products.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Southeast Asia is the rising popularity of Korean skincare products. Korean beauty brands have gained a strong foothold in the region due to their innovative formulations and effective results. The influence of K-pop and K-drama culture has also contributed to the popularity of Korean skincare routines, which involve multiple steps and a focus on hydration and nourishment. Another trend in the market is the increasing demand for halal skincare products. As Southeast Asia has a large Muslim population, there is a growing preference for skincare products that are certified halal, meaning they are free from any ingredients that are forbidden in Islam. This trend has led to the emergence of local halal skincare brands and the expansion of international brands to cater to this specific customer segment.

Local special circumstances: In Southeast Asia, the climate is predominantly tropical, with high humidity and temperatures. This climate poses challenges for skincare, as it can lead to increased oiliness, acne, and other skin issues. As a result, there is a demand for skincare products that are lightweight, non-greasy, and oil-free. Additionally, consumers in Southeast Asia are also concerned about sun protection due to the intense sunlight in the region. This has led to a higher demand for skincare products with SPF (Sun Protection Factor) and UV protection.

Underlying macroeconomic factors: The growing middle-class population in Southeast Asia is a key driver of the Skin Treatment (Pharmacies) market. As disposable incomes rise, consumers have more purchasing power to invest in skincare products. Furthermore, the increasing urbanization and westernization of lifestyles in the region have also contributed to the growth of the market. In conclusion, the Skin Treatment (Pharmacies) market in Southeast Asia is experiencing growth due to customer preferences for skincare products, such as Korean skincare and halal products. The local special circumstances, such as the tropical climate, also influence consumer demand. The underlying macroeconomic factors, such as the growing middle-class population, further contribute 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.