Skin Treatment (Pharmacies) - Taiwan

Revenue in the Skin Treatment market is projected to reach US$97.39m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.92%, resulting in a market volume of US$136.10m 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$4.07 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 Taiwan is experiencing significant growth due to changing customer preferences and trends in the market.

Customer preferences: Customers in Taiwan have shown a growing interest in skincare and are increasingly seeking out skin treatment products from pharmacies. This shift in preference can be attributed to several factors. Firstly, there is a growing awareness among consumers about the importance of skincare and the impact it has on overall health and well-being. As a result, more people are investing in skincare products to address specific skin concerns and maintain a youthful appearance. Additionally, the convenience of purchasing skin treatment products from pharmacies, which are easily accessible and offer a wide range of options, has also contributed to the increased demand.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Taiwan is the rising popularity of natural and organic skincare products. Consumers are becoming more conscious of the ingredients used in skincare products and are actively seeking out products that are free from harmful chemicals and additives. This trend is driven by a desire for safer and more sustainable skincare options. As a result, pharmacies in Taiwan are stocking a larger variety of natural and organic skin treatment products to cater to this growing demand. Another trend in the market is the increasing adoption of advanced skincare technologies. Taiwanese consumers are known for their interest in technological advancements, and this extends to the skincare industry as well. Products that incorporate innovative technologies such as LED therapy, microcurrents, and ultrasonic waves are gaining popularity in the market. These technologies offer targeted and effective solutions for various skin concerns, and customers are willing to invest in these advanced treatments to achieve desired results.

Local special circumstances: Taiwan has a strong pharmaceutical industry and a well-developed healthcare system, which contributes to the growth of the Skin Treatment (Pharmacies) market. The country has a high standard of healthcare and a strong emphasis on preventive care, which includes skincare. This cultural emphasis on health and wellness drives the demand for skin treatment products in pharmacies.

Underlying macroeconomic factors: Taiwan has a stable economy with a high disposable income among its population. This allows consumers to allocate a significant portion of their budget towards skincare and beauty products. Additionally, the aging population in Taiwan has contributed to the growth of the skin treatment market, as older individuals are more likely to invest in skincare products to address age-related skin concerns. In conclusion, the Skin Treatment (Pharmacies) market in Taiwan is experiencing growth due to changing customer preferences and trends in the market. Customers in Taiwan are increasingly seeking out skincare products from pharmacies, driven by a growing awareness of skincare and the convenience of purchasing from pharmacies. The market is also influenced by trends such as the popularity of natural and organic skincare products and the adoption of advanced skincare technologies. Additionally, Taiwan's strong pharmaceutical industry, well-developed healthcare system, and stable economy contribute to the growth 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.