Dermatological Drugs - Africa

Africa

The Dermatological Drugs market in Africa is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach €200.40m by 2024.
This growth is expected to continue at a compound annual growth rate (CAGR 2024-2029) of 5.89%, resulting in a market volume of €266.80m by 2029.
It is worth noting that in the global comparison, United States is anticipated to generate the highest revenue in the Dermatological Drugs market, with an estimated revenue of €10,710.00m in 2024.
In Africa, there is a growing demand for dermatological drugs as the continent experiences an increase in skin-related conditions and a rise in awareness about skincare.

Key regions: United Kingdom, Canada, Japan, Europe, China

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Región

Comparación de regiones

Moneda

Analyst Opinion

The demand for dermatological drugs is on the rise in Africa due to various factors such as changing lifestyles, increasing pollution, and growing awareness about skin health.

Customer preferences: Customers in Africa are increasingly looking for dermatological drugs that are affordable, effective, and easily accessible. Due to the high prevalence of skin diseases, customers are willing to try new products that can provide relief. However, there is also a preference for natural and organic products that are perceived to be safer and have fewer side effects.

Trends in the market: In Africa, the dermatological drugs market is witnessing a shift towards topical medications, which are applied directly to the skin. This is due to the ease of application and the fact that they have fewer side effects compared to oral medications. Another trend is the increasing use of combination therapies, which involve using multiple drugs to treat a single condition. This approach is more effective in treating complex skin diseases and is gaining popularity in the African market.

Local special circumstances: In Africa, the prevalence of skin diseases is higher compared to other regions due to factors such as poor hygiene, inadequate sanitation, and exposure to environmental pollutants. This has led to a higher demand for dermatological drugs in the region. Additionally, there is a lack of dermatologists and specialized skin clinics in many parts of Africa, which has led to an increase in self-medication and the use of over-the-counter drugs.

Underlying macroeconomic factors: The African economy is growing, and this has led to an increase in disposable income and healthcare spending. This has resulted in a higher demand for quality healthcare services, including dermatological drugs. However, the high cost of drugs and the lack of insurance coverage in many African countries are major barriers to accessing healthcare services. This has led to the emergence of generic drug manufacturers, who are producing affordable dermatological drugs to meet the growing demand in the region.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.