Dermatological Drugs - South Africa

South Africa

The Dermatological Drugs market in South Africa is forecasted to reach a revenue of €56.67m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.93%, leading to a market volume of €72.09m by 2029.
In comparison to other countries, United States is projected to generate the highest revenue, with €10,710.00m in 2024.
South Africa's dermatological drugs market is experiencing a surge in demand for sunscreens and skin-lightening products due to high levels of sun exposure and a cultural preference for fair skin.

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

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Analyst Opinion

The demand for dermatological drugs in South Africa has been steadily increasing in recent years.

Customer preferences: South African consumers are becoming more aware of the importance of skin health and are increasingly seeking out products that can help them achieve healthy and glowing skin. They are also more willing to spend money on high-quality products that are backed by scientific research and have been proven to be effective.

Trends in the market: One of the major trends in the dermatological drugs market in South Africa is the growing demand for natural and organic products. Consumers are becoming more conscious of the potential side effects of synthetic ingredients and are seeking out products that are made from natural ingredients. Another trend is the growing popularity of anti-aging products, as consumers are looking for ways to maintain youthful-looking skin.

Local special circumstances: South Africa has a high incidence of skin cancer, which has contributed to the growth of the dermatological drugs market. In addition, the country's harsh climate, with high levels of UV radiation, has led to an increase in the prevalence of skin conditions such as eczema and psoriasis.

Underlying macroeconomic factors: South Africa's growing middle class has contributed to the growth of the dermatological drugs market, as consumers have more disposable income to spend on skincare products. In addition, the country's healthcare system is improving, which has led to greater access to dermatological treatments. However, the market is also facing challenges, such as the high cost of some dermatological drugs, which can make them unaffordable for many consumers.

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.