Dermatological Drugs - South Korea

South Korea

The Dermatological Drugs market in South Korea is expected to achieve a revenue of €230.50m in 2024.
This projection indicates that the market will experience a steady growth rate of 6.38% annually between 2024 and 2029, leading to a market volume of €314.10m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in this market, with an estimated amount of €10,820.00m in 2024.
The demand for dermatological drugs in South Korea is driven by the country's high beauty standards and emphasis on skincare.

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

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Analyst Opinion

The demand for dermatological drugs in South Korea has been growing steadily in recent years.

Customer preferences: South Korean consumers are increasingly focused on skin health and beauty, with a particular emphasis on preventing aging and maintaining a youthful appearance. This has led to a high demand for dermatological drugs that can treat a variety of skin conditions and improve overall skin health.

Trends in the market: One major trend in the South Korean dermatological drugs market is the increasing popularity of natural and organic products. Consumers are becoming more aware of the potential risks associated with chemical-based products and are seeking out natural alternatives. This has led to a rise in demand for dermatological drugs made from natural ingredients, such as herbal extracts and plant oils.Another trend is the growing popularity of combination products that offer multiple benefits in a single formula. For example, many dermatological drugs now combine anti-aging ingredients with sun protection and moisturizing properties. This allows consumers to simplify their skincare routines and achieve multiple benefits with a single product.

Local special circumstances: South Korea has a highly competitive skincare market, with many domestic and international brands vying for market share. This has led to a focus on innovation and product differentiation, with companies constantly developing new and unique products to stand out from the competition. Additionally, South Korea has a strong culture of beauty and skincare, with many consumers willing to invest significant amounts of time and money into their skincare routines.

Underlying macroeconomic factors: South Korea has a strong and growing economy, with a high standard of living and a large middle class. This has led to increased spending on skincare and beauty products, including dermatological drugs. Additionally, the South Korean government has been supportive of the skincare industry, providing funding and support for research and development. This has helped to drive innovation and growth in the market.

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.