Dermatological Drugs - Belgium

Belgium

In Belgium, the Dermatological Drugs market is expected to witness a significant increase in revenue.
By the year 2024, the projected revenue is estimated to reach an impressive amount of US$122.90m.
Furthermore, this market is anticipated to showcase a steady annual growth rate, commonly referred to as CAGR, of 5.18% between 2024 and 2028.
As a result, the market volume is projected to reach a substantial figure of US$150.40m by the end of 2028.
When comparing this market globally, it is noteworthy that United States is expected to generate the highest revenue.
In 2024 alone, United States is projected to generate a staggering amount of US$13,260.00m in revenue.
Belgium is experiencing an increasing demand for dermatological drugs due to the rising prevalence of skin conditions among its population.

Key regions: Brazil, Germany, Italy, Australia, Canada

Market

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Currency

Analyst Opinion

Belgium, a country in Western Europe, is known for its beer, chocolate, and waffles. However, the country's pharmaceutical industry is also noteworthy, especially in the Dermatological Drugs market.

Customer preferences: Belgium has a high prevalence of skin diseases, including eczema, psoriasis, and skin cancer. As a result, there is a high demand for dermatological drugs in the country. Patients in Belgium prefer topical treatments, such as creams and ointments, over oral medications.

Trends in the market: The Dermatological Drugs market in Belgium is expected to grow steadily in the coming years. The market is being driven by an aging population, increasing awareness of skin diseases, and the availability of new and innovative drugs. The introduction of biologics, which are drugs made from living cells, has revolutionized the treatment of psoriasis and other skin diseases. These drugs are expensive, but they have shown to be effective in treating severe cases of skin diseases. In addition, there is a trend towards personalized medicine, where treatments are tailored to the patient's specific needs.

Local special circumstances: Belgium has a strong pharmaceutical industry, with several multinational companies having a presence in the country. The country's central location in Europe and its highly skilled workforce make it an attractive location for pharmaceutical companies to conduct research and development. In addition, the country has a well-established healthcare system, which provides access to high-quality medical care for its citizens.

Underlying macroeconomic factors: The Belgian economy has been growing steadily in recent years, with a focus on innovation and technology. The country has a highly educated workforce and a favorable business climate, which has attracted many foreign companies to set up operations in the country. The government has also implemented policies to encourage research and development in the pharmaceutical industry, which has helped to drive innovation and growth in the sector.In conclusion, the Dermatological Drugs market in Belgium is expected to continue to grow in the coming years, driven by an aging population, increasing awareness of skin diseases, and the availability of new and innovative drugs. The country's strong pharmaceutical industry, well-established healthcare system, and favorable business climate make it an attractive location for pharmaceutical companies to conduct research and development.

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.