The demand for dermatological drugs in China has been on the rise in recent years.
Customer preferences: One of the major reasons for the growth in the dermatological drugs market in China is the increasing awareness of skin health among consumers. With the rise in disposable income and changing lifestyles, the demand for skincare products has increased significantly. Additionally, the aging population in China has contributed to the growth of the market as well, as elderly people tend to have more skin-related issues.
Trends in the market: One of the key trends in the dermatological drugs market in China is the shift towards natural and organic products. Consumers are becoming more conscious of the ingredients in the products they use and are opting for products that are free of harmful chemicals. This trend is not unique to China, as it is a global trend, but it is particularly prevalent in the Chinese market.Another trend in the market is the increasing popularity of online sales channels. E-commerce platforms such as Tmall and JD.com have made it easier for consumers to purchase dermatological drugs, and the convenience of online shopping has led to an increase in sales.
Local special circumstances: One unique aspect of the Chinese market is the dominance of local brands. Local brands such as Inoherb and Pechoin have a strong presence in the market and are often preferred by consumers over international brands. This is partly due to the lower prices of local brands, but it is also because Chinese consumers tend to be more loyal to domestic brands.
Underlying macroeconomic factors: China's growing middle class and increasing disposable income have been major drivers of the dermatological drugs market. As more people are able to afford skincare products, the demand for dermatological drugs has increased. Additionally, the aging population in China has contributed to the growth of the market as well, as elderly people tend to have more skin-related issues.In conclusion, the dermatological drugs market in China is growing due to increasing awareness of skin health among consumers, the shift towards natural and organic products, the popularity of online sales channels, the dominance of local brands, and China's growing middle class and increasing disposable income.
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.
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