Dermatological Drugs - Latvia

Latvia

The Dermatological Drugs market in Latvia is forecasted to achieve a revenue of US$6.38m in 2024.
It is anticipated that the market will experience a compound annual growth rate (CAGR 2024-2028) of 6.35%, leading to a market volume of US$8.16m by 2028.
When compared globally, United States is expected to generate the highest revenue in the market, amounting to US$13,260.00m in 2024.
The dermatological drugs market in Latvia is experiencing a surge in demand due to the increasing prevalence of skin conditions among the population.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for dermatological drugs in Latvia has been on the rise in recent years.

Customer preferences: Latvian consumers are increasingly concerned about their skin health and are willing to invest in high-quality dermatological drugs to address various skin concerns. The trend towards natural and organic skincare products has also been observed in Latvia, with consumers preferring products made from natural ingredients.

Trends in the market: The dermatological drugs market in Latvia has been witnessing a shift towards prescription drugs, as more consumers seek professional medical advice for their skin concerns. The market has also seen an increase in demand for anti-aging products, driven by the aging population in Latvia. Additionally, the market has witnessed a rise in demand for dermatological drugs for the treatment of skin conditions such as eczema and psoriasis.

Local special circumstances: Latvia has a relatively small population and a developing healthcare system. However, the country has a high prevalence of skin diseases due to its geographical location and climate. This has led to an increased demand for dermatological drugs in the country. Additionally, the Latvian government has implemented policies to encourage the use of generic drugs, which has led to increased competition in the market.

Underlying macroeconomic factors: The Latvian economy has been growing steadily in recent years, which has led to an increase in disposable income among consumers. This has enabled consumers to invest more in high-quality dermatological drugs. The country's membership in the European Union has also facilitated the import and export of dermatological drugs, leading to a wider variety of products available 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.