Mexico, a country in North America, is known for its rich culture, delicious cuisine, and vibrant music. However, the country is also home to a growing dermatological drugs market.
Customer preferences: Mexican consumers are becoming increasingly aware of their skin health and are willing to invest in dermatological drugs to maintain it. The rising disposable income and changing lifestyle of the population have led to an increase in demand for skincare products. Moreover, the growing awareness of the harmful effects of pollution and UV rays on the skin has also contributed to the demand for dermatological drugs.
Trends in the market: The dermatological drugs market in Mexico has been growing steadily over the years. The market is expected to continue to grow due to the increasing demand for skincare products. The market is also witnessing a shift towards natural and organic products as consumers become more conscious of the ingredients in their skincare products. Another trend in the market is the rising popularity of cosmeceuticals, which are products that combine cosmetics and pharmaceuticals.
Local special circumstances: Mexico has a large population with diverse skin types, which has led to the development of a wide range of dermatological drugs to cater to different skin types. The country also has a well-developed pharmaceutical industry, which has contributed to the growth of the dermatological drugs market. Additionally, the country has a warm climate, which makes it an ideal market for skincare products.
Underlying macroeconomic factors: Mexico's growing economy and rising disposable income have contributed to the growth of the dermatological drugs market. The country's middle class is expanding, and with it, the demand for skincare products. Moreover, the country's proximity to the United States has made it an attractive market for international companies looking to expand their business. The government's efforts to promote the pharmaceutical industry have also contributed to the growth of the dermatological drugs market.
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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