Report Description of the Thailand Dermatology Treatment Drugs Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Thailand Dermatology Treatment Drugs Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Thailand Dermatology Treatment Drugs Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Thailand Dermatology Treatment Drugs Market Analysis Executive Summary
Skin care products refer to those products which aid skin integrity, provides relief to skin conditions, and furthermore enhance its appearance. Several types of skin care products available in the market include cream, lotion, masks, and serums. Skin care products are manufactured using several ingredients, including chemical compounds, medicinal herbs, or natural ingredients.
Market Size and Key Findings
The Thailand Dermatology Treatment Drugs Market Analysis size stood at around USD xx% billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
Transparency of sourcing methods, products, constituents, and sustainability practices from manufacturers has contributed toward the growth of the Thailand skin care market. Surge in urban population in Thailand, boosts the demand for skin care products. Moreover, rise in consciousness about personal appearance and increase in need to maintain basic personal hygiene have augmented the sale of skin care products. Upsurge in demand for gender-specific products is anticipated to supplement the market for skin care products in Thailand.
The recent impact of COVID-19 on distribution and retail chain has hampered the market growth.. Moreover, Stringent Regulations for Dermatology Drugs and High Cost of Dermatology Drugs are assumed to be restraining the Dermatology Drugs Market.
Covid-19 Market Impact Analysis
Amidst the lockdown implemented due to the outbreak of COVID-19, growth of skin care products market in Thailand is likely to dissuade owing to labefaction of tourism across the country. Skin care products manufacturing companies have affected to a larger extent due to disrupted supply chain amid the Covid-19 outbreak. In addition, shutdown of beauty salons amid lockdown has reduced the demand for skin care products across Thailand. Consumers prefer to buy skin care products from the online sales platform instead of buying from specialty stores to avoid transmission of the coronavirus. This shift in purchasing behavior has affected the market.
Players operating in the global dermatology drugs market include Lupin, Novartis AG, F. Hoffmann-La Roche Ltd, Pfizer Inc., Sanofi, GlaxoSmithKline plc, Amgen Inc., Eli Lilly and Company, AstraZeneca, AbbVie Inc, Johnson & Johnson Services. Inc, Galderma laboratories L.P., LEO Pharma A/S, Merck & Co., Inc, Bausch Health, and Bristol-Myers Squibb Company.
Products in Pipeline
- The acquisition of Eli Lilly and company & Dermira company will expand the pipeline of Lilly’s immunology with the addition of lebrikizumab which is a new monoclonal antibody designed to treat atopic dermatitis. This acquisition also expands the company portfolio of marketed dermatology medicines with the addition of QBREXZA (glycopyrronium).
Notable Recent Deals
- In November 2018, Sanofi collaborated with Denali Therapeutics Inc. (Denali), a biopharmaceutical company, for the development of multiple molecules, DNL747 and DNL758, with the potential to treat a range of neurological and systemic inflammatory diseases.
- In April 2019, LEO Pharma announced the expansion of its existing partnership with Elektrofi for the development of convenient system for dermatology treatments. This is expected to reduce the time required for the treatment.
- In January 2020, Eli Lilly and Company announced that they have acquired Dermira, which is a biopharmaceutical company engaged in the introduction of novel therapies to treat the chronic skin conditions in a much better way.
- Nivea, owned by Beiersdorf Ag is the most popular brand in the Thai skincare sector in 2019. ‘Hypermarkets and supermarkets’ emerged the largest distribution channel in 2019 with a value share of 36.6% in the Thai skincare sector followed by health & beauty stores.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
Asia Herb Thailand is known for its organic skin and hair care products based on traditional Thai medicine. Dermatologist and doctor brands for skin care products have also become more in demand. These brands capitalise on the advanced technology used in their manufacture and are often able to charge higher prices than mass brands. This has led to the rise of the ‘masstige’, or mass prestige, derma brand.
Consumers’ rising penchant for high quality products using naturally sourced ingredients that promote healthy skin is expected to drive further innovation in the sector resulting in elevated adoption. Increasing brand awareness among consumers and rising expenditure on premium beauty products, while expanding target market with affordable products, will fuel growth of Thai skincare sector through to 2024.
Tourism industry is one of the highest contributors to the Thailand economy. Hence, the spending by tourists and visitors on skin care products is regarded as a crucial driver of the Thailand skin care products market. In addition, the rapidly aging Thailand population is one of the key factors influencing the growth of the anti-aging skin care products range. The demand for anti-aging products is thereby expected to experience a healthy growth. However, the drastic drop in tourist visits to Thailand during the COVID-19 crisis has considerably hampered the Thailand skin care products market in the country—the effects of which are anticipated to impact until the uplifting of lockdown restrictions. On the contrary, the ongoing boom in internet penetration and the shift from non-store retail to online can be regarded as a Thailand skin care products market opportunity for cosmetic manufactures to target a large consumer base and hence expand sales.