Pharmaceuticals - Albania

Albania

In 2024, the projected revenue in the Pharmaceuticals market in Albania is expected to reach US$85.51m.
The market with the highest projected market volume in 2024 is Oncology Drugs, which is estimated to be US$14.22m.
Over the period from 2024 to 2029, the revenue is anticipated to show an annual growth rate of 4.68%, resulting in a market volume of US$107.50m by 2029.
When compared globally, United States is expected to generate the highest revenue, with a projected amount of US$630.30bn in 2024.
The pharmaceutical market in Albania is experiencing a surge in demand for generic drugs due to their affordability and accessibility.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

Albania, a small country in Southeast Europe, has a developing Pharmaceuticals market that is constantly growing and evolving.

Customer preferences: Albanians are known to be very health-conscious and value the importance of maintaining good health. As a result, the demand for pharmaceutical products has been increasing in recent years. Customers in Albania tend to prefer generic drugs due to their lower cost compared to branded drugs. Additionally, there is a growing demand for over-the-counter (OTC) drugs, which can be purchased without a prescription.

Trends in the market: The Albanian Pharmaceuticals market has been experiencing growth in recent years, with a significant increase in the number of companies operating in the market. This growth is largely due to the increasing demand for pharmaceutical products in Albania. The market is also seeing a trend towards the production of generic drugs, which are cheaper alternatives to branded drugs. Additionally, there has been a shift towards the production of biopharmaceuticals, which are used to treat a range of diseases such as cancer, diabetes, and autoimmune disorders.

Local special circumstances: One of the challenges facing the Albanian Pharmaceuticals market is the lack of investment in research and development. This has resulted in a limited number of locally produced pharmaceutical products, with the majority of products being imported from other countries. Additionally, there is a lack of regulation in the market, which has led to the sale of counterfeit drugs in some areas.

Underlying macroeconomic factors: Albania's economy has been growing steadily in recent years, with a focus on developing the country's infrastructure and attracting foreign investment. The government has implemented policies to encourage foreign investment in the pharmaceuticals sector, which has led to an increase in the number of companies operating in the market. Additionally, the country's population is increasing, which is driving demand for pharmaceutical products. However, there are still challenges facing the market, such as a lack of investment in research and development and the need for better regulation.

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.