Pharmaceuticals

Baltics

Highlights

The Pharmaceuticals market in the Baltics is expected to achieve a revenue of US$989.70m in 2024.
Among the various markets, the largest share lies in Oncology Drugs, which is projected to reach a market volume of US$164.20m in the same year.
With an anticipated annual growth rate (CAGR 2024-2029) of 4.11%, the revenue is projected to escalate to US$1.21bn by 2029.
When compared globally, United States is predicted to generate the highest revenue, amounting to US$630.30bn in 2024.
In the Baltics, Lithuania has emerged as a leading player in the pharmaceutical market, attracting foreign investment and fostering innovation in the industry.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmaceuticals market in Baltics has been growing steadily over the years, driven by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in the Baltics have been increasingly prioritizing their health and well-being, leading to a rise in demand for pharmaceutical products. Additionally, there has been a growing trend towards self-medication and preventive healthcare, leading to an increase in sales of over-the-counter drugs and health supplements.

Trends in the market: One of the major trends in the Pharmaceuticals market in Baltics is the increasing focus on research and development. Pharmaceutical companies are investing heavily in R&D to develop new drugs and treatments, as well as improve the efficacy and safety of existing ones. Another trend is the growing popularity of generic drugs, which are more affordable than branded drugs and offer a wider range of options to customers.

Local special circumstances: The Baltics region comprises three countries - Estonia, Latvia, and Lithuania - with different healthcare systems and regulations. Estonia, for example, has a more liberal healthcare system with a greater reliance on private healthcare providers, while Latvia and Lithuania have more centralized healthcare systems. These differences in healthcare systems and regulations can affect the demand for pharmaceutical products and the pricing strategies of pharmaceutical companies.

Underlying macroeconomic factors: The Pharmaceuticals market in Baltics is also influenced by underlying macroeconomic factors such as GDP growth, inflation, and government policies. The region has been experiencing steady economic growth in recent years, which has led to increased spending on healthcare and pharmaceutical products. However, rising inflation rates and changes in government policies, such as drug price controls, can impact the profitability of pharmaceutical companies operating in the region.

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.