Pharmaceuticals - Bosnia and Herzegovina

Bosnia and Herzegovina

In Bosnia and Herzegovina, the revenue in the Pharmaceuticals market is projected to reach US$161.00m by 2024.
The largest market within this industry is Oncology Drugs, which is expected to have a market volume of US$27.59m by 2024.
Looking ahead, a steady annual growth rate of 4.68% is anticipated (CAGR 2024-2029), resulting in a market volume of US$202.40m by 2029.
When compared globally, United States is forecasted to generate the highest revenue, amounting to US$630.30bn in 2024.
Bosnia and Herzegovina's pharmaceutical market is experiencing a growing demand for innovative drugs and a shift towards personalized medicine.

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

The Pharmaceuticals market in Bosnia and Herzegovina has been experiencing steady growth in recent years.

Customer preferences: Bosnia and Herzegovina has a relatively small population, but with a high demand for pharmaceutical products due to the prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases. Customers in Bosnia and Herzegovina have a preference for generic drugs due to their affordability, which has led to an increase in the production and consumption of these drugs in the country.

Trends in the market: The pharmaceutical industry in Bosnia and Herzegovina has been growing at a steady pace, with an increase in the number of pharmaceutical companies and the production of generic drugs. The government has been implementing policies to encourage the growth of the pharmaceutical industry in the country, such as the reduction of taxes on pharmaceutical products and the provision of subsidies for the production of generic drugs.

Local special circumstances: The healthcare system in Bosnia and Herzegovina is decentralized, with both the Federation of Bosnia and Herzegovina and the Republika Srpska having their own healthcare systems. This has led to differences in the regulation of the pharmaceutical industry in the two entities, with the Federation of Bosnia and Herzegovina having a more centralized system. The pharmaceutical industry in Bosnia and Herzegovina is also heavily regulated, with strict requirements for the registration and marketing of pharmaceutical products.

Underlying macroeconomic factors: The growth of the pharmaceutical industry in Bosnia and Herzegovina can be attributed to a number of macroeconomic factors. The country has a relatively low labor cost, which has made it an attractive location for pharmaceutical companies to set up production facilities. The government has also been implementing policies to attract foreign investment in the pharmaceutical industry, which has led to an increase in the number of foreign companies operating in the country. The growth of the pharmaceutical industry in Bosnia and Herzegovina has also been driven by the increasing demand for pharmaceutical products in the country, which has been fueled by the prevalence of chronic diseases.

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.