Pharmaceuticals - Colombia

Colombia

Colombia's Pharmaceuticals market is expected to witness significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach US$2,314.00m.
Among the various markets, Oncology Drugs is expected to be the largest, with a projected market volume of US$371.10m in 2024.
Furthermore, the Pharmaceuticals market in Colombia is anticipated to display a steady annual growth rate of 3.80% from 2024 to 2029.
This growth is expected to result in a market volume of US$2,789.00m by 2029.
In comparison to other countries, United States is projected to generate the highest revenue in the Pharmaceuticals market, with an estimated revenue of US$630.30bn in 2024.
This showcases the dominant position of the United States in the global Pharmaceuticals market.
Colombia's pharmaceutical market is experiencing a surge in demand for generic drugs due to the government's efforts to increase accessibility and affordability of healthcare.

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.

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Analyst Opinion

The Pharmaceuticals market in Colombia has been steadily growing in recent years, driven by various factors such as increasing demand for healthcare services and a growing population.

Customer preferences: Colombian consumers are becoming more health-conscious, leading to an increased demand for pharmaceutical products. Furthermore, the government has implemented policies to increase access to healthcare services, which has also contributed to the growth of the market.

Trends in the market: One of the main trends in the Colombian pharmaceuticals market is the increasing demand for generic drugs. This is due to the fact that they are more affordable than branded drugs, which is particularly important in a country where a large portion of the population has limited access to healthcare services. Additionally, the market is seeing an increase in the production of biopharmaceuticals, which are used to treat complex diseases such as cancer and autoimmune disorders.

Local special circumstances: Colombia has a large population of low-income earners who have limited access to healthcare services. As a result, the government has implemented policies to increase access to healthcare services and reduce the cost of pharmaceutical products. This has led to an increase in the use of generic drugs, as they are more affordable than branded drugs. Additionally, the government has implemented regulations to promote the production of biopharmaceuticals, which are used to treat complex diseases.

Underlying macroeconomic factors: The Colombian pharmaceuticals market is influenced by various macroeconomic factors, including the country's GDP growth rate, inflation rate, and exchange rate. A strong GDP growth rate can lead to increased demand for healthcare services and pharmaceutical products, while a high inflation rate can lead to higher prices for these products. Additionally, fluctuations in the exchange rate can impact the cost of importing and exporting pharmaceutical products.

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.