Pharmaceuticals - Dominican Republic

  • Dominican Republic
  • In the Dominican Republic, the revenue in the Pharmaceuticals market is forecasted to reach US$544.90m in 2024.
  • The Oncology Drugs market is expected to be the largest market within the Pharmaceuticals market sector, with a projected market volume of US$94.67m in 2024.
  • Over the period of 2024 to 2029, the revenue is anticipated to exhibit an annual growth rate of 5.76%, leading to a market volume of US$721.10m by 2029.
  • When compared globally, United States is expected to generate the highest revenue in the Pharmaceuticals market, amounting to US$630.30bn in 2024.
  • The Dominican Republic is experiencing a surge in pharmaceutical investments, attracting major global companies to establish their presence in the country.

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

 
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Analyst Opinion

The Dominican Republic has been experiencing a steady growth in its pharmaceutical market over the years.

Customer preferences:
Customers in the Dominican Republic have been showing an increasing demand for generic drugs. This is due to the fact that they are more affordable than branded drugs. Additionally, customers have been seeking out over-the-counter (OTC) drugs for self-medication, which has also contributed to the growth of the pharmaceutical market.

Trends in the market:
One of the trends in the pharmaceutical market in the Dominican Republic is the increasing number of pharmacies. This has made drugs more accessible to customers, especially in rural areas. Another trend is the growth of the medical tourism industry. The country has become a popular destination for medical tourism, which has led to an increase in the demand for pharmaceuticals.

Local special circumstances:
The Dominican Republic has a large population of people over the age of 60. This demographic has been driving the demand for pharmaceuticals, as they require more medication to manage their health. Additionally, the country has a high prevalence of chronic diseases such as diabetes, hypertension, and cancer. This has also contributed to the growth of the pharmaceutical market.

Underlying macroeconomic factors:
The Dominican Republic has a stable economy, which has been growing steadily over the years. The government has been investing in the healthcare sector, which has led to an increase in the availability of drugs. Additionally, the country has a favorable business environment, which has attracted foreign investment in the pharmaceutical industry. This has led to the introduction of new drugs and technologies in the market.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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