Pharmaceuticals - El Salvador

El Salvador

The projected revenue in the Pharmaceuticals market in El Salvador is set to reach US$196.50m by the year 2024.
Among the various markets, Oncology Drugs is expected to be the largest, with a projected market volume of US$31.36m in 2024.
Over the period from 2024 to 2029, the revenue is anticipated to grow at an annual rate of 3.55%, leading to a market volume of US$234.00m by 2029.
In a global context, United States is expected to generate the highest revenue, amounting to US$630.30bn in 2024.
El Salvador's pharmaceutical market is experiencing a surge in demand for affordable generic drugs due to rising healthcare costs.

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 El Salvador has been developing at a steady pace in recent years.

Customer preferences: El Salvador's population has been increasing steadily, leading to a higher demand for healthcare services and pharmaceutical products. The country's healthcare system is largely public, with private healthcare providers catering to a small segment of the population. The majority of customers prefer generic medicines due to their lower cost, which has led to a rise in the production and sale of generic drugs in the country.

Trends in the market: The Pharmaceuticals market in El Salvador has been growing due to the increasing demand for medicines and healthcare services. The market has been expanding due to the introduction of new drugs and treatments, particularly for chronic diseases such as diabetes and hypertension. The rising incidence of non-communicable diseases has also contributed to the growth of the market. Additionally, the increasing availability of over-the-counter medicines has made healthcare more accessible to the general population.

Local special circumstances: El Salvador has a high prevalence of chronic diseases such as diabetes and hypertension, which has led to a higher demand for pharmaceutical products. The country also has a high incidence of infectious diseases such as dengue fever, which has led to a demand for vaccines and other preventive medicines. The government has implemented various initiatives to improve access to healthcare services and medicines, particularly for low-income families.

Underlying macroeconomic factors: El Salvador's economy has been growing steadily in recent years, which has led to an increase in healthcare spending. The government has been investing in healthcare infrastructure and improving access to healthcare services, which has contributed to the growth of the Pharmaceuticals market. The country's geographic location and trade agreements with other countries have also made it an attractive market for pharmaceutical companies. However, the market is highly regulated, and companies must comply with strict regulations and quality standards to operate in the country.

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.