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Key regions: United States, China, Germany, Japan, Europe
The Pharmaceuticals market in Georgia has been experiencing steady growth in recent years.
Customer preferences: Customers in Georgia have been showing a growing interest in pharmaceutical products due to an increase in health awareness and access to medical facilities. The demand for prescription drugs and over-the-counter medicines has been on the rise, driven by an aging population and an increase in chronic diseases.
Trends in the market: One of the major trends in the Georgian pharmaceutical market is the growing preference for generic drugs. Customers are increasingly opting for generic drugs due to their lower cost compared to branded drugs. The government's efforts to promote the use of generic drugs have also contributed to this trend. Another trend is the increasing use of e-pharmacies and online platforms for purchasing medicines. This trend has been driven by the convenience and accessibility of online shopping.
Local special circumstances: The Georgian pharmaceutical market is dominated by imported drugs, with only a small percentage of drugs being produced locally. The country's pharmaceutical industry is still in its early stages of development, and local manufacturers face challenges such as a lack of funding and infrastructure. Additionally, the market is heavily regulated, with strict rules and regulations governing the import, sale, and distribution of drugs.
Underlying macroeconomic factors: The growth of the pharmaceutical market in Georgia is supported by several macroeconomic factors, such as the country's growing economy and increasing healthcare expenditure. The government has been investing in healthcare infrastructure and promoting health awareness, which has led to an increase in demand for pharmaceutical products. However, the market is also affected by external factors such as fluctuations in exchange rates and changes in global trade policies.Overall, the pharmaceutical market in Georgia is expected to continue its growth trajectory in the coming years, driven by increasing demand for healthcare products and services. The market is likely to see further developments in areas such as e-pharmacies and generic drugs, while local manufacturers will continue to face challenges in competing with imported products.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)