Pharmaceuticals - Guatemala

  • Guatemala
  • Guatemala's Pharmaceuticals market is expected to see a significant increase in revenue, with projections indicating that it will reach US$479.10m by the year 2024.
  • Among the various markets, the largest one is Oncology Drugs, which is expected to have a market volume of US$75.00m in 2024.
  • Looking ahead, the sector is expected to grow steadily, with an annual growth rate (CAGR 2024-2029) of 4.21%.
  • This growth is anticipated to result in a market volume of US$588.70m by the year 2029.
  • In comparison to other countries around Worldwide, it is worth noting that United States is projected to generate the highest revenue in the Pharmaceuticals market, with an estimated amount of US$630.30bn in 2024.
  • Guatemala's pharmaceutical market is experiencing a surge in generic drug sales due to their affordability and accessibility.

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

 
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Analyst Opinion

The Pharmaceuticals market in Guatemala has been experiencing significant growth in recent years.

Customer preferences:
Guatemalan consumers have been increasingly demanding high-quality pharmaceutical products that are accessible and affordable. The rising awareness of the importance of healthcare and the availability of a wide range of pharmaceutical products have contributed to the growth of the market.

Trends in the market:
One of the key trends in the Pharmaceuticals market in Guatemala is the increasing demand for generic drugs. This is due to the fact that generic drugs are more affordable than branded drugs, making them more accessible to a larger population. Another trend is the growing popularity of over-the-counter (OTC) drugs. Consumers are increasingly looking for self-medication options, which has contributed to the growth of the OTC segment.

Local special circumstances:
Guatemala has a large population that is in need of healthcare services. However, the country's healthcare system faces several challenges, including a lack of resources, inadequate infrastructure, and limited access to healthcare services in rural areas. These challenges have contributed to the growth of the Pharmaceuticals market in Guatemala, as consumers are increasingly turning to pharmaceutical products to address their healthcare needs.

Underlying macroeconomic factors:
The growth of the Pharmaceuticals market in Guatemala is also influenced by several underlying macroeconomic factors. The country's economy has been growing steadily in recent years, which has led to an increase in disposable income and a growing middle class. This has contributed to the growth of the Pharmaceuticals market, as consumers are increasingly able to afford healthcare products. Additionally, the government has been investing in the healthcare sector, which has led to an increase in the availability of healthcare services and 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.

Overview

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