Pharmaceuticals - Guyana

  • Guyana
  • The Pharmaceuticals market in Guyana is expected to generate a revenue of US$55.39m in 2024.
  • among the various markets in the market, Oncology Drugs is projected to be the largest, with a market volume of US$9.33m in 2024.
  • Over the period of 2024 to 2029, the market is anticipated to grow at an annual growth rate of 6.18%, resulting in a market volume of US$74.74m by 2029.
  • When compared globally, United States is expected to generate the highest revenue of US$630.30bn in 2024.
  • Despite being a developing country, Guyana has seen a significant increase in pharmaceutical investments and research, indicating a growing demand for healthcare in the nation.

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

 
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Analyst Opinion

The Pharmaceuticals market in Guyana has been experiencing steady growth in recent years.

Customer preferences:
Customers in Guyana have been increasingly demanding high-quality pharmaceutical products that are affordable and easily accessible. They prefer products that are manufactured by reputable companies with a proven track record of producing safe and effective drugs.

Trends in the market:
One of the major trends in the pharmaceuticals market in Guyana is the increasing demand for generic drugs. This is due to the fact that generic drugs are typically more affordable than their branded counterparts, making them more accessible to a wider range of customers. Additionally, there has been a growing trend towards self-medication, with customers in Guyana opting to purchase over-the-counter drugs for minor ailments rather than visiting a doctor.

Local special circumstances:
Guyana has a relatively small population, which means that the market for pharmaceutical products is also relatively small. This has led to a limited number of pharmaceutical companies operating in the country, with most products being imported from other countries. However, the government has been taking steps to encourage the growth of the local pharmaceutical industry, offering incentives to companies that invest in the country.

Underlying macroeconomic factors:
The growth of the pharmaceuticals market in Guyana is largely driven by the country's improving economic conditions. As the economy continues to grow, more people are able to afford healthcare, including pharmaceutical products. Additionally, the government has been investing heavily in healthcare infrastructure, which has helped to improve access to healthcare services and pharmaceutical products across 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.

Overview

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