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Key regions: United States, China, Germany, Japan, Europe
Israel, a small country in the Middle East, has been making significant strides in the pharmaceuticals market.
Customer preferences: The Israeli pharmaceutical market has been growing due to the increasing demand for innovative medicines. Patients in Israel prefer high-quality and advanced drugs that can cure their ailments effectively. Additionally, the aging population in the country has also contributed to the growth of the pharmaceuticals market as older people require more medication.
Trends in the market: One of the notable trends in the Israeli pharmaceuticals market is the increasing investment in research and development (R&D). Many pharmaceutical companies have set up R&D centers in Israel due to the country's advanced technology and highly educated workforce. This has led to the development of new drugs and treatments that are in high demand both locally and globally.Another trend in the market is the focus on personalized medicine. Israeli pharmaceutical companies are developing drugs that are tailored to individual patients' genetic makeup, which can lead to more effective treatments and fewer side effects. This trend is expected to continue as personalized medicine becomes more prevalent in the healthcare industry.
Local special circumstances: Israel's location in the Middle East has created some unique challenges for the pharmaceuticals market. The country has a small population, which limits the local market's size. Additionally, Israel's political situation has made it difficult to establish trade relationships with neighboring countries. However, the country has been able to overcome these challenges by focusing on innovation and developing strong relationships with global pharmaceutical companies.
Underlying macroeconomic factors: Israel's strong economy and highly skilled workforce have contributed to the growth of the pharmaceuticals market. The government has also provided support for the industry through tax incentives and grants for R&D. Additionally, Israel's membership in the European Union has made it easier for pharmaceutical companies to export their products throughout Europe. In conclusion, the Israeli pharmaceuticals market has been growing due to the increasing demand for innovative medicines, investment in R&D, and focus on personalized medicine. Despite some unique challenges, the country's strong economy and skilled workforce have allowed the industry to thrive.
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)