Pharmaceuticals - Jordan

Jordan

In 2024, the projected revenue in the Pharmaceuticals market in Jordan is expected to reach US$338.70m.
The largest market within this market is Oncology Drugs, which is projected to have a market volume of US$56.48m in the same year.
Looking ahead, the revenue is expected to grow at an annual growth rate (CAGR 2024-2029) of 4.46%, resulting in a market volume of US$421.30m by 2029.
When compared globally, United States is anticipated to generate the highest revenue, with US$630.30bn in 2024.
Jordan's pharmaceutical market is experiencing a surge in demand for innovative drugs and a growing focus on research and development.

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. 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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Currency

Analyst Opinion

The Pharmaceuticals market in Jordan has been developing rapidly in recent years, fueled by various factors such as changing customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Jordanian customers have shown a growing preference for locally produced pharmaceuticals, due to the perceived quality and lower prices. This has led to an increase in the number of local pharmaceutical manufacturers and a decrease in the market share of international pharmaceutical companies. Customers are also increasingly seeking out alternative and natural remedies, which has led to the growth of the herbal medicines market.

Trends in the market: One of the major trends in the Jordanian pharmaceuticals market is the increasing focus on research and development. Local pharmaceutical companies are investing heavily in R&D to develop new drugs and improve existing ones. This is driven by the need to compete with international pharmaceutical companies and to meet the changing needs of customers.Another trend is the growing demand for generic drugs, which are cheaper than branded drugs. This is due to the increasing cost of healthcare and the need to reduce costs. Local pharmaceutical companies are taking advantage of this trend by producing generic drugs and competing with international companies.

Local special circumstances: Jordan has a well-developed healthcare system, which includes both public and private healthcare facilities. The government has been investing heavily in healthcare infrastructure and has implemented various policies to improve access to healthcare for all citizens. This has led to an increase in demand for pharmaceuticals and medical devices.Another special circumstance is the influx of refugees from neighboring countries such as Syria and Iraq. This has put a strain on the healthcare system and has increased the demand for pharmaceuticals and medical devices. Local pharmaceutical companies are taking advantage of this by producing drugs and medical devices specifically for refugees.

Underlying macroeconomic factors: Jordan has a stable economy and a favorable business environment, which has attracted foreign investment in the pharmaceuticals sector. The government has implemented various policies to encourage foreign investment and has provided incentives such as tax breaks and subsidies. This has led to the growth of the pharmaceuticals industry and has created jobs for Jordanian citizens.In conclusion, the Pharmaceuticals market in Jordan is developing rapidly due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Local pharmaceutical companies are taking advantage of these trends by investing in R&D, producing generic drugs, and catering to the needs of refugees. The government is also playing a key role in promoting the growth of the pharmaceuticals industry by implementing policies that encourage foreign investment.

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.