Pharmaceuticals - Laos

Laos

In 2024, the projected revenue in the Pharmaceuticals market in Laos is expected to reach US$34.56m.
Among the various markets, the largest one is Oncology Drugs, which is projected to have a market volume of US$5.35m in 2024.
The revenue in this market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.09%, leading to a market volume of US$44.29m by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$630.30bn in 2024.
Laos has seen a surge in demand for traditional herbal medicines, leading to a revival of indigenous healing practices in the pharmaceutical market.

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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Analyst Opinion

The pharmaceuticals market in Laos has been growing steadily in recent years, driven by a combination of factors such as increasing healthcare spending, rising demand for healthcare services, and a growing population.

Customer preferences: In Laos, there is a strong preference for traditional medicine, which has been a part of the country's culture for centuries. However, in recent years, there has been a shift towards modern medicine, particularly among the younger generation who are more open to trying new healthcare products and services. This has led to an increase in demand for prescription drugs and over-the-counter medicines.

Trends in the market: One of the key trends in the pharmaceuticals market in Laos is the growth of the generic drugs segment. Generic drugs are becoming increasingly popular as they are more affordable than branded drugs, making them more accessible to a wider population. Another trend is the increasing demand for specialty drugs, particularly for chronic diseases such as diabetes and cancer. This is driving innovation and investment in research and development in the pharmaceuticals industry.

Local special circumstances: Laos is a landlocked country with a relatively small population, which presents some challenges for the pharmaceuticals market. The country's healthcare infrastructure is still developing, and there are limited resources for healthcare services, particularly in rural areas. This has led to a reliance on imported drugs and medical supplies, which can be expensive and may not always be readily available.

Underlying macroeconomic factors: Laos has been experiencing strong economic growth in recent years, which has led to an increase in healthcare spending. The government has been investing in healthcare infrastructure and services, which has helped to drive demand for pharmaceuticals. In addition, the country's population is growing, which is also contributing to the growth of the pharmaceuticals market. However, there are still challenges to be addressed, such as improving healthcare access in rural areas and developing a more robust regulatory framework for the pharmaceuticals industry.

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.