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

 
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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.

Overview

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