Pharmaceuticals - Lebanon

Lebanon

The Pharmaceuticals market in Lebanon is expected to witness a significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$277.00m.
among the various markets of the market, Oncology Drugs is anticipated to be the largest, with a projected market volume of US$46.78m in 2024.
This indicates the increasing demand for oncology medications in Lebanon.
Furthermore, the pharmaceutical industry is projected to experience a steady annual growth rate of 3.49% from 2024 to 2029.
As a result, the market volume is expected to reach US$328.80m by 2029.
This growth is attributed to several factors, including advancements in medical research and development, increasing healthcare expenditure, and a rising aging population in Lebanon.
When compared globally, United States is anticipated to generate the highest revenue in the Pharmaceuticals market.
In 2024, the projected revenue for the United States is estimated to be a staggering US$630.30bn.
This highlights the dominance of the United States in the global pharmaceutical industry.
Overall, the Pharmaceuticals market in Lebanon is poised for significant growth, with projections indicating a positive trajectory in revenue and market volume.
The demand for pharmaceutical products, especially in the field of oncology, is expected to drive this growth in the coming years.
Lebanon's pharmaceutical market is witnessing a surge in demand for locally produced generic medications.

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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Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Lebanon has been experiencing significant growth in recent years.

Customer preferences: Lebanon has a high demand for pharmaceuticals due to an aging population and a high prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases. Customers in Lebanon prefer branded drugs over generic drugs, despite the higher cost. This is due to the perception that branded drugs are of higher quality and more effective.

Trends in the market: The Pharmaceuticals market in Lebanon has been growing steadily due to an increase in the number of pharmacies and the expansion of private health insurance coverage. The market is dominated by multinational pharmaceutical companies, which have a strong presence in the country. There has also been an increase in the number of local pharmaceutical companies, which are focused on producing generic drugs.

Local special circumstances: The political and economic situation in Lebanon has had a significant impact on the Pharmaceuticals market. The country has been facing a severe economic crisis, which has led to a shortage of foreign currency. This has made it difficult for pharmaceutical companies to import raw materials and finished products, leading to a shortage of certain drugs. The COVID-19 pandemic has also had an impact on the market, with an increase in demand for certain drugs and medical supplies.

Underlying macroeconomic factors: The economic crisis in Lebanon has led to a devaluation of the local currency, making imported drugs more expensive. This has led to an increase in the cost of healthcare for consumers, who are already struggling with the high cost of living. The political instability in the country has also led to a lack of investment in the healthcare sector, with many hospitals and clinics facing financial difficulties. The COVID-19 pandemic has highlighted the weaknesses in the healthcare system, with a shortage of hospital beds, medical equipment, and healthcare workers. In conclusion, the Pharmaceuticals market in Lebanon is facing significant challenges due to the economic crisis and political instability in the country. However, the high demand for pharmaceuticals and the expansion of private health insurance coverage are driving growth in the market. The trend towards branded drugs and the preference for multinational pharmaceutical companies is likely to continue, despite the higher cost. The local pharmaceutical industry is also expected to grow, as companies focus on producing generic drugs to meet local demand.

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.