Pharmaceuticals - Lithuania

  • Lithuania
  • In Lithuania, the revenue in the Pharmaceuticals market is projected to reach US$393.00m in 2024.
  • Among the various markets, the largest is Oncology Drugs with a projected market volume of US$64.95m in 2024.
  • Looking ahead, the revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.05%, ultimately resulting in a market volume of US$479.30m by 2029.
  • It is worth noting that in global comparison, United States is projected to generate the highest revenue of US$630.30bn in 2024.
  • Lithuania's pharmaceutical market is experiencing a surge in research and development investments, positioning the country as a hub for innovative drug discovery.

Key regions: United States, China, Germany, Japan, Europe

 
Market
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

The Pharmaceuticals market in Lithuania has seen steady growth in recent years.

Customer preferences:
Lithuanian customers have shown a preference for generic drugs over branded ones due to their lower cost. Additionally, there is an increasing demand for over-the-counter (OTC) drugs, driven by the convenience they offer.

Trends in the market:
One of the major trends in the Lithuanian Pharmaceuticals market is the increasing focus on research and development. This has led to the introduction of new and innovative drugs in the market. Another trend is the growing importance of e-commerce in the distribution of pharmaceuticals. Pharmacies are increasingly offering online ordering and delivery services to meet the changing needs of their customers.

Local special circumstances:
Lithuania has a relatively small population, which means that the market for pharmaceuticals is also small. This has led to intense competition among pharmaceutical companies to capture market share. Additionally, the Lithuanian government has implemented policies to regulate drug prices, which has put pressure on pharmaceutical companies to keep their prices low.

Underlying macroeconomic factors:
The Lithuanian economy has been growing steadily in recent years, which has led to an increase in disposable income. This has contributed to the growth of the Pharmaceuticals market as consumers are able to afford more expensive drugs. Additionally, Lithuania's aging population has also contributed to the growth of the Pharmaceuticals market, as older people tend to require more medication. Finally, Lithuania's membership in the European Union has led to increased foreign investment in the country, which has helped to fuel the growth of the Pharmaceuticals market.

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
  • Next generation therapy
  • Global Comparison
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)