Pharmaceuticals - Nepal

Nepal

The Pharmaceuticals market in Nepal is expected to witness a significant increase in revenue, reaching US$341.10m by 2024.
among the various markets in the market, Oncology Drugs is projected to have the highest market volume, estimated at US$32.10m in 2024.
This indicates the growing importance of oncology treatments in Nepal.
Furthermore, the market is anticipated to demonstrate a steady annual growth rate of -0.62% between 2024 and 2029.
This projected growth is expected to result in a market volume of US$330.60m by 2029, showcasing the potential for expansion and development within the pharmaceutical sector in Nepal.
In a global context, United States is anticipated to generate the highest revenue in the Pharmaceuticals market, with an estimated amount of US$630.30bn in 2024.
This highlights United States' dominance in the global pharmaceutical industry and emphasizes the significant market share it holds compared to other countries.
Nepal's pharmaceutical market is experiencing a surge in demand for traditional herbal remedies and alternative medicine.

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. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. 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 Nepal has been experiencing steady growth in recent years.

Customer preferences: Nepal's population has been growing, and with it, the demand for healthcare products and services. The rise in disposable income and increased awareness of health and wellness have led to a shift in customer preferences towards pharmaceutical products. Nepalese consumers tend to prefer generic drugs due to their affordability and accessibility.

Trends in the market: The Nepalese pharmaceuticals market is dominated by domestic companies, which account for the majority of the market share. However, multinational companies are also present in the market and are gaining traction due to their high-quality products. The market is also witnessing a rise in the demand for herbal and Ayurvedic medicines as consumers become more health-conscious.

Local special circumstances: The Nepalese pharmaceuticals market faces several challenges, including limited access to healthcare services, inadequate infrastructure, and a lack of skilled professionals. The country's mountainous terrain and poor road networks make it difficult to transport drugs and medical supplies to remote areas. These challenges have led to a rise in counterfeit drugs, which pose a significant threat to public health.

Underlying macroeconomic factors: Nepal's economy has been growing steadily in recent years, with a focus on infrastructure development and foreign investment. The government has also been investing in the healthcare sector, which has led to an increase in healthcare spending. The country's young population and rising middle class are expected to drive the demand for pharmaceuticals in the coming years. However, political instability and corruption remain significant challenges to the growth of the pharmaceuticals market in Nepal.

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.