Pharmaceuticals - North Macedonia

North Macedonia

The Pharmaceuticals market in North Macedonia is expected to see a significant increase in revenue, reaching US$85.63m by 2024.
among the various markets within the market, Oncology Drugs is projected to be the largest, with a market volume of US$14.24m in 2024.
This indicates the growing importance of cancer treatment within the country.
Furthermore, the Pharmaceuticals market is expected to exhibit a steady annual growth rate of 5.31% between 2024 and 2029.
This will result in a substantial market volume of US$110.90m by the end of 2029.
Such growth highlights the increasing demand for pharmaceutical products and services in North Macedonia.
When considering global comparisons, it is noteworthy that United States is anticipated to generate the highest revenue within the Pharmaceuticals market, reaching a staggering US$630.30bn in 2024.
This showcases the dominance and economic power of the US pharmaceutical industry on a global scale.
North Macedonia's pharmaceutical market is experiencing a surge in investments due to favorable government policies and a growing demand for healthcare products.

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in North Macedonia has seen significant growth in recent years.

Customer preferences: Customers in North Macedonia have shown a growing preference for generic drugs over branded drugs due to their affordability. The country's aging population has also led to an increase in demand for pharmaceuticals.

Trends in the market: The pharmaceuticals market in North Macedonia has been growing at a steady pace due to the increasing demand for drugs. The market has also seen an increase in domestic production of pharmaceuticals, which has led to a decrease in the country's dependence on imports. Additionally, the government has been working to improve the regulatory environment for pharmaceuticals, which has led to increased investment in the sector.

Local special circumstances: One of the key factors driving the growth of the pharmaceuticals market in North Macedonia is the country's location. North Macedonia is strategically located at the crossroads of Europe and Asia, making it an ideal location for pharmaceutical companies looking to expand their operations in the region. Additionally, the country has a well-educated and skilled workforce, which has helped to attract foreign investment in the sector.

Underlying macroeconomic factors: The growth of the pharmaceuticals market in North Macedonia is also being driven by the country's improving macroeconomic conditions. The government has been working to improve the business environment in the country, which has led to increased investment in the sector. Additionally, the country's accession to the European Union has led to increased trade and investment opportunities, which has further boosted 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.