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

 
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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.

Overview

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