Key regions: China, Europe, Australia, United States, Germany
The Other Pharmaceuticals market in Americas has been experiencing significant growth in recent years.
Customer preferences: Customers in the Americas are increasingly looking for alternative treatments to traditional pharmaceuticals. There is a growing demand for natural and organic products, which has led to a surge in the popularity of herbal remedies and supplements. Additionally, customers are becoming more health-conscious and are seeking out preventative healthcare options.
Trends in the market: In North America, the Other Pharmaceuticals market is being driven by the legalization of cannabis for medical and recreational use. This has led to a proliferation of cannabis-based products, including oils, tinctures, and edibles. In South America, the market is being driven by a growing demand for natural remedies, particularly those derived from indigenous plants. There is also a trend towards personalized medicine, with customers seeking out treatments that are tailored to their individual needs.
Local special circumstances: In Brazil, the Other Pharmaceuticals market is heavily regulated, which has limited the growth of the industry. However, recent changes to the regulatory environment are expected to lead to increased investment in the sector. In Canada, the legalization of cannabis has created a booming industry, with companies rushing to capitalize on the new market. In Mexico, the market is still in its infancy, but there is significant potential for growth as the country continues to develop.
Underlying macroeconomic factors: The growing demand for natural and organic products is being driven by a number of macroeconomic factors, including rising healthcare costs and an aging population. As healthcare becomes more expensive, customers are looking for alternative treatments that are more affordable. Additionally, as the population ages, there is a growing need for preventative healthcare options. The legalization of cannabis in North America is also being driven by macroeconomic factors, including the need for new sources of tax revenue and the desire to reduce the burden on the criminal justice system.
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.
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