Key regions: China, Europe, Australia, United States, Germany
The Other Pharmaceuticals market in Australia & Oceania is a rapidly growing market with a high demand for innovative drugs and treatments.
Customer preferences: Customers in Australia & Oceania are becoming increasingly health-conscious and are seeking alternative treatments and therapies. This has led to a rise in demand for natural and organic products, leading to a surge in the demand for natural and herbal medicines. Customers are also looking for more personalized treatments, which has led to an increase in demand for precision medicine.
Trends in the market: The Other Pharmaceuticals market in Australia & Oceania is witnessing a shift towards personalized medicine. The demand for personalized medicine is being driven by advancements in technology and the availability of patient data. The market is also witnessing a rise in the demand for biosimilars, which are cheaper alternatives to biologic drugs. This is due to the expiration of patents for several biologic drugs, which has led to an increase in competition from biosimilars.
Local special circumstances: Australia & Oceania has a unique geography and climate, which has led to the development of several indigenous medicines and treatments. These treatments are becoming increasingly popular among customers, leading to a rise in demand for traditional medicines. The region is also home to a large population of elderly people, which has led to an increase in demand for drugs and treatments that cater to their specific needs.
Underlying macroeconomic factors: The Other Pharmaceuticals market in Australia & Oceania is being driven by several macroeconomic factors. The region has a growing population and an increasing life expectancy, which has led to a rise in demand for drugs and treatments. The region is also witnessing a rise in disposable income, which has led to an increase in healthcare spending. The government is also playing a key role in driving the growth of the market by investing in research and development and providing subsidies for the development of new drugs and treatments.
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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