Other Pharmaceuticals - Austria

Austria

In Austria, the revenue in the market Other Pharmaceuticals market is projected to reach US$1.51bn in 2024.
Looking ahead, the revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.03%, which would result in a market volume of US$1.84bn by 2029.
When comparing globally, United States is expected to generate the highest revenue of US$260.50bn in 2024.
Austria is experiencing a rise in the demand for alternative and natural pharmaceutical products.

Key regions: China, Europe, Australia, United States, Germany

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Analyst Opinion

The Other Pharmaceuticals market in Austria has been experiencing growth in recent years.

Customer preferences: Austrian consumers are increasingly interested in alternative medicine and natural remedies, leading to a rise in demand for Other Pharmaceuticals. Additionally, the aging population has also contributed to the growth of the market, as seniors often require more medication.

Trends in the market: The Other Pharmaceuticals market in Austria has been growing steadily, with an increasing number of companies entering the market. This has led to greater competition, with companies offering a wider range of products to meet consumer demand. In particular, there has been a rise in demand for homeopathic remedies and natural supplements.

Local special circumstances: Austria has a long tradition of natural medicine, with many consumers preferring alternative remedies to traditional pharmaceuticals. This has led to a strong market for Other Pharmaceuticals, with many local companies specializing in natural remedies.

Underlying macroeconomic factors: The Austrian economy has been performing well in recent years, with low unemployment and steady GDP growth. This has led to increased consumer spending, particularly in the healthcare sector. Additionally, the aging population has led to greater demand for healthcare products, including Other Pharmaceuticals.

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.