Other Pharmaceuticals - Baltics

Baltics

Highlights

In the Baltics, the revenue in the market Other Pharmaceuticals market is projected to reach US$394.00m in 2024.
The annual growth rate (CAGR 2024-2029) is expected to be 4.19%, leading to a market volume of US$483.80m by 2029.
When compared globally, United States is expected to generate the highest revenue of US$260.50bn in 2024.
The Baltics are experiencing a surge in demand for alternative pharmaceuticals as consumers seek natural and holistic remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The pharmaceutical industry in Baltics has been growing steadily in recent years, and the Other Pharmaceuticals market is no exception.

Customer preferences: Customers in Baltics have shown a growing interest in natural and alternative medicines, which has led to an increase in demand for Other Pharmaceuticals. Additionally, the aging population in the region has also contributed to the growth of the market, as older consumers tend to require more medication.

Trends in the market: One of the key trends in the Other Pharmaceuticals market in Baltics is the rise of e-commerce. Many consumers are now purchasing their medications online, which has led to increased competition among online retailers. Another trend is the increasing use of generic drugs, which are often less expensive than brand-name medications. This has led to a shift in the market, as more consumers are opting for generic drugs over branded ones.

Local special circumstances: Baltics has a unique regulatory environment, which has had an impact on the Other Pharmaceuticals market. For example, the region has a centralized system for drug registration, which can make it difficult for smaller pharmaceutical companies to enter the market. Additionally, the high cost of drug development and approval has made it difficult for some companies to compete in the market.

Underlying macroeconomic factors: The Other Pharmaceuticals market in Baltics is also influenced by broader macroeconomic factors. For example, the region's economic growth has been relatively slow in recent years, which has limited the growth of the market. Additionally, the region's healthcare system is underfunded, which has led to a lack of investment in new drugs and treatments.In conclusion, the Other Pharmaceuticals market in Baltics is growing due to changing customer preferences and the aging population. However, the market is also facing challenges related to regulation, competition, and macroeconomic factors.

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.