Other Pharmaceuticals - Bangladesh

Bangladesh

Highlights

The Other Pharmaceuticals market in Bangladesh is estimated to achieve a revenue of US$310.10m in 2024.
Looking ahead, the market is anticipated to display a compound annual growth rate (CAGR 2024-2029) of 5.46%, leading to a market volume of US$404.60m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, reaching a staggering US$260.50bn in 2024.
The pharmaceutical industry in Bangladesh is experiencing a surge in the production of generic drugs, making it a major player in the global market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Bangladesh has been witnessing significant growth in recent years.

Customer preferences: The demand for Other Pharmaceuticals in Bangladesh has been increasing due to the rising prevalence of chronic diseases such as diabetes, hypertension, and cancer. Moreover, the growing aging population and increasing awareness about the benefits of alternative medicine have also contributed to the growth of the market.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Bangladesh is the increasing adoption of herbal and natural remedies. Consumers are becoming more conscious about the side effects of synthetic drugs and are turning towards natural alternatives. As a result, companies are introducing new products made from natural ingredients to cater to this demand. Another trend is the increasing popularity of online pharmacies, which offer convenience and competitive pricing.

Local special circumstances: Bangladesh has a large population of low-income earners, and the government has been taking steps to make healthcare more affordable and accessible. The government has introduced various initiatives to promote the use of generic drugs, which are cheaper than branded drugs. Moreover, the government has also been investing in the development of the healthcare infrastructure, which has led to an increase in the number of hospitals and clinics in the country.

Underlying macroeconomic factors: The pharmaceutical industry in Bangladesh has been growing at a rapid pace due to various macroeconomic factors. The country has a large population, which provides a large market for pharmaceutical companies. Moreover, the government has been providing various incentives to encourage investment in the industry, such as tax holidays and duty exemptions. Furthermore, the country has a large pool of skilled labor, which has made it an attractive destination for outsourcing pharmaceutical manufacturing.

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.