Other Pharmaceuticals - Belgium

Belgium

Highlights

Belgium is expected to see a significant increase in revenue in the Other Pharmaceuticals market.
By 2024, the projected revenue is estimated to reach US$2.42bn.
This indicates a positive growth trend for the country's pharmaceutical sector.
Looking ahead, the market is expected to continue expanding with an annual growth rate of 3.34% (CAGR 2024-2029).
This growth is forecasted to result in a market volume of US$2.85bn by 2029.
In terms of global comparison, it is worth noting that United States is projected to generate the highest revenue in the Other Pharmaceuticals market.
In 2024, the estimated revenue for the United States is a staggering US$260.50bn.
This highlights the dominant position of the United States in the global pharmaceutical industry.
Belgium's pharmaceutical market is experiencing a surge in the demand for over-the-counter drugs, driven by the country's high healthcare standards and accessibility to pharmacies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Belgian consumers are becoming increasingly health-conscious, leading to a rise in demand for over-the-counter (OTC) medications and natural health products. There is also a growing trend towards self-medication, with consumers looking for products that can help them manage their health without the need for a doctor's prescription.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Belgium is the increasing popularity of natural health products. Consumers are looking for products that are free from synthetic chemicals and are perceived as being safer and more environmentally friendly. This trend is being driven by a growing awareness of the potential health risks associated with synthetic chemicals, as well as a desire to reduce the impact of human activity on the environment.Another trend in the market is the increasing availability of online pharmacies, which are becoming an increasingly popular option for consumers looking to purchase OTC medications and natural health products. Online pharmacies offer a convenient and cost-effective alternative to traditional brick-and-mortar pharmacies, and are particularly popular among younger consumers who are comfortable shopping online.

Local special circumstances: Belgium has a highly developed healthcare system, with a strong emphasis on preventative care and health education. This has helped to create a culture of health-consciousness among Belgian consumers, which is driving demand for OTC medications and natural health products. Additionally, Belgium has a large elderly population, which is driving demand for products that can help manage the health issues associated with aging, such as joint pain and mobility issues.

Underlying macroeconomic factors: Belgium has a strong and stable economy, with a high standard of living and a well-educated population. This has helped to create a favorable business environment for companies operating in the Other Pharmaceuticals market, and has contributed to the growth of the sector in recent years. Additionally, Belgium is home to several major pharmaceutical companies, which has helped to drive innovation and investment in the sector.

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.