Other Pharmaceuticals - Central America

Central America

In Central America, the revenue in the market Other Pharmaceuticals market is forecasted to reach US$0.76bn by 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.34%, leading to a market volume of US$0.94bn by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$260.50bn in 2024.
In Central America, the market for other pharmaceuticals is experiencing a surge in demand due to the region's growing aging population.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Pharmaceuticals market in Central America is an emerging industry that has been growing steadily in recent years.

Customer preferences: Central American consumers are increasingly interested in natural and alternative medicines, which has led to a rise in demand for herbal and homeopathic remedies. However, there is still a significant market for traditional pharmaceuticals, particularly for chronic conditions such as diabetes and hypertension.

Trends in the market: In Costa Rica, the Other Pharmaceuticals market has seen significant growth due to the country's aging population and increasing incidence of chronic diseases. This has led to a rise in demand for medications to treat these conditions, as well as an increased interest in preventative measures such as vitamins and supplements.In Panama, the market for Other Pharmaceuticals is largely driven by the country's status as a regional hub for medical tourism. Many visitors come to Panama for medical procedures and treatments, and there is a growing demand for medications and supplements to support these treatments.

Local special circumstances: One unique factor in the Central American market is the prevalence of informal pharmacies, which operate outside of the regulated healthcare system. These pharmacies often sell lower-cost medications and supplements, but their products may be of questionable quality and safety.

Underlying macroeconomic factors: Central America is a region with significant economic disparities, with some countries experiencing high levels of poverty and others enjoying more stable economies. This can impact the availability and affordability of healthcare, including pharmaceuticals. Additionally, political instability and corruption can create challenges for businesses operating in the region.

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.