Other Pharmaceuticals - Chile

Chile

Highlights

The Other Pharmaceuticals market in Chile is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$1.02bn by 2024.
Furthermore, it is anticipated that there will be a steady annual growth rate of 3.77% from 2024 to 2029, resulting in a market volume of US$1.23bn by the end of that period.
When comparing the global market, it is worth noting that United States is expected to generate the highest revenue in the Other Pharmaceuticals market sector.
In 2024, the revenue from this market United States is estimated to be US$260.50bn.
This showcases the dominance of the US market in this industry.
Chile's Other Pharmaceuticals market is witnessing a surge in demand for natural and herbal remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Chile has been undergoing some interesting developments in recent times.

Customer preferences: Customers in Chile have been increasingly opting for alternative medicines and natural remedies, which has impacted the demand for traditional pharmaceuticals. This trend is not unique to Chile and has been observed in other regions worldwide. Additionally, the aging population in Chile has resulted in a higher demand for medications to treat chronic diseases such as diabetes and hypertension.

Trends in the market: The Other Pharmaceuticals market in Chile has been growing steadily in recent years, with a focus on research and development of new drugs. The market has also seen an increase in the number of mergers and acquisitions, as companies seek to expand their market share and increase their product offerings. There has also been a trend towards the use of technology in the pharmaceutical industry, with companies investing in digital health and telemedicine.

Local special circumstances: Chile has a well-established healthcare system, with both public and private healthcare providers. The public healthcare system is funded by the government and provides free healthcare to all citizens. However, the system is often overstretched and underfunded, leading to long waiting times and a shortage of medical supplies. As a result, many Chileans opt for private healthcare, which is more expensive but offers better quality care.

Underlying macroeconomic factors: Chile has a stable economy and a growing middle class, which has resulted in an increase in healthcare spending. The government has also implemented policies to encourage investment in the pharmaceutical industry, which has led to an increase in the number of pharmaceutical companies operating in the country. However, the market is still heavily regulated, which can make it difficult for new companies to enter the market. Additionally, the high cost of healthcare in Chile has resulted in a growing demand for generic drugs, which are often cheaper than their branded counterparts.

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.