Other Pharmaceuticals - Fiji

Fiji

In Fiji, the Other Pharmaceuticals market is expected to see a significant increase in revenue.
By the year 2024, the projected revenue is estimated to reach US$7.44m.
Looking ahead, the market is expected to experience a steady annual growth rate (CAGR 2024-2029) of 3.86%, leading to a market volume of US$8.99m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in this market.
In 2024 alone, United States is projected to generate a substantial amount of revenue, reaching US$260.50bn.
The pharmaceutical industry in Fiji is witnessing a rise in the demand for alternative medicine and traditional remedies.

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

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Fiji has been showing interesting developments in recent years.

Customer preferences: Fiji has a population that is largely dependent on imported pharmaceutical products. However, there is a growing preference for locally produced pharmaceuticals, especially in the Other Pharmaceuticals segment. This is due to the perception that locally produced products are of higher quality and more affordable.

Trends in the market: The Other Pharmaceuticals market in Fiji has been experiencing a steady growth in recent years. This is due to the increasing demand for alternative medicine and natural remedies. Consumers are becoming more health-conscious and are seeking out products that are perceived to be safer and more effective than traditional pharmaceuticals. In addition, the market is being driven by the increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases, which require long-term treatment and management.

Local special circumstances: Fiji is a small island nation with a relatively small population. The pharmaceutical market is dominated by a few large players, which makes it difficult for smaller companies to enter the market. However, there is a growing trend towards the use of traditional medicine and natural remedies, which presents an opportunity for local producers to enter the market.

Underlying macroeconomic factors: The Fijian economy has been growing steadily in recent years, which has led to an increase in disposable income and a growing middle class. This has resulted in an increase in demand for healthcare products, including pharmaceuticals. In addition, the Fijian government has been investing in healthcare infrastructure, which has improved access to healthcare services and increased demand for pharmaceutical products. However, the high cost of importing pharmaceutical products remains a challenge for the industry.

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.