Other Pharmaceuticals - Georgia

Georgia

The market of Other Pharmaceuticals market in Georgia is expected to achieve a revenue of US$53.26m in 2024.
Furthermore, it is projected to exhibit an annual growth rate (CAGR 2024-2029) of 4.32%, leading to a market volume of US$65.81m by 2029.
When compared on a global scale, United States is anticipated to generate the highest revenue, amounting to US$260.50bn in 2024.
Georgia's other pharmaceutical market is experiencing a surge in demand for traditional herbal remedies and alternative medicine.

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

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Analyst Opinion

The pharmaceutical industry in Georgia has been growing steadily over the years, with the Other Pharmaceuticals market being a significant contributor to this growth.

Customer preferences: The Georgian population has been increasingly inclined towards self-medication and alternative medicines, leading to a surge in demand for over-the-counter drugs and non-prescription pharmaceuticals. This preference can be attributed to the high cost of healthcare services and the limited availability of medical professionals in rural areas.

Trends in the market: The Other Pharmaceuticals market in Georgia has been witnessing a shift towards generic drugs, owing to the lower cost of production and increased accessibility. This trend has been further reinforced by the government's efforts to promote the use of generic drugs through various initiatives and policies.Another trend in the market is the increasing demand for nutraceuticals and dietary supplements, driven by the growing health consciousness among the population. The rising prevalence of chronic diseases and lifestyle disorders has also contributed to this trend.

Local special circumstances: One of the unique aspects of the Georgian pharmaceutical market is the dominance of local manufacturers. The majority of pharmaceutical companies in Georgia are domestically owned and operated, with only a few multinational companies having a significant presence in the market.Furthermore, the regulatory environment in Georgia has been relatively lenient, with the government focusing on promoting the growth of the pharmaceutical industry through various incentives and tax breaks.

Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in Georgia can be attributed to several macroeconomic factors, including the country's strategic location as a transit hub between Europe and Asia, its favorable business climate, and the increasing investment in the healthcare sector.Moreover, the growing tourism industry in Georgia has also contributed to the demand for pharmaceuticals, as the country attracts a significant number of medical tourists seeking affordable healthcare services.In conclusion, the Other Pharmaceuticals market in Georgia has been growing steadily, driven by customer preferences for self-medication and alternative medicines, trends towards generic drugs and nutraceuticals, local special circumstances such as the dominance of local manufacturers and a lenient regulatory environment, and underlying macroeconomic factors such as the country's strategic location and favorable business climate.

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.