Other Pharmaceuticals - Guatemala

Guatemala

Highlights

The revenue in the Other Pharmaceuticals market in Guatemala is projected to reach US$179.70m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.31%, resulting in a market volume of US$221.90m by 2029.
In global comparison, United States is anticipated to generate the highest revenue with an estimated US$260.50bn in 2024.
Guatemala's Other Pharmaceuticals market is witnessing a surge in demand for traditional herbal remedies due to their cultural significance and perceived health benefits.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Guatemalans have become increasingly concerned with their health and well-being, leading to a greater demand for pharmaceutical products. Additionally, the aging population has also contributed to the growth of the Other Pharmaceuticals market.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Guatemala has been the rise of generic drugs. This is largely due to the lower cost of generic drugs compared to their branded counterparts. In addition, there has been an increase in demand for over-the-counter (OTC) drugs, which can be purchased without a prescription. This trend is driven by the convenience and accessibility of OTC drugs.

Local special circumstances: Guatemala has a relatively low level of healthcare spending compared to other countries in the region. This has led to a greater reliance on private healthcare providers and a higher out-of-pocket expenditure for consumers. Additionally, the country has a large informal economy, which has resulted in a significant portion of the population being uninsured or underinsured.

Underlying macroeconomic factors: Guatemala has a growing economy, which has led to an increase in disposable income for many consumers. This has allowed more people to afford healthcare products, including pharmaceuticals. However, the country still faces significant challenges related to poverty and income inequality, which can limit access to healthcare for some segments of the population.In conclusion, the Other Pharmaceuticals market in Guatemala is experiencing growth due to a combination of factors, including changing customer preferences, the rise of generic drugs, and underlying macroeconomic factors. However, the market also faces challenges related to healthcare spending and access, particularly for those who are uninsured or underinsured.

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.