Other Pharmaceuticals - Hungary

Hungary

In Hungary, the revenue in the market Other Pharmaceuticals market is forecasted to reach US$0.45bn by 2024.
This projection indicates an anticipated annual growth rate of 3.71% (CAGR 2024-2029), leading to a market volume of US$0.54bn by 2029.
When compared globally, United States is expected to generate the highest revenue, with an estimated amount of US$260.50bn in 2024.
Hungary's pharmaceutical market is experiencing a surge in demand for other pharmaceuticals, driven by a growing aging population and an increasing focus on preventive healthcare.

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

Market

Region

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Hungary has been experiencing steady growth in recent years.

Customer preferences: Hungarian customers have shown a preference for generic drugs over branded drugs, due to their lower cost. This preference has driven the growth of the Other Pharmaceuticals market in Hungary, as generic drugs make up a significant portion of this market.

Trends in the market: The Other Pharmaceuticals market in Hungary has been growing steadily due to factors such as an aging population, increasing healthcare expenditure, and the rising prevalence of chronic diseases. Additionally, the Hungarian government has been implementing policies to increase access to healthcare services, which has further driven the growth of the Other Pharmaceuticals market.

Local special circumstances: Hungary has a universal healthcare system, which means that healthcare services are available to all citizens. However, the system is underfunded and has been facing challenges such as a shortage of healthcare professionals and outdated infrastructure. These challenges have led to long waiting times for certain healthcare services, which has driven demand for private healthcare services and pharmaceuticals.

Underlying macroeconomic factors: Hungary has a stable economy with a high level of economic freedom. The country has been experiencing steady economic growth, which has driven increases in healthcare expenditure. Additionally, Hungary has a well-educated workforce and a strategic location within Europe, which has made it an attractive location for pharmaceutical companies to invest in. These factors have contributed to the growth of the Other Pharmaceuticals market in Hungary.

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.