Other Pharmaceuticals - Mexico

Mexico

Highlights

In Mexico, the revenue in the market Other Pharmaceuticals market is estimated to reach US$2.97bn in 2024.
It is projected to exhibit an annual growth rate (CAGR 2024-2029) of 3.66%, leading to a market volume of US$3.56bn by 2029.
When compared globally, United States is expected to generate the highest revenue of US$260.50bn in 2024.
Mexico is experiencing a surge in demand for traditional herbal remedies in the Other Pharmaceuticals market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Mexican consumers have been increasingly interested in alternative medicines and natural remedies, leading to a rise in demand for Other Pharmaceuticals. Additionally, the aging population in Mexico has resulted in a higher demand for pharmaceuticals in general, including those in the Other Pharmaceuticals category.

Trends in the market: The Other Pharmaceuticals market in Mexico has been expanding due to the introduction of new products and the increasing availability of these products in pharmacies and drugstores. This has also led to increased competition among companies in the market. Additionally, there has been a growing interest in medical tourism in Mexico, which has contributed to the growth of the pharmaceutical industry as a whole.

Local special circumstances: Mexico has a large population with a significant proportion living in rural areas, which can make it difficult for individuals to access traditional healthcare services. As a result, many turn to alternative medicines and natural remedies, including those in the Other Pharmaceuticals category. Additionally, the Mexican government has implemented policies to increase access to healthcare, which has contributed to the growth of the pharmaceutical industry.

Underlying macroeconomic factors: Mexico has a strong economy and a growing middle class, which has led to increased spending on healthcare. Additionally, the country has a large pharmaceutical industry, with many multinational companies operating in Mexico. This has led to increased investment in research and development, as well as increased competition in the market. Finally, Mexico has a favorable regulatory environment for pharmaceuticals, which has helped to attract investment and promote growth in the industry.

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.