Key regions: China, Europe, Australia, United States, Germany
Montenegro, a small country located in the Balkans, has seen a steady growth in its Other Pharmaceuticals market in recent years.
Customer preferences: Montenegro's population has an increasing demand for healthcare products due to its aging population and the rise in chronic diseases. The country's healthcare system has undergone significant reforms in recent years, leading to an increase in the availability of prescription drugs and over-the-counter (OTC) medications. Customers in Montenegro tend to prefer generic drugs due to their lower cost and similar effectiveness compared to branded drugs.
Trends in the market: Montenegro's Other Pharmaceuticals market has seen a rise in the sales of OTC medications due to the increasing availability of these products in pharmacies and supermarkets. The market has also seen an increase in the sales of vitamins and dietary supplements, which are popular among Montenegro's aging population. Additionally, the market has seen a shift towards more natural and organic products, as customers become more health-conscious and aware of the potential side effects of synthetic drugs.
Local special circumstances: Montenegro's pharmaceutical market is heavily regulated by the government, which has implemented strict pricing policies and reimbursement schemes for prescription drugs. The country's healthcare system is also facing challenges due to a shortage of medical personnel and outdated infrastructure. These factors contribute to a challenging environment for pharmaceutical companies looking to enter the Montenegrin market.
Underlying macroeconomic factors: Montenegro's economy has been growing steadily in recent years, with a focus on tourism and foreign investment. The country's accession to the European Union is also expected to bring about further economic growth and development. However, Montenegro's pharmaceutical market is relatively small and may not be a priority for international pharmaceutical companies looking to expand their operations. Additionally, the country's political instability and corruption may deter foreign investment in the pharmaceutical sector.
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.
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