Other Pharmaceuticals - Myanmar

Myanmar

The revenue in the Other Pharmaceuticals market in Myanmar is forecasted to achieve a staggering US$96.38m in 2024.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 3.83%, leading to a market volume of US$116.30m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue, with an estimated value of US$260.50bn in 2024.
Myanmar's growing demand for traditional herbal medicines drives the growth of the Other Pharmaceuticals market in the country.

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

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Analyst Opinion

Myanmar, with a population of over 54 million people, is one of the fastest-growing economies in Southeast Asia. The country's healthcare system has undergone significant changes in recent years, with a focus on improving access to healthcare services and increasing the availability of essential medicines. The Other Pharmaceuticals market in Myanmar has been developing in response to these changes, with a focus on improving the availability of high-quality medicines at affordable prices.

Customer preferences: Customers in Myanmar prefer locally produced medicines that are affordable and of high quality. The demand for generic medicines is high, as they are more affordable than branded medicines. Myanmar has a large population of low-income earners, and the government has been working to increase access to healthcare services for this population. As a result, there is a high demand for essential medicines, such as antibiotics and painkillers.

Trends in the market: The Other Pharmaceuticals market in Myanmar has been growing in recent years, driven by an increase in demand for essential medicines and an improvement in the availability of these medicines. The government has been working to improve the regulatory framework for pharmaceuticals, which has led to an increase in the number of registered medicines in the market. The market has also seen an increase in the number of local pharmaceutical manufacturers, which has led to an increase in the availability of locally produced medicines.

Local special circumstances: Myanmar has a large population of low-income earners, and the government has been working to increase access to healthcare services for this population. The government has introduced a number of initiatives to improve access to essential medicines, including the introduction of a national essential medicines list and the implementation of a national health insurance scheme. These initiatives have helped to increase the availability of essential medicines and make them more affordable for low-income earners.

Underlying macroeconomic factors: Myanmar's economy has been growing rapidly in recent years, driven by a number of factors, including foreign investment, a growing tourism industry, and an increase in exports. The country's healthcare system has been undergoing significant changes in response to this growth, with a focus on improving access to healthcare services and increasing the availability of essential medicines. The government has been working to improve the regulatory framework for pharmaceuticals, which has led to an increase in the number of registered medicines in the market. The market has also seen an increase in the number of local pharmaceutical manufacturers, which has led to an increase in the availability of locally produced medicines.

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.