Other Pharmaceuticals - NAFTA

NAFTA

Highlights

The revenue in the Other Pharmaceuticals market is forecasted to reach US$271.90bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.50%, leading to a market volume of US$323.00bn by 2029.
Among all countries, United States is projected to generate the highest revenue of US$260.50bn in 2024.
In the NAFTA region, United States dominates the market in terms of revenue.
The pharmaceutical market in the NAFTA region is experiencing a surge in demand for alternative medicine and natural remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in NAFTA has been showing steady growth over the past few years.

Customer preferences: Customers in the NAFTA region are increasingly looking for alternative medications to treat various illnesses. This is due to the rising awareness of the side effects of traditional drugs and the increasing demand for natural and organic products. As a result, there has been a growing demand for alternative medicines, including herbal and homeopathic remedies.

Trends in the market: Mexico has been leading the growth in the Other Pharmaceuticals market in NAFTA, with a significant increase in sales over the past few years. This can be attributed to the country's large population and increasing demand for alternative medicines. Additionally, the Mexican government has been promoting the use of traditional medicine, which has helped to drive the market growth.In the United States, the Other Pharmaceuticals market has also been growing, but at a slower rate compared to Mexico. This is due to the strong regulatory environment in the US, which has made it difficult for alternative medicines to gain widespread acceptance. However, there has been a growing interest in natural and organic products among consumers, which is expected to drive the growth of the Other Pharmaceuticals market in the coming years.Canada has been the slowest growing market in the NAFTA region, with a limited demand for alternative medicines. However, the Canadian government has been taking steps to promote the use of alternative medicines, which could help to drive the growth of the Other Pharmaceuticals market in the country.

Local special circumstances: In Mexico, the use of traditional medicine is deeply rooted in the culture, which has helped to drive the growth of the Other Pharmaceuticals market. Additionally, the country has a large population with limited access to healthcare, which has created a demand for affordable and accessible alternative medicines.In the United States, the regulatory environment has been a major challenge for the growth of the Other Pharmaceuticals market. The Food and Drug Administration (FDA) has strict regulations in place for alternative medicines, which has made it difficult for these products to gain widespread acceptance. However, there has been a growing interest in natural and organic products among consumers, which could help to drive the growth of the market in the coming years.In Canada, the limited demand for alternative medicines has been a major challenge for the growth of the Other Pharmaceuticals market. However, the Canadian government has been taking steps to promote the use of traditional medicine, which could help to drive the growth of the market in the country.

Underlying macroeconomic factors: The growing demand for alternative medicines in the NAFTA region can be attributed to several macroeconomic factors. These include the rising awareness of the side effects of traditional drugs, the increasing demand for natural and organic products, and the limited access to healthcare in some areas. Additionally, the governments in the region have been taking steps to promote the use of alternative medicines, which has helped to drive the growth of the market.

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.