Other Pharmaceuticals - New Zealand

New Zealand

Highlights

The revenue of the Other Pharmaceuticals market in New Zealand is estimated to reach US$593.50m by 2024.
It is anticipated that the revenue will exhibit a compound annual growth rate (CAGR) of 3.83% from 2024 to 2029, leading to a market volume of US$716.10m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$260.50bn in 2024.
New Zealand's pharmaceutical market for other pharmaceuticals is experiencing a growing demand for natural and herbal remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in New Zealand is a rapidly growing industry that caters to the needs of the population. This market includes products that are not classified as traditional medicines, such as vitamins, minerals, and supplements.

Customer preferences: New Zealanders are becoming increasingly health-conscious, which has led to a surge in demand for natural and organic products. Customers are seeking products that are free from harmful chemicals and are sustainably sourced. Additionally, there is a growing interest in alternative medicines, such as herbal remedies and homeopathy.

Trends in the market: One of the key trends in the Other Pharmaceuticals market in New Zealand is the rise of e-commerce. Online retailers are gaining popularity due to their convenience and accessibility. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping. Another trend is the growing demand for products that cater to specific health needs, such as products for gut health or immune support.

Local special circumstances: New Zealand has a unique environment that allows for the growth of a wide range of plants and herbs, many of which have medicinal properties. This has led to the development of a thriving natural health industry, which includes products such as Manuka honey and Kiwifruit extract. Additionally, there is a strong cultural tradition of using natural remedies in Maori and Pacific Islander communities.

Underlying macroeconomic factors: The New Zealand government has been supportive of the natural health industry, which has helped to create a favorable regulatory environment. Additionally, the country has a strong economy and a high standard of living, which has led to increased spending on health and wellness products. The aging population is also a factor, as older individuals tend to have more health concerns and are more likely to use health supplements.

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.