Other Pharmaceuticals - North America

North America

Highlights

The revenue in the Other Pharmaceuticals market in North America is forecasted to reach US$271.90bn in 2024.
It is expected to demonstrate a compound annual growth rate (CAGR 2024-2029) of 3.50%, leading to a market volume of US$323.00bn by 2029.
Among all countries worldwide, United States is anticipated to generate the highest revenue of US$260.50bn in 2024.
In North America, the Other Pharmaceuticals market is experiencing a surge in demand due to increasing investment in research and development.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in North America has been experiencing significant growth in recent years, driven by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in North America have been increasingly interested in alternative pharmaceuticals, such as herbal remedies and homeopathic medicines. This shift in preference has been driven by a desire for more natural and holistic healthcare options, as well as concerns about the potential side effects of traditional pharmaceuticals.

Trends in the market: One major trend in the Other Pharmaceuticals market in North America is the increasing availability and acceptance of cannabis-based products. With the legalization of cannabis in several states and the growing body of research supporting its medicinal properties, more and more companies are entering the market with cannabis-based products such as oils, tinctures, and edibles.Another trend in the market is the rise of personalized medicine. Advances in technology and genetics have made it possible to tailor treatments to individual patients based on their unique genetic makeup, lifestyle, and medical history. This trend is expected to continue as more companies invest in research and development to create personalized treatment options.

Local special circumstances: The United States is the largest market for pharmaceuticals in North America, and the country's complex healthcare system has a significant impact on the Other Pharmaceuticals market. The high cost of healthcare and prescription drugs in the US has led many consumers to seek out alternative options, including other pharmaceuticals.Canada has a publicly funded healthcare system, which has led to a different set of circumstances for the Other Pharmaceuticals market. While Canadians generally have better access to traditional pharmaceuticals than Americans, there is still a significant demand for alternative options, particularly in the areas of natural health products and cannabis-based products.

Underlying macroeconomic factors: The North American Other Pharmaceuticals market is also influenced by underlying macroeconomic factors such as government regulations, economic growth, and demographic changes. For example, the legalization of cannabis in several states has been driven by changing attitudes towards drug use and the potential for tax revenue, as well as the growing demand for cannabis-based products.Overall, the Other Pharmaceuticals market in North America is expected to continue growing as consumers seek out alternative healthcare options and companies invest in research and development to create new products and treatments. However, the market will also continue to be shaped by local special circumstances and underlying macroeconomic factors, making it important for companies to stay up-to-date on the latest trends and developments.

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.