Other Pharmaceuticals - Panama

Panama

The revenue in the Other Pharmaceuticals market of Panama is projected to reach US$222.40m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.77%, leading to a market volume of US$280.80m by 2029.
When compared globally, United States will generate the highest revenue, amounting to US$260.50bn in 2024.
Panama's Other Pharmaceuticals market is experiencing a surge in demand due to the country's aging population and increased awareness of preventive healthcare.

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

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Currency

Analyst Opinion

Panama, a country located in Central America, has been experiencing steady growth in its Other Pharmaceuticals market in recent years.

Customer preferences: Customers in Panama have been showing an increasing preference for generic drugs over branded drugs due to their lower cost. This trend is in line with the global trend of rising healthcare costs and the need for affordable medication. Additionally, customers are becoming more health-conscious and are seeking out natural and alternative medicines.

Trends in the market: The Other Pharmaceuticals market in Panama has been growing steadily due to the increasing demand for generic drugs. The market is highly competitive with a large number of players, both domestic and international. The market is also witnessing a shift towards online sales channels, with more customers opting for the convenience of online shopping. Furthermore, there is a growing trend towards the use of technology in the pharmaceutical sector, with the implementation of electronic medical records and telemedicine services.

Local special circumstances: Panama has a unique geographic location, serving as a bridge between South and Central America. This has led to a growing medical tourism industry, with patients from neighboring countries coming to Panama for medical treatments. Additionally, the country has a relatively high population of retirees, who are a key demographic for the pharmaceutical industry.

Underlying macroeconomic factors: Panama has a stable economy with a growing middle class, which is driving demand for healthcare services. The government has also been investing in the healthcare sector, with the construction of new hospitals and clinics. Furthermore, the country has a favorable business environment, which has attracted foreign investment in the pharmaceutical sector. However, the market is also facing challenges such as regulatory hurdles and intellectual property issues.

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.