Other Pharmaceuticals - Papua New Guinea

Papua New Guinea

In Papua New Guinea, the revenue in the Other Pharmaceuticals market is estimated to reach US$24.21m by the year 2024.
It is projected that the revenue will display a compound annual growth rate (CAGR 2024-2029) of 3.11%, leading to a market volume of US$28.22m by 2029.
When compared globally, United States is expected to generate the highest revenue in this market, with an estimated amount of US$260.50bn in 2024.
Papua New Guinea is experiencing a surge in demand for herbal remedies, driving growth in the other pharmaceuticals market.

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

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Papua New Guinea has been developing steadily in recent years.

Customer preferences: Customers in Papua New Guinea have shown a growing demand for over-the-counter drugs and supplements. This is partly due to the country's inadequate healthcare infrastructure, which makes it difficult for people to access prescription drugs. Additionally, traditional medicine is still widely practiced in the country, leading to a preference for natural remedies and supplements.

Trends in the market: The Other Pharmaceuticals market in Papua New Guinea has seen an increase in the number of local manufacturers. This is partly due to the government's efforts to promote local production and reduce the country's dependence on imported drugs. The market has also seen an increase in the availability of generic drugs, which are often cheaper than their branded counterparts.

Local special circumstances: Papua New Guinea faces unique challenges in the pharmaceutical industry. The country has a large rural population with limited access to healthcare facilities, which makes it difficult to distribute drugs effectively. Additionally, the country's rugged terrain and lack of infrastructure make it difficult to transport drugs to remote areas.

Underlying macroeconomic factors: Papua New Guinea's economy has been growing steadily in recent years, driven by the country's rich natural resources. However, the country still faces significant challenges such as a high poverty rate and limited healthcare infrastructure. These factors have contributed to the growth of the Other Pharmaceuticals market in the country, as people turn to over-the-counter drugs and supplements as a more affordable and accessible alternative to prescription drugs.

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.