Other Pharmaceuticals - Philippines

Philippines

Highlights

In the Philippines, the revenue in the Other Pharmaceuticals market is forecasted to reach US$653.20m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.09%, leading to a market volume of US$798.20m by 2029.
When comparing globally, United States is expected to generate the highest revenue of US$260.50bn in 2024.
In the Philippines, the demand for herbal medicines is on the rise, as consumers seek natural alternatives to traditional pharmaceuticals.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Philippines has been experiencing significant growth over the past few years.

Customer preferences: Customers in the Philippines have been increasingly interested in alternative medicines and natural remedies. This has led to a rise in demand for Other Pharmaceuticals, which include herbal medicines and supplements. Additionally, the aging population in the country has also contributed to the growth of the market as they seek out products to maintain their health and well-being.

Trends in the market: One trend in the Other Pharmaceuticals market in Philippines is the increasing popularity of traditional herbal medicines. Many Filipinos have a long history of using traditional remedies, and this trend has continued to grow as more people seek out natural alternatives to traditional pharmaceuticals. Additionally, there has been a rise in demand for supplements, particularly those that claim to boost immune function and overall health.

Local special circumstances: The Philippines has a rich history of traditional medicine, which has contributed to the growth of the Other Pharmaceuticals market. The country is home to a wide variety of medicinal plants, and many Filipinos still rely on traditional remedies for their health needs. Additionally, the country's tropical climate makes it an ideal location for the cultivation of medicinal plants, which has helped to support the growth of the market.

Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in Philippines can be attributed to several macroeconomic factors. One is the country's growing middle class, which has more disposable income to spend on healthcare products. Additionally, the government has been supportive of the development of the local pharmaceutical industry, which has helped to create a favorable business environment for companies operating in the market. Finally, the country's aging population has also contributed to the growth of the market, as older individuals tend to have more health concerns and are more likely to seek out healthcare products.

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.