Other Pharmaceuticals - Serbia

Serbia

Highlights

The revenue in the Other Pharmaceuticals market in Serbia is projected to reach US$180.60m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.17%, resulting in a market volume of US$221.50m by 2029.
In global comparison, United States is expected to generate the most revenue with US$260.50bn in 2024.
Serbia's other pharmaceutical market is experiencing a surge in demand for natural and herbal remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Serbia has been experiencing significant growth in recent years.

Customer preferences: Serbian consumers have been increasingly turning to alternative medicines and supplements in recent years. As a result, the demand for Other Pharmaceuticals, which includes products such as vitamins, minerals, and herbal supplements, has been steadily increasing. Additionally, the aging population in Serbia has been driving demand for products that promote healthy aging and improve overall well-being.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Serbia is the increasing popularity of natural and organic products. Consumers are becoming more health-conscious and are looking for products that are free from artificial ingredients and chemicals. This trend is expected to continue in the coming years, with more companies launching natural and organic product lines.Another trend in the market is the growing popularity of e-commerce. With the increasing availability of internet access and the convenience of online shopping, more consumers are choosing to purchase their Other Pharmaceuticals products online. This trend is expected to continue, with many companies investing in their online presence and offering a wider range of products online.

Local special circumstances: Serbia has a relatively small market for Other Pharmaceuticals compared to other European countries. However, the market is growing rapidly, and there are many opportunities for companies to expand their presence in the country. Additionally, the Serbian government has been actively promoting the development of the healthcare sector, which is expected to drive further growth in the market.

Underlying macroeconomic factors: Serbia has been experiencing steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has had a positive impact on the Other Pharmaceuticals market, as consumers have more money to spend on health and wellness products. Additionally, Serbia has a relatively low cost of living compared to other European countries, which has made it an attractive destination for foreign investors looking to expand their business in the region.

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.