Other Pharmaceuticals - Switzerland

Switzerland

In Switzerland, the revenue in the market Other Pharmaceuticals market is estimated to reach US$2.91bn in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 3.76%, leading to a market volume of US$3.50bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$260.50bn in 2024.
Switzerland's strong regulatory framework and high level of innovation make it a leading hub for research and development in the Other Pharmaceuticals market.

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

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Currency

Analyst Opinion

Switzerland, a country known for its chocolates, watches, and banks, has a thriving pharmaceutical industry. The Other Pharmaceuticals market, which includes products such as vitamins, minerals, and supplements, has been growing steadily in Switzerland.

Customer preferences: Swiss consumers are becoming increasingly health-conscious, leading to a rise in demand for natural and organic products. This trend has translated into the Other Pharmaceuticals market, where there is a growing preference for products that are free from artificial ingredients and are plant-based. Additionally, the aging population in Switzerland has contributed to the growth of the market, as older adults tend to consume more vitamins and supplements to maintain their health.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Switzerland is the rise of e-commerce. Online sales of vitamins and supplements have been growing rapidly, as consumers are looking for convenience and competitive prices. This trend has led to the emergence of new online retailers, as well as the expansion of existing brick-and-mortar stores into the online space. Another trend is the increasing popularity of personalized nutrition, where consumers can take a test to determine their individual nutritional needs and receive customized supplements.

Local special circumstances: Switzerland has a reputation for high-quality products, and this extends to the pharmaceutical industry. Swiss-made vitamins and supplements are perceived as being of superior quality, which has led to a preference for domestic brands. Additionally, the country has a strict regulatory environment, which ensures that products meet high safety and quality standards. This has contributed to the trust that consumers have in the industry, and has helped to drive growth in the market.

Underlying macroeconomic factors: Switzerland has a strong economy and a high standard of living, which means that consumers have more disposable income to spend on health and wellness products. Additionally, the country has a well-developed healthcare system, which has led to a focus on preventative healthcare. This, in turn, has driven demand for vitamins and supplements, as consumers look to maintain their health and prevent illness. Finally, Switzerland is home to several large pharmaceutical companies, which has helped to drive innovation in the industry and has led to the development of new products in the Other Pharmaceuticals market.

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.