Other Pharmaceuticals - Turkey

Turkey

In Turkey, the revenue in the Other Pharmaceuticals market is forecasted to reach US$0.79bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.54%, leading to a market volume of US$0.94bn by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, amounting to US$260.50bn in 2024.
Turkey's pharmaceutical market is experiencing a surge in demand for other pharmaceuticals as the country focuses on expanding its healthcare infrastructure.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Turkey have shown a growing preference for alternative medicine and natural remedies, which has led to an increase in demand for Other Pharmaceuticals. Additionally, the aging population in Turkey has also contributed to the growth of the market, as older individuals are more likely to require medication for various health issues.

Trends in the market: One trend in the Other Pharmaceuticals market in Turkey is the increasing popularity of herbal supplements and traditional medicines. Many consumers are turning to these products as a more natural alternative to traditional pharmaceuticals. Another trend is the rise of e-commerce in the market, as more consumers are purchasing medication online.

Local special circumstances: Turkey has a large pharmaceutical industry, with many domestic companies producing a wide range of medications. This has led to a competitive market, with both domestic and international companies vying for market share. Additionally, the Turkish government has implemented policies to encourage the growth of the pharmaceutical industry, which has helped to drive the market's development.

Underlying macroeconomic factors: Turkey's growing population and increasing life expectancy have contributed to the growth of the Other Pharmaceuticals market. Additionally, the country's expanding middle class has more disposable income to spend on healthcare, including medication. However, Turkey's economic instability and political uncertainty have also had an impact on the market, with fluctuations in the value of the Turkish lira affecting the affordability of medication for some consumers.

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.