Other Pharmaceuticals - United Kingdom

United Kingdom

Highlights

In the United Kingdom, revenue in the Other Pharmaceuticals market is forecasted to reach US$13.33bn in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.76%, leading to a market volume of US$16.81bn by 2029.
When compared on a global scale, United States is projected to generate the highest revenue, amounting to US$260.50bn in 2024.
The United Kingdom is experiencing a surge in demand for alternative pharmaceuticals, driven by a growing interest in natural and holistic remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: One of the primary drivers of growth in the Other Pharmaceuticals market in United Kingdom is the increasing demand for alternative medicines and treatments. Consumers are becoming more health-conscious and are seeking out natural and holistic remedies for their ailments. This shift in consumer preferences has led to a rise in demand for products such as homeopathic remedies, herbal supplements, and other natural health products.

Trends in the market: Another trend that is driving growth in the Other Pharmaceuticals market in United Kingdom is the increasing popularity of online shopping. Consumers are increasingly turning to online retailers to purchase their healthcare products, which has led to a rise in the number of online pharmacies and health stores. This trend is expected to continue in the coming years, as consumers become more comfortable with purchasing healthcare products online.

Local special circumstances: The United Kingdom has a well-established healthcare system, which includes both public and private healthcare providers. This has led to a high level of trust in healthcare products and services among consumers in the country. Additionally, the government has implemented a number of regulations and safety standards for healthcare products, which has helped to ensure the safety and efficacy of the products on the market.

Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in United Kingdom can also be attributed to a number of underlying macroeconomic factors. These include the country's aging population, which has led to an increase in demand for healthcare products and services. Additionally, the country's growing economy and increasing disposable income levels have made it possible for consumers to spend more on healthcare products and services. Finally, the country's strong regulatory environment and high level of consumer trust have made it an attractive market for healthcare companies looking to expand their operations.

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.