Other Pharmaceuticals - Western Asia

Western Asia

The revenue in the Other Pharmaceuticals market in Western Asia is estimated to reach US$9.39bn by 2024.
It is projected to display a compound annual growth rate (CAGR 2024-2029) of 3.63%, leading to a market volume of US$11.22bn by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$260.50bn in 2024.
In Western Asia, the market for other pharmaceuticals is experiencing a surge in demand due to increasing healthcare infrastructure and government initiatives.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Western Asia are increasingly interested in alternative medicine and natural remedies, which has led to a rise in demand for Other Pharmaceuticals. Additionally, the aging population in the region has contributed to the growth of the market as older individuals tend to require more pharmaceutical products.

Trends in the market: One of the biggest trends in the Other Pharmaceuticals market in Western Asia is the increasing popularity of traditional medicine. This has led to a rise in demand for herbal supplements and other natural remedies. Another notable trend is the growth of the e-commerce sector, which has made it easier for customers to purchase pharmaceutical products online.

Local special circumstances: One of the unique aspects of the Other Pharmaceuticals market in Western Asia is the prevalence of traditional medicine. Many customers in the region prefer natural remedies over synthetic drugs, which has led to the development of a thriving market for herbal supplements and other alternative medicines.

Underlying macroeconomic factors: The growth of the Other Pharmaceuticals market in Western Asia can be attributed to several underlying macroeconomic factors. One of the most significant is the region's rapidly growing population, which has led to increased demand for healthcare products and services. Additionally, rising incomes and a growing middle class have made it easier for customers to afford pharmaceutical products. Finally, government initiatives aimed at improving healthcare access and quality have also contributed to the growth of the 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.