Skip to main content
  1. Market Insights
  2. Health
  3. Pharmaceuticals

Sensory Organ Drugs - Baltics

Baltics
  • In the Baltics, the revenue in the Sensory Organ Drugs market is estimated to reach US$21.13m by 2024.
  • It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of -3.15%, culminating in a market volume of US$18.01m by 2029.
  • Comparatively, United States will generate the highest revenue, projected to be US$13.98bn in 2024.
  • In the Baltics, there is a growing demand for sensory organ drugs, driven by an aging population and increasing awareness of eye and ear health.

Definition:
This market covers ophthalmologicals and otologicals, i.e., drugs for the sensory organs eye and ear, respectively. Ophthalmologicals are used to treat diseases of the eye such as wet age-related macular degeneration, geographic atrophy, and glaucoma. Typical dosage forms are eye drops or injections into the eye (intravitreal) and, in the case of otologicals, through the eardrum into the middle ear.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Regeneron Pharmaceuticals, Novartis, Bayer, Alcon, AbbVie

In-Scope

  • Ophthalmologicals
  • Otologicals

Out-Of-Scope

  • Respiratory system
  • Ophthalmic devices, such as diagnostic and surgical devices or glasses and contact lenses
  • Dermatology, skin treatment
  • Painkillers, analgesics
Sensory Organs Drugs: market data & analysis - Cover

Market Insights report

Sensory Organs Drugs: market data & analysis

Study Details

    Revenue

    Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Sensory Organ Drugs market in Baltics has been steadily growing in recent years, driven by various factors such as an aging population and increasing awareness about the importance of eye and ear health.

    Customer preferences:
    Customers in the Baltics region tend to prefer locally produced drugs, which has led to an increase in domestic production of sensory organ drugs. Additionally, there is a growing demand for natural and organic products, which has resulted in the development of new drugs made from herbal extracts and other natural ingredients.

    Trends in the market:
    One of the major trends in the Sensory Organ Drugs market in Baltics is the increasing prevalence of eye diseases such as cataracts and macular degeneration. This has led to a rise in demand for drugs that can treat these conditions, as well as for preventative measures such as eye supplements. Another trend is the growing popularity of hearing aids, which has led to an increase in demand for drugs that can improve hearing and prevent hearing loss.

    Local special circumstances:
    The Baltics region consists of three countries - Estonia, Latvia, and Lithuania - each with its own unique healthcare system. While all three countries have publicly funded healthcare systems, there are differences in terms of reimbursement policies and the availability of certain drugs. For example, in Estonia, patients can receive reimbursement for hearing aids, while in Latvia and Lithuania, patients must pay for them out of pocket.

    Underlying macroeconomic factors:
    The Sensory Organ Drugs market in Baltics is also influenced by broader macroeconomic factors such as population growth, income levels, and government healthcare spending. With an aging population and rising incomes, there is a growing demand for healthcare services and products, including sensory organ drugs. Additionally, government healthcare spending in the region has been increasing in recent years, which has helped to support the growth of the market.

    Global Comparison

    Most recent update: Jun 2024

    Source: Statista Market Insights

    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.

    Health

    Access more Market Insights on Health topics with our featured report

    Sensory Organs Drugs: market data & analysis - BackgroundSensory Organs Drugs: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Global pharmaceutical industry - statistics & facts

    The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.
    More data on the topic

    Contact

    Get in touch with us. We are happy to help.