Sensory Organ Drugs - Malta | Statista Market Forecast

The Sensory Organ Drugs market in Malta is expected to experience significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$3.66m.
This will be followed by a steady annual growth rate of -2.73%, leading to a market volume of US$3.19m by 2029.
In a global context, United States is anticipated to generate the highest revenue in the Sensory Organ Drugs market.
In 2024, the revenue United States is projected to reach a staggering US$13.98bn.
Malta's thriving pharmaceutical industry has made it a hub for cutting-edge research and development in sensory organ drugs.

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

Ophthalmologicals
Otologicals

Respiratory system
Ophthalmic devices, such as diagnostic and surgical devices or glasses and contact lenses
Dermatology, skin treatment
Painkillers, analgesics

The Sensory Organ Drugs market in Malta has been experiencing steady growth in recent years.

Customer preferences: Malta has a rapidly aging population, which has led to an increase in demand for sensory organ drugs such as those used to treat age-related macular degeneration and glaucoma. Additionally, with the rise in popularity of contact lenses and eye surgeries, there has been a corresponding increase in demand for drugs used to treat post-operative infections and inflammation.

Trends in the market: One trend that has been observed in the Maltese market is the increasing preference for combination drugs that treat multiple conditions at once. This is due to the convenience and cost-effectiveness of using a single drug to treat multiple issues. Another trend is the growing popularity of over-the-counter (OTC) drugs for minor eye conditions such as dry eyes and allergies. This is driven by the convenience and accessibility of OTC drugs, as well as the relatively low cost compared to prescription drugs.

Local special circumstances: One factor that has contributed to the growth of the Sensory Organ Drugs market in Malta is the country's high rate of myopia. This has led to an increased demand for drugs used to treat myopia-related conditions such as cataracts and retinal detachment. Additionally, Malta's location in the Mediterranean has made it a popular destination for tourists, many of whom require medication for eye conditions while on vacation.

Underlying macroeconomic factors: The Maltese government has been investing heavily in the healthcare sector, which has helped to drive growth in the Sensory Organ Drugs market. Additionally, the country's strong economy and high standard of living have enabled more people to afford healthcare and medication. However, the market is also facing challenges such as increasing competition from generic drugs and regulatory pressures to keep drug prices low.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

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.