Sensory Organ Drugs - Serbia | Statista Market Forecast

The revenue in the Sensory Organ Drugs market in Serbia is expected to reach US$9.68m in 2024.
Furthermore, it is projected to show an annual growth rate (CAGR 2024-2029) of -3.17%, resulting in a market volume of US$8.24m by 2029.
When compared globally, United States is anticipated to generate the highest revenue of US$13.98bn in 2024.
Serbia is experiencing a growing demand for sensory organ drugs due to the increasing prevalence of age-related eye diseases.

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 Serbia is a growing sector that has seen a lot of development in recent years.

Customer preferences: Serbian customers have shown a growing interest in Sensory Organ Drugs due to the increasing prevalence of eye and ear-related diseases. In addition, the aging population in the country has also contributed to the growing demand for these drugs.

Trends in the market: The Sensory Organ Drugs market in Serbia has been experiencing a steady growth in recent years. The market is being driven by the increasing prevalence of eye and ear-related diseases, as well as the growing demand for these drugs from the aging population. In addition, advancements in technology have led to the development of new and more effective drugs, which has further boosted the growth of the market.

Local special circumstances: Serbia has a relatively high incidence of eye and ear-related diseases, which has contributed to the growing demand for Sensory Organ Drugs in the country. In addition, the country has a rapidly aging population, which has further boosted the growth of the market.

Underlying macroeconomic factors: The Serbian economy has been experiencing steady growth in recent years, which has led to an increase in consumer spending. This has created a favorable environment for the growth of the Sensory Organ Drugs market in the country. In addition, the government has been investing heavily in healthcare infrastructure, which has also contributed to the growth of the market.

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.