Pharmaceuticals - Serbia

Serbia

The Pharmaceuticals market in Serbia is expected to see a significant growth in revenue, with projections indicating that it will reach US$445.40m by 2024.
Among the various markets, Oncology Drugs is expected to be the largest, with a projected market volume of US$75.21m by 2024.
The market as a whole is expected to experience a steady annual growth rate of 4.79% between 2024 and 2029, resulting in a market volume of US$562.70m by 2029.
It is worth noting that in a global comparison, United States is expected to generate the highest revenue in the Pharmaceuticals market, reaching a staggering US$630.30bn in 2024.
Serbia's pharmaceutical market is experiencing a surge in demand for innovative treatments and a growing focus on research and development.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

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: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The pharmaceuticals market in Serbia has seen significant growth in recent years, driven by various factors such as increasing healthcare expenditure, a growing elderly population, and rising demand for innovative drugs.

Customer preferences: Serbian consumers are increasingly seeking high-quality pharmaceutical products that are both effective and affordable. Due to the growing elderly population, there is also a rising demand for drugs that address age-related illnesses such as arthritis, diabetes, and hypertension. Additionally, there is a growing awareness among consumers regarding the benefits of preventive healthcare, leading to increased demand for preventative medicines and supplements.

Trends in the market: One of the key trends in the pharmaceuticals market in Serbia is the increasing adoption of innovative drugs. Pharmaceutical companies are investing heavily in research and development to bring new and innovative drugs to the market that cater to the specific needs of the Serbian population. Additionally, there is a growing trend towards the use of generic drugs, which are more affordable and accessible to a wider range of consumers.Another trend in the market is the increasing use of e-commerce platforms for the purchase of pharmaceutical products. With the rise of digitalization, consumers are increasingly turning to online platforms to purchase medicines, making it easier and more convenient for them to access the drugs they need.

Local special circumstances: Serbia is a lower-middle-income country with a developing economy, and the pharmaceuticals market is heavily regulated by the government. The government plays a significant role in the pricing and distribution of pharmaceutical products, which can impact the profitability of pharmaceutical companies operating in the country. Additionally, there is a shortage of healthcare professionals in Serbia, which can impact the availability and quality of healthcare services in the country.

Underlying macroeconomic factors: Serbia has seen steady economic growth in recent years, which has led to increased healthcare expenditure and a growing demand for pharmaceutical products. Additionally, the country has a growing elderly population, which is expected to drive demand for pharmaceutical products in the coming years. However, the country still faces challenges such as high unemployment rates, a large informal economy, and political instability, which can impact the overall economic environment and the pharmaceuticals market in the country.

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.