Pharmaceuticals - Suriname

Suriname

Suriname is projected to see a significant increase in revenue in the Pharmaceuticals market, with projections indicating that it will reach US$27.09m by 2024.
Among the various markets, the largest share is expected to come from Oncology Drugs, with a projected market volume of US$4.52m in the same year.
This sector is anticipated to experience steady growth, with an annual growth rate (CAGR 2024-2029) of 5.95%, resulting in a market volume of US$36.17m by 2029.
It is worth noting that in global comparison, United States is expected to generate the highest revenue in the Pharmaceuticals market, with a staggering US$630.30bn in 2024.
Suriname's pharmaceutical market is witnessing a surge in demand for traditional herbal remedies.

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

Suriname, a small country in South America, has been experiencing growth in its Pharmaceuticals market in recent years.

Customer preferences: Customers in Suriname have been increasingly demanding high-quality and affordable pharmaceutical products. Due to the country's limited domestic production of pharmaceuticals, the majority of products are imported from other countries. As a result, customers are highly sensitive to price changes and are always on the lookout for more affordable options.

Trends in the market: One of the major trends in Suriname's Pharmaceuticals market is the increasing demand for generic drugs. This is due to the fact that generic drugs are generally more affordable than branded drugs, which makes them more accessible to a larger portion of the population. Another trend in the market is the growing popularity of natural and herbal remedies. This trend is driven by the increasing awareness of the potential side effects of synthetic drugs, as well as the cultural preference for traditional medicines in Suriname.

Local special circumstances: Suriname's small population and limited domestic production capacity have created a unique market environment. The country's pharmaceutical market is dominated by a few key players, which has resulted in limited competition and relatively high prices. Additionally, the country's geography and infrastructure challenges make it difficult to distribute pharmaceutical products to remote areas, which has led to a concentration of sales in urban areas.

Underlying macroeconomic factors: The growth of Suriname's Pharmaceuticals market can be attributed to several underlying macroeconomic factors. One of the key drivers is the country's growing population, which has increased demand for healthcare services and pharmaceutical products. Additionally, the country's improving economic conditions have led to an increase in disposable income, which has allowed more people to afford pharmaceutical products. Finally, the government's efforts to improve healthcare infrastructure and services have also contributed to the growth of the Pharmaceuticals 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.