Pharmaceuticals - Australia & Oceania
- Australia & Oceania
- The Pharmaceuticals market in Australia & Oceania is expected to generate a projected revenue of US$11.57bn in 2024.
- among the various markets, Oncology Drugs is anticipated to be the largest market with a projected volume of US$2.08bn in the same year.
- The market is expected to witness a steady annual growth rate (CAGR 2024-2029) of 5.03%, resulting in a market volume of US$14.79bn by 2029.
- When compared globally, United States is projected to generate the highest revenue of US$630.30bn in 2024.
- Australia is experiencing a surge in pharmaceutical research and development, making it a leading hub for innovative drug discovery in the Oceania region.
Key regions: United States, China, Germany, Japan, Europe
Analyst Opinion
The Pharmaceuticals market in Australia & Oceania is a growing industry with several factors contributing to its development.
Customer preferences: Customers in Australia & Oceania have shown a growing interest in natural and organic products, leading to an increase in demand for natural remedies and supplements. This trend is particularly prevalent in Australia, where consumers are increasingly turning to alternative therapies and natural remedies for their health needs.
Trends in the market: One of the major trends in the pharmaceuticals market in Australia & Oceania is the growing demand for generic drugs. This trend is driven by the increasing cost of branded drugs and the need to reduce healthcare costs. In addition, the increasing prevalence of chronic diseases such as diabetes and cancer is driving demand for specialty drugs.Another trend in the market is the growing importance of digital health. With the increasing use of smartphones and other digital devices, consumers are looking for ways to manage their health online. This has led to the development of a range of digital health products and services, including mobile health apps, telemedicine, and remote patient monitoring.
Local special circumstances: Australia & Oceania has a unique set of circumstances that are driving the development of the pharmaceuticals market. One of the key factors is the aging population, which is driving demand for healthcare services and drugs. In addition, the region has a high prevalence of chronic diseases, which is also driving demand for drugs and medical devices.Another factor is the increasing focus on preventive healthcare. Governments in the region are investing in programs and initiatives aimed at promoting healthy lifestyles and preventing chronic diseases. This is creating opportunities for companies that offer products and services in this area.
Underlying macroeconomic factors: The pharmaceuticals market in Australia & Oceania is also influenced by a range of macroeconomic factors. One of the key factors is the growing middle class, which is driving demand for healthcare services and products. In addition, the region has a stable political environment and a well-developed healthcare system, which is attracting investment from pharmaceutical companies.Another factor is the increasing importance of research and development. Companies in the region are investing in R&D to develop new drugs and medical devices, which is driving innovation in the industry. This is creating opportunities for companies that offer products and services in this area.In conclusion, the pharmaceuticals market in Australia & Oceania is a growing industry with several factors contributing to its development. Customer preferences, local special circumstances, and underlying macroeconomic factors are all driving the growth of the market. Companies that are able to capitalize on these trends and take advantage of the opportunities in the market are likely to see significant growth in the coming years.
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.Overview
- Revenue
- Analyst Opinion
- Global Comparison
- Methodology
- Key Market Indicators