Pharmaceuticals - Fiji

Fiji

The Pharmaceuticals market in Fiji is expected to reach a projected revenue of US$19.84m in 2024.
among the various markets within the market, Oncology Drugs is anticipated to be the largest, with a projected market volume of US$3.43m in the same year.
The market is expected to experience an annual growth rate of 5.60% (CAGR 2024-2028), resulting in a market volume of US$24.67m by 2028.
In terms of global comparison, United States is projected to generate the highest revenue, amounting to US$636.90bn in 2024.
Fiji's pharmaceutical market is experiencing a growing demand for traditional herbal remedies and natural medicines.

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. 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.

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Currency

Analyst Opinion

The Pharmaceuticals market in Fiji has been growing steadily in recent years, with an increasing demand for both prescription and over-the-counter drugs.

Customer preferences: Fijian customers tend to prioritize affordability when it comes to purchasing pharmaceutical products. This has led to a rise in the popularity of generic drugs, which are often less expensive than their brand-name counterparts. Additionally, there is a growing interest in natural and alternative remedies, such as herbal supplements and traditional medicines.

Trends in the market: One of the major trends in the Fijian Pharmaceuticals market is the increasing prevalence of non-communicable diseases (NCDs) such as diabetes and heart disease. As a result, there is a growing demand for drugs that can help manage these conditions. Another trend is the expansion of the e-commerce sector, which has made it easier for customers to purchase pharmaceutical products online.

Local special circumstances: One of the unique aspects of the Fijian Pharmaceuticals market is the prevalence of traditional medicine. Many Fijians still rely on traditional healers and remedies, especially in rural areas. This has created a market for companies that specialize in traditional medicine, as well as opportunities for pharmaceutical companies to develop products that combine traditional and modern medicine.

Underlying macroeconomic factors: Fiji's economy has been growing steadily in recent years, which has contributed to the growth of the Pharmaceuticals market. Additionally, the Fijian government has made efforts to improve healthcare access and infrastructure, which has increased demand for pharmaceutical products. However, challenges such as limited healthcare funding and a lack of regulatory enforcement remain obstacles to further growth in the 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.