Pharmaceuticals - Georgia

Georgia

In 2024, it is projected that the revenue in the Pharmaceuticals market in Georgia will reach US$127.70m.
The largest market within this market is Oncology Drugs, which is expected to have a market volume of US$24.48m in 2024.
Looking ahead, the revenue is anticipated to display an annual growth rate (CAGR 2024-2028) of 6.91%, resulting in a market volume of US$166.80m by 2028.
When compared globally, United States is expected to generate the highest revenue, reaching a staggering US$636.90bn in 2024.
In Georgia, the pharmaceutical market is experiencing a surge in demand for innovative drug therapies.

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Georgia has been experiencing steady growth in recent years.

Customer preferences: Customers in Georgia have been showing a growing interest in pharmaceutical products due to an increase in health awareness and access to medical facilities. The demand for prescription drugs and over-the-counter medicines has been on the rise, driven by an aging population and an increase in chronic diseases.

Trends in the market: One of the major trends in the Georgian pharmaceutical market is the growing preference for generic drugs. Customers are increasingly opting for generic drugs due to their lower cost compared to branded drugs. The government's efforts to promote the use of generic drugs have also contributed to this trend. Another trend is the increasing use of e-pharmacies and online platforms for purchasing medicines. This trend has been driven by the convenience and accessibility of online shopping.

Local special circumstances: The Georgian pharmaceutical market is dominated by imported drugs, with only a small percentage of drugs being produced locally. The country's pharmaceutical industry is still in its early stages of development, and local manufacturers face challenges such as a lack of funding and infrastructure. Additionally, the market is heavily regulated, with strict rules and regulations governing the import, sale, and distribution of drugs.

Underlying macroeconomic factors: The growth of the pharmaceutical market in Georgia is supported by several macroeconomic factors, such as the country's growing economy and increasing healthcare expenditure. The government has been investing in healthcare infrastructure and promoting health awareness, which has led to an increase in demand for pharmaceutical products. However, the market is also affected by external factors such as fluctuations in exchange rates and changes in global trade policies.Overall, the pharmaceutical market in Georgia is expected to continue its growth trajectory in the coming years, driven by increasing demand for healthcare products and services. The market is likely to see further developments in areas such as e-pharmacies and generic drugs, while local manufacturers will continue to face challenges in competing with imported products.

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.