Pharmaceuticals - Guatemala

Guatemala

Guatemala's Pharmaceuticals market is expected to see a significant increase in revenue, with projections indicating that it will reach US$456.40m by the year 2024.
Among the various markets, the largest one is Oncology Drugs, which is expected to have a market volume of US$82.75m in 2024.
Looking ahead, the sector is expected to grow steadily, with an annual growth rate (CAGR 2024-2028) of 6.20%.
This growth is anticipated to result in a market volume of US$580.50m by the year 2028.
In comparison to other countries around Worldwide, it is worth noting that United States is projected to generate the highest revenue in the Pharmaceuticals market, with an estimated amount of US$636.90bn in 2024.
Guatemala's pharmaceutical market is experiencing a surge in generic drug sales due to their affordability and accessibility.

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 Guatemala has been experiencing significant growth in recent years.

Customer preferences: Guatemalan consumers have been increasingly demanding high-quality pharmaceutical products that are accessible and affordable. The rising awareness of the importance of healthcare and the availability of a wide range of pharmaceutical products have contributed to the growth of the market.

Trends in the market: One of the key trends in the Pharmaceuticals market in Guatemala is the increasing demand for generic drugs. This is due to the fact that generic drugs are more affordable than branded drugs, making them more accessible to a larger population. Another trend is the growing popularity of over-the-counter (OTC) drugs. Consumers are increasingly looking for self-medication options, which has contributed to the growth of the OTC segment.

Local special circumstances: Guatemala has a large population that is in need of healthcare services. However, the country's healthcare system faces several challenges, including a lack of resources, inadequate infrastructure, and limited access to healthcare services in rural areas. These challenges have contributed to the growth of the Pharmaceuticals market in Guatemala, as consumers are increasingly turning to pharmaceutical products to address their healthcare needs.

Underlying macroeconomic factors: The growth of the Pharmaceuticals market in Guatemala is also influenced by several underlying macroeconomic factors. The country's economy has been growing steadily in recent years, which has led to an increase in disposable income and a growing middle class. This has contributed to the growth of the Pharmaceuticals market, as consumers are increasingly able to afford healthcare products. Additionally, the government has been investing in the healthcare sector, which has led to an increase in the availability of healthcare services and pharmaceutical 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.