Other Pharmaceuticals - Australia

Australia

The Other Pharmaceuticals market in Australia is expected to achieve a revenue of US$4.29bn AUD by 2024.
It is projected to display an annual growth rate (CAGR 2024-2028) of 3.90%, leading to a market volume of US$5.00bn AUD by 2028.
In terms of global comparison, United States will generate the highest revenue, amounting to US$256.20bn in 2024.
Australia has seen a surge in demand for herbal and natural remedies in the other pharmaceuticals market.

Key regions: South Korea, Japan, Europe, Brazil, United Kingdom

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Australia has been experiencing significant growth in recent years.

Customer preferences: The demand for Other Pharmaceuticals in Australia has been increasing due to several factors. Firstly, the aging population in Australia has been a driving force behind the growth of the Other Pharmaceuticals market. As people age, they are more likely to require medication to manage chronic conditions. Secondly, Australians are becoming more health-conscious and are turning to natural and alternative medicines to treat their ailments. This has led to an increase in demand for Other Pharmaceuticals, which are often made from natural ingredients.

Trends in the market: One of the key trends in the Other Pharmaceuticals market in Australia is the increasing popularity of natural and alternative medicines. Consumers are becoming more aware of the potential side effects of traditional pharmaceuticals and are seeking out natural alternatives. This has led to an increase in demand for Other Pharmaceuticals made from natural ingredients. Another trend in the market is the increasing use of technology to develop new and innovative products. This has led to the development of new delivery methods, such as transdermal patches and nasal sprays, which are more convenient for consumers.

Local special circumstances: Australia has a unique regulatory environment for pharmaceuticals. The Therapeutic Goods Administration (TGA) is responsible for regulating all therapeutic goods, including pharmaceuticals, in Australia. The TGA has strict regulations in place to ensure the safety and efficacy of all therapeutic goods sold in Australia. This has created a challenging environment for companies looking to enter the Other Pharmaceuticals market in Australia, as they must meet the stringent regulatory requirements set by the TGA.

Underlying macroeconomic factors: The Australian economy has been growing steadily in recent years, which has led to an increase in consumer spending. This has had a positive impact on the Other Pharmaceuticals market, as consumers are more willing to spend money on natural and alternative medicines. Additionally, the Australian government has been investing heavily in healthcare, which has led to an increase in demand for pharmaceuticals, including Other Pharmaceuticals. Finally, the Australian healthcare system is highly regulated, which has created a stable and predictable market for pharmaceutical companies operating in Australia.

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.