Other Pharmaceuticals - Brunei Darussalam

Brunei Darussalam

The Other Pharmaceuticals market in Brunei Darussalam is anticipated to witness a significant increase in revenue, projected to reach US$14.47m in 2024.
This growth is expected to continue with an annual growth rate (CAGR 2024-2028) of 3.16%, leading to a market volume of US$16.39m by 2028.
On a global scale, it is noteworthy that United States is set to generate the highest revenue, with an estimated value of US$256.20bn in 2024.
Brunei Darussalam is experiencing a rise in demand for traditional herbal medicines within the Other Pharmaceuticals market.

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

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Analyst Opinion

The Other Pharmaceuticals market in Brunei Darussalam has been experiencing growth in recent years due to various factors.

Customer preferences: Customers in Brunei Darussalam have been increasingly interested in alternative medicine and natural remedies, leading to a rise in demand for Other Pharmaceuticals. Additionally, the aging population in the country has also contributed to the growth of the market as they require more medications for various health issues.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Brunei Darussalam is the increasing availability of such products through online platforms. This has made it easier for customers to access a wider range of products and has also increased competition among sellers. Another trend is the growing popularity of traditional medicine, which has led to an increase in demand for herbal supplements and remedies.

Local special circumstances: The government of Brunei Darussalam has been actively promoting the use of traditional medicine and natural remedies, which has further boosted the demand for Other Pharmaceuticals. Additionally, the country has a high prevalence of chronic diseases such as diabetes and hypertension, which has led to a higher demand for medications.

Underlying macroeconomic factors: The economic growth of Brunei Darussalam has contributed to the growth of the Other Pharmaceuticals market as it has led to an increase in disposable income, allowing customers to spend more on healthcare products. Furthermore, the government's efforts to diversify the economy have led to an increase in foreign investment, which has also contributed to the growth of 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.