Key regions: South Korea, Japan, Europe, Brazil, United Kingdom
The Other Pharmaceuticals market in Europe has been steadily growing over the years due to various factors.
Customer preferences: Customers in Europe are increasingly seeking alternative medicines and treatments that are not necessarily provided by traditional pharmaceutical companies. This has led to a rise in demand for other pharmaceutical products such as herbal and homeopathic remedies, which are perceived to be more natural and less harmful to the body.
Trends in the market: One of the major trends in the Other Pharmaceuticals market in Europe is the increasing demand for natural and organic products. This trend is driven by the growing awareness of the harmful effects of synthetic chemicals and the desire for more sustainable and eco-friendly products. Another trend is the rising popularity of traditional medicines from other cultures, such as Ayurveda and Traditional Chinese Medicine, which are believed to be effective in treating a wide range of ailments.
Local special circumstances: In countries like Germany, homeopathy is a popular form of alternative medicine, and this has led to a significant demand for homeopathic remedies in the Other Pharmaceuticals market. In France, herbal remedies are widely used, and this has led to a growing market for herbal supplements and remedies. In the UK, there is a strong tradition of using natural remedies, and this has led to a thriving market for natural and organic products.
Underlying macroeconomic factors: The growing demand for other pharmaceutical products in Europe is also driven by macroeconomic factors such as the increasing prevalence of chronic diseases and the aging population. As the population ages, there is a greater need for healthcare products and services, including alternative medicines and treatments. In addition, the rising healthcare costs in Europe have led to a growing interest in alternative medicines that are perceived to be more affordable and effective.In conclusion, the Other Pharmaceuticals market in Europe is growing due to various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing in the coming years as more customers seek alternative medicines and treatments that are perceived to be more natural, sustainable, and effective.
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.
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