Other Pharmaceuticals - Jamaica

Jamaica

In Jamaica, the revenue in the Other Pharmaceuticals market is estimated to reach US$37.83m by the year 2024.
The market is projected to display an annual growth rate (CAGR 2024-2028) of 3.28%, leading to a market volume of US$43.05m by 2028.
When compared globally, United States is expected to generate the highest revenue in this market, amounting to US$256.20bn in 2024.
Jamaica's pharmaceutical market is witnessing a surge in demand for alternative and traditional medicines.

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

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Analyst Opinion

The Other Pharmaceuticals market in Jamaica has been experiencing steady growth over the past few years.

Customer preferences: Jamaican customers have been increasingly interested in alternative medicines and natural remedies, which has led to a rise in demand for Other Pharmaceuticals. Additionally, the aging population in Jamaica has also contributed to the growth of the market as there is a higher demand for medications and supplements to manage age-related health issues.

Trends in the market: The Other Pharmaceuticals market in Jamaica has been growing steadily due to the increasing demand for alternative medicines and natural remedies. However, the market is highly fragmented with a large number of small players, which has led to intense competition. In recent years, there has been a trend towards consolidation in the market as larger players have acquired smaller companies in order to expand their product portfolios and increase their market share.

Local special circumstances: Jamaica is a small island nation with a population of just under 3 million people. As a result, the market for Other Pharmaceuticals is relatively small compared to larger countries. However, Jamaica has a strong tradition of using natural remedies and alternative medicines, which has helped to drive the growth of the market.

Underlying macroeconomic factors: Jamaica has a relatively stable economy, with a GDP growth rate of around 1% per year. However, the country has high levels of debt and a large trade deficit, which has led to the government implementing austerity measures in order to reduce spending. This has had an impact on the healthcare sector, with cuts to funding for public hospitals and clinics. As a result, there has been an increased demand for private healthcare services and alternative medicines, which has helped to drive the growth of the Other Pharmaceuticals 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.