Key regions: South Korea, Japan, Europe, Brazil, United Kingdom
The Other Pharmaceuticals market in Latvia is a growing industry that has been developing in recent years.
Customer preferences: Customers in Latvia are becoming more conscious about their health and are seeking alternative treatments to traditional medicine. This has resulted in an increase in demand for Other Pharmaceuticals, which are often seen as a more natural and holistic approach to healthcare. Additionally, the aging population in Latvia has also contributed to the growth of the market, as older individuals tend to require more medication and are more likely to use alternative therapies.
Trends in the market: One of the biggest trends in the Other Pharmaceuticals market in Latvia is the rise of herbal supplements and remedies. Consumers are increasingly turning to natural products to improve their health and wellbeing, and this has led to a surge in demand for herbal supplements. Another trend in the market is the growing popularity of homeopathic remedies, which are often used to treat a wide range of ailments. Additionally, there has been an increase in demand for products that are specifically tailored to women's health, such as supplements for menopause and premenstrual syndrome.
Local special circumstances: Latvia has a long tradition of using herbal remedies and alternative therapies, and this has helped to drive the growth of the Other Pharmaceuticals market. Additionally, the country's healthcare system is underfunded and overstretched, which has led to long waiting times and limited access to traditional medicine. This has made alternative therapies more appealing to consumers, who are often looking for faster and more affordable solutions to their health problems.
Underlying macroeconomic factors: Latvia's economy has been growing steadily in recent years, which has helped to boost consumer spending and increase demand for healthcare products. Additionally, the country's membership in the European Union has made it easier for companies to import and export products, which has led to a wider variety of Other Pharmaceuticals being available to consumers. However, Latvia's relatively small population and limited healthcare budget means that the market is still relatively small compared to other European countries.
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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