Other Pharmaceuticals - South America

South America

The Other Pharmaceuticals market in South America is expected to achieve a revenue of US$13.02bn by 2024.
With an annual growth rate (CAGR 2024-2028) of 3.86%, the market volume is projected to reach US$15.15bn by 2028.
In terms of global comparison, United States is anticipated to generate the highest revenue of US$256.20bn in 2024.
In South America, the market for other pharmaceuticals is experiencing a surge in demand for traditional herbal remedies.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in South America have been increasingly interested in alternative treatment options, including natural and herbal remedies. This has led to a rise in demand for Other Pharmaceuticals, which often contain natural or plant-based ingredients.

Trends in the market: Brazil, the largest market in South America, has seen a significant increase in demand for Other Pharmaceuticals in recent years. This can be attributed to a growing interest in natural remedies, as well as a rise in disposable income that has allowed more consumers to afford these products. Additionally, Colombia has emerged as a key market for Other Pharmaceuticals, with a particular focus on products for skin care and digestive health.

Local special circumstances: One factor contributing to the growth of the Other Pharmaceuticals market in South America is the prevalence of traditional medicine in the region. Many consumers in South America are familiar with natural remedies and are open to trying new products that offer similar benefits. Additionally, the region's rich biodiversity has led to the discovery of many new natural ingredients that are being incorporated into Other Pharmaceuticals.

Underlying macroeconomic factors: Rising disposable income and a growing middle class in South America have contributed to the growth of the Other Pharmaceuticals market. Additionally, government initiatives to promote natural medicine and alternative therapies have helped to raise awareness of these products and increase demand. However, political instability and economic uncertainty in some countries in the region may pose challenges to continued growth in 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.