Other Pharmaceuticals - Worldwide

Worldwide

The revenue in the Other Pharmaceuticals market worldwide is estimated to reach US$0.47tn in 2024.
It is projected to exhibit an annual growth rate (CAGR 2024-2028) of 3.53%, leading to a market volume of US$0.54tn by 2028.
When compared to other countries, United States is expected to generate the highest revenue, amounting to US$256.20bn in 2024.
Worldwide, pharmaceutical companies are investing heavily in research and development to meet the growing demand for innovative therapies.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Pharmaceuticals market is a rapidly growing market that is gaining popularity worldwide.

Customer preferences: Customers are increasingly turning to alternative medicines and therapies due to the rising awareness of the potential side effects of traditional pharmaceuticals. This trend is particularly evident in developed countries where people are more health-conscious and have higher disposable income.

Trends in the market: In the United States, the Other Pharmaceuticals market is being driven by the legalization of cannabis for medical use in many states. The market is also seeing increased demand for natural supplements and vitamins. In Europe, the market is being driven by the popularity of homeopathy and herbal medicines. In Asia, the market is being driven by traditional Chinese medicine and Ayurveda.

Local special circumstances: In India, Ayurveda has been widely used for centuries, and the government has been promoting it as a way to reduce healthcare costs. In China, traditional Chinese medicine is gaining popularity due to the government's support and promotion of it as a way to reduce the burden on the healthcare system. In Europe, homeopathy is regulated and recognized by many national healthcare systems, which has helped to increase its popularity.

Underlying macroeconomic factors: The rise of the Other Pharmaceuticals market is being driven by several macroeconomic factors. One of the main factors is the increasing healthcare costs and the need for more affordable healthcare options. Another factor is the rise of the middle class in developing countries, which has led to increased spending on healthcare. Additionally, the aging population in many countries is driving demand for alternative medicines and therapies as people seek to manage chronic conditions.

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.