Sensory Organ Drugs - Mexico

Mexico

In Mexico, the Sensory Organ Drugs market is forecasted to witness a significant increase in revenue, with projections indicating a figure of US$175.20m by the year 2024.
Furthermore, it is expected that this market will experience a steady annual growth rate (CAGR 2024-2028) of 5.92%, leading to a market volume of US$220.50m by 2028.
In terms of global comparison, United States is predicted to generate the highest revenue in this market, with an estimated value of US$15,360.00m in 2024.
Mexico is experiencing a growing demand for sensory organ drugs, driven by an aging population and increasing prevalence of eye and ear disorders.

Key regions: India, China, Japan, Canada, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

The Sensory Organ Drugs market in Mexico has been experiencing steady growth in recent years.

Customer preferences: Mexican consumers have been increasingly seeking out Sensory Organ Drugs due to a growing awareness of the importance of eye and ear health. Additionally, the aging population in Mexico has also contributed to the rising demand for these drugs.

Trends in the market: One trend in the Sensory Organ Drugs market in Mexico is the increasing availability of over-the-counter (OTC) options. This has made these drugs more accessible to consumers and has contributed to the growth of the market. Another trend is the development of new and innovative drugs that target specific conditions, such as glaucoma or age-related macular degeneration.

Local special circumstances: Mexico has a large population of individuals with diabetes, which can lead to vision problems. This has contributed to the demand for Sensory Organ Drugs that treat diabetic retinopathy and other related conditions. Additionally, Mexico has a high rate of noise pollution, which has led to an increased demand for drugs that treat hearing loss and tinnitus.

Underlying macroeconomic factors: The Mexican government has been investing in healthcare infrastructure and services, which has contributed to the growth of the Sensory Organ Drugs market. Additionally, the country's growing middle class has more disposable income to spend on healthcare and pharmaceutical products. However, the market is also affected by factors such as regulatory changes and pricing pressures.

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.