Pharmaceuticals - Slovakia

Slovakia

In 2024, the projected revenue in the Pharmaceuticals market in Slovakia is expected to reach US$693.90m.
Among the various markets, Oncology Drugs is the largest, with a projected market volume of US$132.60m in 2024.
The revenue in this market is anticipated to grow at an annual growth rate of 5.87% (CAGR 2024-2028), resulting in a market volume of US$871.60m by 2028.
When compared globally, United States is expected to generate the highest revenue, with US$636.90bn in 2024.
Slovakia's pharmaceutical market is experiencing a surge in demand for innovative therapies and an increasing focus on personalized medicine.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Slovakia has been experiencing steady growth in recent years.

Customer preferences: Slovakia has a universal healthcare system, which means that the government covers the majority of healthcare costs. This has resulted in a high demand for affordable pharmaceutical products. Patients in Slovakia tend to prefer generic drugs over branded drugs due to their lower cost. As a result, the market for generic drugs has been growing steadily.

Trends in the market: The Pharmaceuticals market in Slovakia has been growing at a steady pace due to an increase in the number of chronic diseases and an aging population. The demand for drugs that treat chronic diseases such as diabetes, cardiovascular diseases, and cancer has been increasing. Additionally, the market for over-the-counter (OTC) drugs has been growing as well due to the convenience factor and the ease of accessibility.

Local special circumstances: Slovakia has a relatively small market for pharmaceuticals compared to other European countries. This has resulted in a highly competitive market with a large number of domestic and international players. The market is dominated by multinational companies, but there are a few local players that have a significant market share. The government has been implementing cost-containment measures, which have resulted in lower prices for pharmaceutical products.

Underlying macroeconomic factors: Slovakia has a stable economy with a low unemployment rate. The country has been attracting foreign investment, which has resulted in an increase in the number of pharmaceutical companies operating in the country. Additionally, the government has been investing in healthcare infrastructure, which has improved the overall quality of healthcare in the country. The country's accession to the European Union has resulted in increased trade and investment, which has positively impacted the pharmaceutical industry. In conclusion, the Pharmaceuticals market in Slovakia has been growing steadily due to an increase in the number of chronic diseases, an aging population, and a high demand for affordable pharmaceutical products. The market is highly competitive, with a large number of domestic and international players. The government's cost-containment measures have resulted in lower prices for pharmaceutical products. The underlying macroeconomic factors, including a stable economy, low unemployment rate, and increased foreign investment, have also contributed to the growth of 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.