Pharmaceuticals - Spain

  • Spain
  • In 2024, the projected revenue in the Pharmaceuticals market in Spain is estimated to reach US$15.53bn.
  • The largest market within the industry is Oncology Drugs, which is expected to have a market volume of US$2.57bn in 2024.
  • It is anticipated that the revenue in this market will experience an annual growth rate of 3.61% (CAGR 2024-2029), resulting in a market volume of US$18.54bn by 2029.
  • When compared to global figures, it is worth noting that United States is expected to generate the highest revenue, amounting to US$630.30bn in 2024.
  • Spain has seen a surge in the demand for generic drugs, as the government pushes for cost-saving measures in the pharmaceutical sector.

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

 
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Analyst Opinion

The Pharmaceuticals market in Spain has been showing significant growth in recent years.

Customer preferences:
Customers in Spain are increasingly demanding a wider range of pharmaceutical products and services. They are looking for innovative and effective treatments for various diseases. Additionally, customers are becoming more health-conscious, leading to an increase in demand for preventative healthcare products.

Trends in the market:
The Spanish pharmaceuticals market is experiencing a shift towards more specialized and high-value products. There is a growing demand for biotech drugs, which are used to treat complex diseases such as cancer and autoimmune disorders. Moreover, the market is seeing an increase in the use of digital health technologies, such as telemedicine and health apps, which are becoming more popular among consumers.

Local special circumstances:
Spain has a well-developed healthcare system, with both public and private healthcare providers. The public healthcare system is funded by the government and covers the majority of the population. However, there is also a growing private healthcare sector, which is attracting more customers. Additionally, Spain has a large aging population, which is driving demand for healthcare products and services.

Underlying macroeconomic factors:
Spain's economy has been growing steadily in recent years, which has led to an increase in disposable income and consumer spending. This has resulted in higher demand for pharmaceutical products and services. Moreover, the Spanish government has been investing in the healthcare sector, which has led to the development of new healthcare facilities and technologies. Additionally, Spain is a member of the European Union, which has created a favorable regulatory environment for the pharmaceutical industry.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Next generation therapy
  • Global Comparison
  • Methodology
  • Key Market Indicators
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