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Key regions: United States, China, Germany, Japan, Europe
The Pharmaceuticals market in Western Asia has been rapidly developing in recent years.
Customer preferences: Customers in Western Asia have shown a growing interest in pharmaceutical products due to an increase in healthcare awareness and a rise in chronic diseases. The preference for branded drugs has also increased due to the perception of higher quality and effectiveness.
Trends in the market: The pharmaceutical market in Saudi Arabia has been growing due to an aging population and an increase in government spending on healthcare. The UAE has also seen a rise in demand for pharmaceutical products due to an increase in medical tourism. Iran has the largest pharmaceutical market in the region and has seen significant growth due to the government's focus on expanding the domestic pharmaceutical industry.
Local special circumstances: The pharmaceutical market in Western Asia is heavily regulated, with strict laws and regulations governing the import, manufacture, and sale of pharmaceutical products. This has led to a limited number of players in the market, with multinational pharmaceutical companies dominating the market.
Underlying macroeconomic factors: The growing population and increasing healthcare awareness in Western Asia have led to an increase in demand for pharmaceutical products. Government initiatives to improve healthcare infrastructure and expand access to healthcare services have also contributed to the growth of the pharmaceutical market in the region. Additionally, the rise in medical tourism in countries like the UAE has led to an increase in demand for pharmaceutical products.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)