The pharmaceutical goods market in Latvia has experienced a significant contraction over the past decade. In 2013, the market was valued at 28.53 million USD, decreasing to 13.888 million USD by 2023. Over the last two years, the market saw a decline, with a year-on-year decrease of 17.68% in 2021 and 8.52% in 2022, followed by a 9.22% drop in 2023. The five-year compound annual growth rate (CAGR) shows a consistent downward trend at -8.2%, reflecting persistent challenges in market stability and growth.
Future trends to watch for include:
- Government policy changes that could stabilize or stimulate the market.
- Innovations in pharmaceuticals and potential new product introductions.
- Shifts in consumer demand and healthcare spending priorities.
- Impact of global economic conditions on the Latvian pharmaceutical market.
- Potential increases in local production capabilities or external market investments.
| # | 41 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Japan | 3,945,000,000 | 2023 | +1.25% | +1.12% | View data |
| 2 | 2 Germany | 3,201,100,000 | 2023 | -1.13% | -2.07% | View data |
| 3 | 3 France | 2,232,000,000 | 2023 | -2.43% | -2.05% | View data |
| 4 | 4 Italy | 1,865,500,000 | 2023 | -1.63% | -2.55% | View data |
| 5 | 5 United Kingdom | 1,766,700,000 | 2023 | -1.52% | -0.63% | View data |
| 37 | 37 Estonia | 14,698,000 | 2023 | -9.87% | -7.76% | View data |
| 38 | 38 Jamaica | 14,477,000 | 2023 | +1.66% | +1.62% | View data |
| 39 | 39 Latvia | 13,888,000 | 2023 | -9.22% | -8.2% | |
| 40 | 40 Iceland | 9,647,000 | 2023 | +1.86% | +3.53% | View data |
| 41 | 41 Kyrgyzstan | 9,037,700 | 2023 | +1.92% | +3.92% | View data |
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