Anti-Diabetes Drugs - Austria

Austria

The Anti-Diabetes Drugs market in Austria is anticipated to witness a significant increase in revenue, with projections indicating a staggering amount of US$215.20m in 2024.
Moreover, this market is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of 7.41%, ultimately leading to a substantial market volume of US$307.70m by 2029.
When comparing these figures on a global scale, it becomes evident that United States will generate the highest revenue, estimated to be US$37,840.00m in 2024.
Austria's anti-diabetes drug market is witnessing a shift towards personalized and innovative treatment options.

Key regions: India, Australia, Italy, Europe, Brazil

Market

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Analyst Opinion

The demand for Anti-Diabetes Drugs in Austria has been on the rise in recent years.

Customer preferences: The Austrian population has become increasingly health-conscious, leading to a higher demand for medications that can treat diabetes. Patients are more willing to try new drugs that promise better efficacy and fewer side effects. They also prefer medications that are easy to administer and have a longer duration of action.

Trends in the market: The Anti-Diabetes Drugs market in Austria has witnessed a shift towards newer drug classes such as GLP-1 receptor agonists and SGLT-2 inhibitors. These drugs have gained popularity due to their ability to reduce cardiovascular risk and improve glycemic control. The market has also seen an increase in fixed-dose combination therapies, which offer the convenience of taking multiple drugs in a single tablet.

Local special circumstances: Austria has a well-established healthcare system that provides universal coverage to its citizens. This has led to a high level of access to healthcare services, including medications. The country also has a high prevalence of diabetes, with an estimated 8.5% of the population affected by the disease. This has created a large market for Anti-Diabetes Drugs.

Underlying macroeconomic factors: The Austrian economy has been growing steadily in recent years, with a GDP growth rate of 2.3% in 2019. This has led to an increase in disposable income, which has enabled patients to afford more expensive medications. The government has also implemented policies to encourage the use of newer and more effective drugs, which has further boosted the demand for Anti-Diabetes Drugs. However, the market is also facing challenges such as rising drug prices and increasing competition from generics.

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.