Anti-Diabetes Drugs - BRICS

BRICS

The Anti-Diabetes Drugs market in BRICS is anticipated to witness a substantial growth in revenue, with projections estimating a staggering value of US$14.33bn by the year 2024.
This growth is further expected to continue at a consistent pace, with an annual growth rate (CAGR 2024-2029) of 7.78%.
As a result, the market volume is predicted to reach an impressive figure of US$20.84bn by 2029.
When comparing the global market, it is noteworthy that United States is anticipated to generate the highest revenue in the Anti-Diabetes Drugs market.
It is projected that United States will contribute a substantial amount of US$37,840.00m in 2024.
In Brazil, the demand for anti-diabetes drugs is rising due to the increasing prevalence of diabetes in the population.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for Anti-Diabetes Drugs in BRICS is on the rise due to various factors.

Customer preferences: In recent years, customers in BRICS have become more health-conscious and aware of the risks associated with diabetes. As a result, there has been an increased demand for Anti-Diabetes Drugs in these countries.

Trends in the market: Brazil, Russia, India, China, and South Africa have all witnessed a significant increase in the prevalence of diabetes. This has led to a surge in demand for Anti-Diabetes Drugs in these countries. In Brazil, for instance, the market for Anti-Diabetes Drugs is expected to grow at a CAGR of 5.6% between 2020 and 2027. In Russia, the market is expected to grow at a CAGR of 5.1% during the same period. In India, the market for Anti-Diabetes Drugs is expected to reach USD 2.9 billion by 2023. Similarly, in China, the market for Anti-Diabetes Drugs is expected to reach USD 9.2 billion by 2025. South Africa is also witnessing a rise in the number of people with diabetes, leading to an increase in demand for Anti-Diabetes Drugs.

Local special circumstances: One of the main reasons for the increase in the prevalence of diabetes in BRICS is the rapid urbanization and changing lifestyles. In Brazil, for example, the rise in obesity, unhealthy diets, and sedentary lifestyles has contributed to the increase in diabetes cases. Similarly, in India, the rise in urbanization has led to a shift towards a more westernized diet, resulting in an increase in the number of people with diabetes. In Russia, the high consumption of alcohol and tobacco has been linked to an increase in diabetes cases.

Underlying macroeconomic factors: The growth of the Anti-Diabetes Drugs market in BRICS is also driven by the increasing disposable income of consumers in these countries. Rising incomes have led to an increase in healthcare spending, including spending on Anti-Diabetes Drugs. Additionally, the growing aging population in BRICS has contributed to the increase in demand for Anti-Diabetes Drugs. As people age, they become more susceptible to diabetes and other chronic diseases, leading to an increase in demand for drugs to manage these conditions.In conclusion, the Anti-Diabetes Drugs market in BRICS is growing due to the increasing prevalence of diabetes, changing customer preferences, local special circumstances, and underlying macroeconomic factors. As the number of people with diabetes continues to rise in these countries, the demand for Anti-Diabetes Drugs is expected to grow further in the coming years.

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.