The prevalence of diabetes in Costa Rica has been increasing steadily over the years, leading to a rise in demand for anti-diabetes drugs.
Customer preferences: Patients in Costa Rica prefer oral anti-diabetes drugs over injectables due to convenience and ease of use. Metformin is the most commonly prescribed drug due to its effectiveness, affordability, and low risk of hypoglycemia. However, there is also a growing demand for newer drugs like DPP-4 inhibitors and SGLT2 inhibitors, which offer better glycemic control and cardiovascular benefits.
Trends in the market: The anti-diabetes drugs market in Costa Rica is expected to grow at a moderate pace due to factors like increasing prevalence of diabetes, rising healthcare expenditure, and growing awareness about the importance of glycemic control. The market is also witnessing a shift towards newer drugs with better efficacy and safety profiles. However, the market is also facing challenges like high out-of-pocket costs for patients, limited access to healthcare in rural areas, and regulatory hurdles for new drug approvals.
Local special circumstances: Costa Rica has a universal healthcare system, which provides free or low-cost healthcare to all citizens. However, the system is facing financial constraints due to an aging population and rising healthcare costs. This has led to a shift towards cost-effective treatments like generics and biosimilars. The government has also implemented policies to promote the use of generic drugs and reduce the prices of patented drugs.
Underlying macroeconomic factors: Costa Rica has a stable economy with a strong focus on exports and tourism. The country has a high human development index and a well-educated workforce. However, the economy has been impacted by the COVID-19 pandemic, leading to a slowdown in economic growth and rising unemployment. This has also affected the healthcare sector, leading to disruptions in the supply chain and delays in drug approvals. Nevertheless, the government has taken steps to support the healthcare sector and ensure access to essential medicines.
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)
