Anti-Diabetes Drugs - Cuba | Statista Market Forecast

In Cuba, the Anti-Diabetes Drugs market is anticipated to witness a significant growth in revenue, reaching a projected value of US$119.10m by the year 2024.
This growth is expected to continue with an annual growth rate of 6.34% (CAGR 2024-2029), leading to a market volume of US$161.90m by 2029.
It is worth noting that in comparison to other countries globally, United States is expected to generate the highest revenue in this market, with a projected value of US$37.84bn in 2024.
Cuba, known for its advanced healthcare system, is witnessing a growing demand for innovative anti-diabetes drugs to combat the rising prevalence of diabetes in the country.

Definition:
The Anti-Diabetes Drugs market covers drugs to treat the metabolism disorder diabetes mellitus. It includes insulin and non-insulinotropic drugs such as glucagen-like peptide-1 (GLP-1) receptor agonists and dipeptidyl peptidase-4 (DPP-4) inhibitors. While patients with type 1 diabetes require lifelong insulin therapy, type 2 diabetes can also be treated with medication.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novo Nordisk, Eli Lilly, Sanofi, Merck & Co

Drugs to treat diabetes mellitus (oral intake and injections)
Insulin
Non-insulinotropic anti-diabetic drugs

Drugs to treat other metabolic disorders or other autoimmune diseases
Lipid-lowering agents
Drugs to treat hypertension
Diagnostics
Devices such as continuous glucose monitors

The Anti-Diabetes Drugs market in Cuba has been steadily growing over the years.

Customer preferences: Cuban consumers are becoming more aware of the importance of managing diabetes and are seeking effective treatments to control their blood sugar levels. They are also increasingly interested in natural and alternative remedies to complement traditional pharmacological treatments.

Trends in the market: The Anti-Diabetes Drugs market in Cuba has been growing due to the increasing prevalence of diabetes in the country. The government has also been investing in healthcare infrastructure and promoting public health campaigns to raise awareness about diabetes prevention and management. This has led to an increase in demand for anti-diabetes drugs and related products.

Local special circumstances: Cuba's healthcare system is unique in that it is primarily government-funded and provides universal healthcare to all citizens. This means that the government plays a significant role in regulating the pharmaceutical industry and controlling drug prices. As a result, the availability and affordability of anti-diabetes drugs in Cuba are largely dependent on government policies.

Underlying macroeconomic factors: Cuba's economy has been undergoing significant changes in recent years, with the government implementing economic reforms to modernize the country's socialist economy. However, the country still faces significant economic challenges, including a shortage of foreign currency and limited access to international markets. These factors can impact the availability and affordability of imported anti-diabetes drugs in the country.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

In 2021, diabetes mellitus caused an estimated 1.62 million deaths worldwide, making it the eighth leading cause of death. Furthermore, it is estimated that 537 million people are currently living with diabetes around the world, with this number projected to rise to some 783 million by the year 2045. Diabetes describes a group of metabolic diseases which cause high blood sugar levels. There are three types of diabetes: type 1 diabetes, type 2 diabetes, and gestational diabetes. However, the majority of diabetes cases are type 2, with an estimated 90 to 95 percent of diabetes cases in the United States type 2. Risk factors for type 2 diabetes include being overweight, being physically inactive, being 45 and older, and having prediabetes.