The Anti-Diabetes Drugs market in Equatorial Guinea is experiencing growth due to several factors.
Customer preferences: Equatorial Guinea has a high prevalence of diabetes, which is driving demand for anti-diabetes drugs. The majority of the population in Equatorial Guinea lives in poverty, and as a result, the demand for affordable anti-diabetes drugs is high. Patients in Equatorial Guinea prefer generic drugs over branded drugs due to their lower cost.
Trends in the market: The Anti-Diabetes Drugs market in Equatorial Guinea is expected to grow due to the increasing prevalence of diabetes in the country. The market is dominated by generic drugs due to their affordability. The demand for oral anti-diabetes drugs is high, as they are more convenient and easier to administer than injectable drugs. Patients in Equatorial Guinea also prefer combination therapies that treat multiple aspects of diabetes, such as blood sugar levels and cholesterol.
Local special circumstances: Equatorial Guinea is a small country with a population of fewer than 2 million people. The healthcare system in the country is underdeveloped, and access to healthcare is limited, particularly in rural areas. The government of Equatorial Guinea is working to improve the healthcare system, but progress has been slow. As a result, many patients in Equatorial Guinea rely on traditional medicine or self-medication, which can lead to serious health problems.
Underlying macroeconomic factors: Equatorial Guinea is a small, oil-rich country with a high GDP per capita. However, the wealth is concentrated in the hands of a small elite, and the majority of the population lives in poverty. The government of Equatorial Guinea has made efforts to diversify the economy, but progress has been slow. The country is heavily dependent on oil exports, which makes it vulnerable to fluctuations in global oil prices. The high prevalence of diabetes in Equatorial Guinea is partly due to changes in lifestyle and diet associated with economic development. As the country continues to develop, the prevalence of diabetes is expected to increase, which will drive demand for anti-diabetes drugs.
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.
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