Anti-Diabetes Drugs - Georgia

Georgia

The Anti-Diabetes Drugs market in Georgia is predicted to witness a substantial increase in revenue.
By 2024, the projected revenue is expected to reach US$10.69m.
Furthermore, this market is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 7.71%, leading to a market volume of US$15.50m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue, amounting to US$37,840.00m in 2024.
In Georgia, there is a growing demand for innovative anti-diabetes drugs to address the increasing prevalence of diabetes in the country.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Anti-Diabetes Drugs market in Georgia has been experiencing a steady growth in recent years.

Customer preferences: Customers in Georgia have shown a preference for oral anti-diabetic drugs over injectables. This is due to the convenience and ease of use of oral drugs. Additionally, customers tend to prefer generic drugs over branded ones due to the lower cost.

Trends in the market: The market for anti-diabetic drugs in Georgia is expected to continue growing due to the increasing prevalence of diabetes in the country. This is driven by a combination of factors such as changes in lifestyle, diet, and an aging population. Furthermore, the government's efforts to improve healthcare infrastructure and increase awareness about diabetes are contributing to the growth of the market.

Local special circumstances: Georgia has a relatively high prevalence of diabetes compared to other countries in the region. This is due to the country's high rates of obesity and sedentary lifestyle. Additionally, the country has a large population of internally displaced persons (IDPs) who are at a higher risk of developing diabetes due to their living conditions.

Underlying macroeconomic factors: The Georgian economy has been growing steadily in recent years, which has led to an increase in disposable income. This has enabled more people to afford healthcare services and medication. Furthermore, the government's efforts to attract foreign investment and improve the business environment have contributed to the growth of the healthcare sector. However, the market for anti-diabetic drugs in Georgia is highly regulated, which can limit the entry of new players and restrict competition.

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.