The prevalence of diabetes in Ghana has been on the rise in recent years, leading to an increased demand for anti-diabetes drugs.
Customer preferences: Ghanaians have shown a preference for traditional medicine in the treatment of various ailments, including diabetes. However, there has been a growing acceptance of modern medicine, including anti-diabetes drugs, due to the effectiveness and convenience they offer.
Trends in the market: The anti-diabetes drugs market in Ghana has been experiencing steady growth in recent years. This growth can be attributed to the increasing prevalence of diabetes in the country, as well as the government's efforts to improve access to healthcare. The market has seen a rise in the number of both generic and branded anti-diabetes drugs, as well as an increase in the availability of these drugs in both urban and rural areas.
Local special circumstances: Ghana has a high prevalence of diabetes, with an estimated 6% of the population living with the disease. This can be attributed to various factors, including urbanization, changing dietary habits, and a lack of physical activity. The government has recognized the importance of addressing this issue and has implemented various initiatives aimed at raising awareness about diabetes and improving access to healthcare.
Underlying macroeconomic factors: The Ghanaian economy has been experiencing steady growth in recent years, with a focus on diversifying the economy and reducing its dependence on natural resources. This has led to an increase in disposable income, which has, in turn, contributed to the growth of the anti-diabetes drugs market. Additionally, the government's efforts to improve access to healthcare have led to an increase in demand for anti-diabetes drugs, as more Ghanaians are able to afford and access these 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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