Anti-Diabetes Drugs - Ghana | Statista Market Forecast

The Anti-Diabetes Drugs market in Ghana is anticipated to experience a significant increase in revenue, reaching a projected value of US$19.52m in 2024.
This growth is expected to continue with an estimated annual growth rate of 7.41% from 2024 to 2029.
Consequently, the market volume is projected to reach US$27.91m by 2029.
In comparison to other countries worldwide, United States is expected to generate the highest revenue in the Anti-Diabetes Drugs market, with an estimated value of US$37.84bn in 2024.
Ghana's demand for affordable anti-diabetes drugs is rising due to the increasing prevalence of the disease 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 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.

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.