Anti-Diabetes Drugs - Guatemala

Guatemala

The Anti-Diabetes Drugs market in Guatemala is expected to witness significant growth in the coming years.
According to projections, the revenue is estimated to reach US$46.16m by the year 2024.
Furthermore, it is anticipated that the market will experience an annual growth rate of 7.68% (CAGR 2024-2029), leading to a market volume of US$66.84m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue in the Anti-Diabetes Drugs market, with an estimated revenue of US$37,840.00m in 2024.
Despite the rising prevalence of diabetes in Guatemala, the market for anti-diabetes drugs remains relatively underdeveloped.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Guatemalan customers tend to prefer oral anti-diabetes drugs over injectable ones. This is due to the ease of administration and convenience of oral drugs. Additionally, customers in Guatemala are increasingly interested in natural and alternative treatments for diabetes.

Trends in the market: The market for anti-diabetes drugs in Guatemala has been growing steadily due to the increasing prevalence of diabetes in the country. This growth is expected to continue in the coming years as the population ages and lifestyles become more sedentary. Additionally, the market is expected to see growth in the area of natural and alternative treatments for diabetes.

Local special circumstances: Guatemala has a high prevalence of diabetes, with an estimated 10% of the population affected by the disease. This is due in part to the country's high rates of obesity and sedentary lifestyles. Additionally, the country's healthcare system is underfunded and understaffed, which can make it difficult for patients to access the care and medication they need.

Underlying macroeconomic factors: Guatemala is a developing country with a growing economy, which has led to an increase in healthcare spending in recent years. However, the country's healthcare system still faces significant challenges, including a shortage of healthcare professionals and inadequate funding. These challenges can make it difficult for patients to access the care and medication they need, which may limit the growth of the anti-diabetes drugs market in the country.

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.