Anti-Diabetes Drugs - Guyana

Guyana

The market for Anti-Diabetes Drugs market in Guyana is anticipated to witness a significant increase in revenue, with projections indicating a staggering amount of US$4.48m in 2024.
Furthermore, it is expected that this market will display a steady annual growth rate (CAGR 2024-2029) of 8.99%, ultimately leading to a substantial market volume of US$6.89m by the year 2029.
In terms of global comparison, it is noteworthy that United States is predicted to generate the highest revenue, amounting to an impressive US$37,840.00m in 2024.
Guyana is experiencing an increasing demand for anti-diabetes drugs due to the rising prevalence of diabetes in the country.

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

Market

Region

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Currency

Analyst Opinion

The Anti-Diabetes Drugs market in Guyana has seen a steady growth in recent years, driven by the increasing prevalence of diabetes in the country.

Customer preferences: Patients in Guyana suffering from diabetes prefer to use oral anti-diabetic drugs, which are more convenient and easier to administer than insulin injections. This preference has led to a higher demand for oral anti-diabetic drugs in the market.

Trends in the market: The market for anti-diabetic drugs in Guyana has seen a shift towards newer, more expensive drugs, such as DPP-4 inhibitors and GLP-1 receptor agonists. This trend is driven by the increasing awareness among physicians and patients about the benefits of these drugs in managing diabetes and reducing the risk of complications. However, the high cost of these drugs remains a challenge for many patients in Guyana.

Local special circumstances: Guyana has a high prevalence of diabetes, with an estimated 11% of the adult population suffering from the disease. This is due to a combination of factors, including a sedentary lifestyle, unhealthy diet, and genetic predisposition. The government has launched several initiatives to address this issue, including a national diabetes prevention and control program.

Underlying macroeconomic factors: The healthcare sector in Guyana is relatively underdeveloped, with limited resources and infrastructure. This has led to a shortage of healthcare professionals, particularly in rural areas, and limited access to essential medicines and treatments. The government has taken steps to address these issues, including increasing funding for healthcare and investing in healthcare infrastructure. However, there is still a long way to go in improving healthcare access and outcomes 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.