Anti-Diabetes Drugs - Madagascar

Madagascar

Madagascar's Anti-Diabetes Drugs market is anticipated to witness a significant growth in revenue, reaching US$16.05m by the year 2024.
This market is projected to demonstrate an annual growth rate (CAGR 2024-2029) of 8.10%, culminating in a market volume of US$23.69m by 2029.
It is worth mentioning that in terms of global comparison, United States is expected to generate the highest revenue, estimated at US$37,840.00m in 2024.
Madagascar's anti-diabetes drug market is witnessing a surge in demand due to the rising prevalence of diabetes and increasing awareness about the importance of managing the condition.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Anti-Diabetes Drugs market in Madagascar has been showing a steady growth over the past few years.

Customer preferences: The customers in Madagascar prefer the use of oral medications as compared to injectable ones. This is due to the fact that oral medications are much more convenient and easier to administer. Additionally, the customers prefer medications that have fewer side effects.

Trends in the market: One of the major trends in the Anti-Diabetes Drugs market in Madagascar is the increasing use of generic drugs. This is due to the fact that generic drugs are much cheaper as compared to branded ones. Additionally, the customers are becoming more aware of the effectiveness of generic drugs and are therefore more willing to use them.Another trend in the market is the increasing use of combination drugs. Combination drugs are drugs that contain two or more active ingredients. These drugs are becoming popular in Madagascar as they are much more effective in controlling blood sugar levels as compared to single-drug therapies.

Local special circumstances: Madagascar is a low-income country and therefore the cost of medications is a major concern for the customers. This has led to an increasing demand for cheaper medications. Additionally, the lack of awareness about diabetes and its treatment among the customers is a major challenge in the market.

Underlying macroeconomic factors: The healthcare system in Madagascar is underdeveloped and therefore the availability of healthcare services is limited. This has led to a high burden of diabetes in the country. Additionally, the lack of investment in the healthcare sector has resulted in a shortage of healthcare professionals and facilities. This has made it difficult for the customers to access quality healthcare services.

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.