Anti-Diabetes Drugs - Nigeria

Nigeria

The Nigerian Anti-Diabetes Drugs market is expected to witness substantial growth in the coming years.
According to projections, the market's revenue is anticipated to reach a significant value of US$147.30m in 2024.
This growth can be attributed to various factors such as an increasing prevalence of diabetes in Nigeria and the rising demand for effective treatment options.
Furthermore, it is estimated that the market will continue to expand at a compound annual growth rate (CAGR) of 9.40% between 2024 and 2029.
This steady growth is expected to result in a market volume of approximately US$230.80m by the end of 2029.
When comparing Nigeria's Anti-Diabetes Drugs market to the global market, it is worth noting that United States is expected to generate the highest revenue.
In 2024, the projected revenue for the United States is an impressive US$37,840.00m.
This showcases the dominance of the United States in the global Anti-Diabetes Drugs market.
Overall, the Nigerian Anti-Diabetes Drugs market is poised for significant growth, with projected revenue reaching US$147.30m in 2024.
The market is expected to witness steady expansion over the next few years, driven by factors such as the rising prevalence of diabetes and the increasing demand for effective treatment options.
However, when compared globally, United States is anticipated to generate the highest revenue in this market.
Nigeria's increasing prevalence of diabetes has led to a surge in demand for anti-diabetes drugs in the country.

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

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Currency

Analyst Opinion

The Anti-Diabetes Drugs market in Nigeria has seen significant growth in recent years.

Customer preferences: As Nigeria has one of the highest rates of diabetes in Africa, the demand for anti-diabetes drugs has been steadily increasing. Patients in Nigeria tend to prefer oral medications over insulin injections due to convenience and cost-effectiveness.

Trends in the market: The market has seen a shift towards newer and more expensive drugs, such as DPP-4 inhibitors and GLP-1 receptor agonists. This trend is driven by increasing awareness among patients and physicians about the benefits of these drugs in managing diabetes. Additionally, the market has seen an increase in the availability of generic versions of popular anti-diabetes drugs, which has led to increased competition and lower prices.

Local special circumstances: One of the unique challenges in the Nigerian market is the prevalence of counterfeit drugs. This has led to a lack of trust among patients and physicians in the quality of medications available. To combat this issue, the Nigerian government has implemented stricter regulations on drug manufacturing and distribution.

Underlying macroeconomic factors: The Nigerian economy has experienced significant growth in recent years, which has led to increased access to healthcare and higher disposable incomes. This has contributed to the growth of the anti-diabetes drugs market in Nigeria. However, the market is also sensitive to fluctuations in the exchange rate, which can affect the affordability of imported drugs. Additionally, the lack of a universal healthcare system in Nigeria means that many patients have to pay out-of-pocket for their medications, which can limit access to expensive drugs.

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.