Anti-Diabetes Drugs - Oman

Oman

The Anti-Diabetes Drugs market in Oman is expected to witness a significant increase in revenue, projected to reach US$30.36m by the year 2024.
Furthermore, the market is anticipated to display a steady annual growth rate (CAGR 2024-2029) of 7.67%, resulting in a market volume of US$43.93m by 2029.
It is worth noting that in the global perspective, United States is expected to generate the highest revenue, amounting to US$37,840.00m in 2024.
Oman's anti-diabetes drug market is experiencing a surge in demand due to an aging population and increasing prevalence of diabetes.

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

Market

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Currency

Analyst Opinion

The prevalence of diabetes in Oman is one of the highest in the world, with over 16% of the population being affected by the disease. As a result, the Anti-Diabetes Drugs market in Oman has been growing steadily in recent years.

Customer preferences: The majority of diabetic patients in Oman prefer oral medications over injectables due to convenience and ease of use. Additionally, there is a growing preference for combination therapies that offer multiple benefits in a single medication.

Trends in the market: One of the major trends in the Anti-Diabetes Drugs market in Oman is the increasing use of generic medications. This is due to the government's efforts to reduce healthcare costs, as well as the availability of affordable generic options. Another trend is the growing adoption of digital health technologies, such as diabetes management apps and wearable devices, which help patients monitor and manage their condition more effectively.

Local special circumstances: Oman has a high prevalence of obesity, which is a major risk factor for diabetes. Additionally, the country has a high rate of consanguineous marriages, which can lead to a higher incidence of genetic predisposition to diabetes. These factors contribute to the high prevalence of diabetes in Oman and the resulting demand for Anti-Diabetes Drugs.

Underlying macroeconomic factors: The Omani government has been investing heavily in healthcare infrastructure and services, which has led to an increase in healthcare spending. Additionally, the country has a growing aging population, which is more susceptible to diabetes and other chronic conditions. These macroeconomic factors are driving the growth of the Anti-Diabetes Drugs market in Oman.

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.