Anti-Diabetes Drugs - Peru

Peru

Peru's Anti-Diabetes Drugs market is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$100.90m.
This growth is anticipated to continue at an annual growth rate (CAGR 2024-2029) of 7.22%, resulting in a market volume of US$143.00m by 2029.
In comparison to other countries worldwide, United States is expected to generate the highest revenue in this market, with a projected revenue of US$37,840.00m in 2024.
Peru is witnessing a growing demand for locally sourced, natural anti-diabetes drugs, as consumers prioritize traditional medicine and seek alternatives to synthetic medications.

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

Market

Region

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Currency

Analyst Opinion

The demand for Anti-Diabetes Drugs in Peru has been growing steadily in recent years.

Customer preferences: Peruvian customers prefer anti-diabetes drugs that are affordable and effective. They tend to choose generic drugs over branded ones. This preference is driven by the fact that generic drugs are cheaper and have the same active ingredients as branded drugs. Customers also prefer drugs that have fewer side effects and are easy to use.

Trends in the market: The Anti-Diabetes Drugs market in Peru is expected to grow due to the increasing prevalence of diabetes in the country. According to the International Diabetes Federation, Peru has one of the highest rates of diabetes in the world. This has led to an increase in demand for anti-diabetes drugs. Additionally, the Peruvian government has implemented policies to improve access to healthcare, which has led to an increase in the number of people receiving treatment for diabetes.

Local special circumstances: One of the unique characteristics of the Peruvian market is the presence of a large informal economy. Many people in Peru work in the informal sector, which means they do not have access to formal healthcare systems. As a result, they may not receive the necessary treatment for diabetes. This has led to a high prevalence of undiagnosed and untreated diabetes in the country.

Underlying macroeconomic factors: Peru has experienced steady economic growth in recent years, which has led to an increase in the standard of living for many Peruvians. This has led to an increase in demand for healthcare services, including anti-diabetes drugs. Additionally, the Peruvian government has implemented policies to improve access to healthcare, which has led to an increase in the number of people receiving treatment for diabetes. However, the COVID-19 pandemic has had a negative impact on the Peruvian economy, which may affect the growth of the Anti-Diabetes Drugs market in the short term.

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.