Anti-Diabetes Drugs - Western Asia

Western Asia

The Western Asian market for Anti-Diabetes Drugs market is anticipated to witness a significant surge in revenue, with projections indicating a staggering amount of US$1.67bn by the year 2024.
Furthermore, this market is expected to sustain a steady growth rate of 6.98% annually, as calculated from 2024 to 2029.
As a result, the market volume is estimated to expand to US$2.34bn by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in this market, reaching a remarkable US$37,840.00m by 2024.
In Western Asia, the demand for innovative and personalized anti-diabetes drugs is on the rise, as the region grapples with a high prevalence of diabetes and an increasing focus on healthcare advancements.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for Anti-Diabetes Drugs in Western Asia has been on the rise in recent years.

Customer preferences: The Western Asian population has a high prevalence of diabetes, making it a major health concern in the region. As a result, there is a high demand for Anti-Diabetes Drugs in the market. Patients in the region prefer oral medication over insulin injections due to the convenience and ease of use.

Trends in the market: The Anti-Diabetes Drugs market in Western Asia is expected to grow in the coming years due to the increasing prevalence of diabetes in the region. The market is dominated by big pharmaceutical companies that offer a wide range of products to meet the diverse needs of patients. The market is also seeing a shift towards the development of personalized medicine, which is tailored to individual patient needs.Local Special circumstances: The Western Asian region has a high prevalence of diabetes due to factors such as an aging population, urbanization, and sedentary lifestyles. The region also has a high incidence of obesity, which is a major risk factor for diabetes. The lack of awareness about diabetes and its complications is also a major challenge in the region.

Underlying macroeconomic factors: The Western Asian region is experiencing economic growth, which has led to an increase in healthcare spending. The governments in the region are also investing heavily in healthcare infrastructure, which has led to an increase in access to healthcare services. The rise in disposable income in the region has also contributed to the growth of the Anti-Diabetes Drugs market.

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.