Anti-Hypertensive Drugs - Jamaica

Jamaica

Highlights

The projected revenue for the Anti-Hypertensive Drugs market in Jamaica is expected to reach US$1.82m in 2024.
It is anticipated that the revenue will display an annual growth rate (CAGR 2024-2029) of -0.52%, leading to a market volume of US$1.77m by 2029.
When compared globally, United States is set to generate the highest revenue, amounting to US$12.29bn in 2024.
Despite high rates of hypertension in Jamaica, the market for anti-hypertensive drugs remains underdeveloped due to limited access and affordability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Anti-Hypertensive Drugs market in Jamaica has been experiencing steady growth in recent years.

Customer preferences: Customers in Jamaica have been showing an increasing preference for Anti-Hypertensive Drugs due to the rising incidence of hypertension in the country. The Jamaican population is aging, and this has led to an increase in the number of people suffering from hypertension. Additionally, the adoption of unhealthy lifestyles such as poor diet, lack of exercise, and high levels of alcohol consumption has contributed to the high prevalence of hypertension in the country.

Trends in the market: One of the major trends in the Anti-Hypertensive Drugs market in Jamaica is the growing demand for generic drugs. The high cost of branded drugs has made it difficult for many Jamaicans to afford hypertension medication. As a result, many patients have turned to generic drugs, which are more affordable and readily available.Another trend in the market is the increasing use of combination therapy. Combination therapy involves the use of two or more drugs to treat hypertension. This approach has been found to be more effective in controlling blood pressure compared to using a single drug. Many physicians in Jamaica are now prescribing combination therapy to their patients.

Local special circumstances: Jamaica has a unique healthcare system that has contributed to the growth of the Anti-Hypertensive Drugs market. The country has a mix of public and private healthcare providers, and patients have the option to choose between the two. The public healthcare system is free, but it is often overcrowded and has limited resources. As a result, many Jamaicans opt for private healthcare providers, which offer better quality care. Private healthcare providers are more likely to prescribe branded drugs, which has contributed to the growth of the Anti-Hypertensive Drugs market.

Underlying macroeconomic factors: The Jamaican economy has been growing steadily in recent years, and this has contributed to the growth of the Anti-Hypertensive Drugs market. The country has experienced an increase in disposable income, which has made it easier for people to afford hypertension medication. Additionally, the government has been investing in the healthcare sector, which has led to the expansion of healthcare facilities and the availability of more drugs.

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.