Anti-Hypertensive Drugs - Nigeria

Nigeria

The Anti-Hypertensive Drugs market in Nigeria is anticipated to witness a significant increase in revenue, with projections indicating a rise to US$31.98m by 2024.
This growth is expected to continue at an annual growth rate of 2.07% (CAGR 2024-2029), leading to a market volume of US$35.43m by 2029.
In comparison to other countries, United States is expected to generate the highest revenue in the Anti-Hypertensive Drugs market, with an estimated value of US$12,290.00m in 2024.
Nigeria's demand for anti-hypertensive drugs is expected to rise due to the increasing prevalence of hypertension in the country.

Key regions: Japan, India, Italy, Brazil, South Korea

Market

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Analyst Opinion

Despite being a relatively small market compared to other African countries, the Anti-Hypertensive Drugs market in Nigeria has been experiencing steady growth in recent years.

Customer preferences: Nigerian consumers are becoming more health-conscious, leading to an increased demand for preventative health measures such as anti-hypertensive drugs. Additionally, the country's aging population is driving demand for these drugs, as hypertension becomes more prevalent with age.

Trends in the market: The Nigerian government has been taking steps to improve access to healthcare, which has led to an increase in demand for anti-hypertensive drugs. This has been further supported by the entry of new players into the market, which has increased competition and driven down prices. However, the market remains dominated by a few major players.

Local special circumstances: The Nigerian pharmaceutical industry is heavily regulated, with strict import and export regulations. This has led to a shortage of raw materials and increased production costs for local manufacturers. Additionally, the country's poor transportation infrastructure has made it difficult to distribute drugs to remote areas, limiting access to healthcare for many Nigerians.

Underlying macroeconomic factors: Nigeria's economy has been growing steadily in recent years, which has led to an increase in disposable income for many Nigerians. This has allowed more people to afford healthcare and preventative measures such as anti-hypertensive drugs. However, the country's healthcare system remains underfunded, which has limited access to healthcare for many Nigerians.

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.