Anti-Rheumatic Drugs - Cuba

Cuba

The Anti-Rheumatic Drugs market in Cuba is expected to witness significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach US$41.91m.
Furthermore, it is anticipated that the market will continue to expand at a compound annual growth rate (CAGR) of -0.17% between 2024 and 2029, resulting in a market volume of US$41.55m by the end of 2029.
When compared to other countries globally, United States is forecasted to generate the highest revenue in the Anti-Rheumatic Drugs market.
In 2024 alone, United States is projected to generate a staggering revenue of US$34,700.00m.
Cuba's Anti-Rheumatic Drugs market is experiencing a surge in demand due to the country's aging population and high prevalence of rheumatic diseases.

Key regions: Germany, United States, India, Japan, United Kingdom

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Analyst Opinion

The Anti-Rheumatic Drugs market in Cuba has been experiencing a steady growth in recent years.

Customer preferences: Patients suffering from rheumatoid arthritis are the primary customers of anti-rheumatic drugs in Cuba. The demand for these drugs has been on the rise due to the aging population and the increasing prevalence of rheumatoid arthritis in the country.

Trends in the market: The Anti-Rheumatic Drugs market in Cuba is witnessing a shift towards biologic drugs. Biologic drugs have gained popularity due to their effectiveness and lower side-effects. Patients are willing to pay a premium for these drugs, which has led to an increase in their market share. However, the high cost of these drugs is a deterrent for some patients.

Local special circumstances: The Cuban government plays a significant role in the Anti-Rheumatic Drugs market in the country. The government provides free healthcare to all citizens, which includes the provision of anti-rheumatic drugs. The government has also been investing in the development of the biotech industry, which has led to the production of locally manufactured biologic drugs. This has reduced the dependence on imported drugs and has made these drugs more affordable for patients.

Underlying macroeconomic factors: The Cuban economy has been struggling due to the US embargo and the COVID-19 pandemic. The embargo has limited the country's ability to trade with the rest of the world, which has affected the availability of anti-rheumatic drugs in the country. The pandemic has also disrupted the supply chains of drugs, leading to shortages and price increases. However, the government's investment in the biotech industry has helped to mitigate the impact of these factors on the Anti-Rheumatic Drugs market in Cuba.

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.