Anti-Rheumatic Drugs - Equatorial Guinea

Equatorial Guinea

The market for Anti-Rheumatic Drugs market in Equatorial Guinea is expected to witness a significant increase in revenue.
By the year 2024, the projected revenue is estimated to reach US$0.73m.
It is anticipated that the revenue will continue to grow at an annual growth rate of 0.27%, resulting in a market volume of US$0.74m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue in the Anti-Rheumatic Drugs market.
In 2024, the revenue generated United States is projected to be US$34,700.00m.
Equatorial Guinea has seen a rise in demand for innovative anti-rheumatic drugs to address the increasing prevalence of rheumatic diseases in the country.

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

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Analyst Opinion

The Anti-Rheumatic Drugs market in Equatorial Guinea has been steadily growing in recent years.

Customer preferences: Equatorial Guinea has a relatively young population with a high prevalence of rheumatoid arthritis. As a result, there is a high demand for effective anti-rheumatic drugs that can help manage the symptoms of the disease. Patients in Equatorial Guinea prefer drugs that are affordable, effective, and have minimal side effects.

Trends in the market: The Anti-Rheumatic Drugs market in Equatorial Guinea has been experiencing a shift towards biologic drugs. Biologics are more effective in managing the symptoms of rheumatoid arthritis and have fewer side effects compared to traditional disease-modifying anti-rheumatic drugs (DMARDs). However, biologics are more expensive, and this has led to a rise in the use of biosimilars, which are cheaper versions of biologics. The market has also seen an increase in the use of combination therapy, where patients are prescribed more than one drug to manage their symptoms.

Local special circumstances: Equatorial Guinea has a small market for Anti-Rheumatic Drugs, and most of the drugs are imported. The country has a limited healthcare infrastructure, and this has led to challenges in accessing and distributing drugs to patients in remote areas. Additionally, there is a lack of awareness about rheumatoid arthritis and the available treatment options, which has led to underdiagnosis and undertreatment of the disease.

Underlying macroeconomic factors: Equatorial Guinea has a small and relatively undeveloped economy heavily dependent on the oil and gas sector. The country has been experiencing a decline in oil prices, which has led to a decrease in government revenue and a slowdown in economic growth. This has had an impact on the healthcare sector, with the government struggling to allocate resources towards healthcare infrastructure and drug procurement. The country also faces challenges in attracting foreign investment due to a poor business environment and high levels of corruption.In conclusion, the Anti-Rheumatic Drugs market in Equatorial Guinea is developing in response to customer preferences, with a shift towards biologics and combination therapy. However, the market faces challenges in accessing and distributing drugs to remote areas, as well as a lack of awareness about rheumatoid arthritis and its treatment options. The underlying macroeconomic factors, including the decline in oil prices and poor business environment, also pose challenges to the development of the 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.