Anti-Rheumatic Drugs - Latvia

Latvia

The Anti-Rheumatic Drugs market in Latvia is set to witness a significant growth, with projected revenue of US$7.56m by 2024.
This sector is expected to exhibit a steady annual growth rate of 1.34%, leading to a market volume of US$8.08m by 2029.
When compared globally, it is noteworthy that United States will generate the highest revenue, amounting to US$34,700.00m in 2024.
Latvia's market for Anti-Rheumatic Drugs is experiencing a surge in demand due to the country's aging population and increasing 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 Latvia has been steadily growing over the past few years.

Customer preferences: Latvian customers tend to prefer non-steroidal anti-inflammatory drugs (NSAIDs) over disease-modifying antirheumatic drugs (DMARDs) as the first line of treatment for rheumatoid arthritis. However, the demand for DMARDs has been increasing due to their effectiveness in preventing joint damage and reducing inflammation.

Trends in the market: The Anti-Rheumatic Drugs market in Latvia has been witnessing a shift towards biologic DMARDs. This is due to their higher efficacy and safety profile compared to traditional DMARDs. Additionally, the increasing prevalence of rheumatoid arthritis in the country has been driving the growth of the market. The market is also witnessing the entry of new players, which is intensifying the competition.

Local special circumstances: Latvia has a high prevalence of rheumatoid arthritis, which is one of the primary drivers of the Anti-Rheumatic Drugs market in the country. The government has also been taking steps to improve the diagnosis and treatment of rheumatoid arthritis, which is expected to further drive the growth of the market.

Underlying macroeconomic factors: The Latvian economy has been growing steadily over the past few years, which has led to an increase in healthcare spending. Additionally, the government has been taking steps to improve the healthcare infrastructure in the country, which is expected to further boost the growth of the Anti-Rheumatic Drugs market. However, the market is also facing challenges such as the high cost of biologic DMARDs and the availability of cheaper alternatives such as NSAIDs.

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.