Anti-Rheumatic Drugs - Nigeria

Nigeria

The projected revenue in the Anti-Rheumatic Drugs market in Nigeria is expected to reach US$40.67m in 2024.
Furthermore, it is anticipated that the revenue will exhibit an annual growth rate of 2.89% from 2024 to 2029, resulting in a market volume of US$46.89m by 2029.
When comparing globally, United States is projected to generate the highest revenue in this market, reaching US$34,700.00m in 2024.
Nigeria's market for anti-rheumatic drugs is witnessing a surge in demand due to 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 demand for Anti-Rheumatic Drugs in Nigeria has been growing steadily in recent years.

Customer preferences: Nigerian customers prefer non-steroidal anti-inflammatory drugs (NSAIDs) as a first-line treatment for rheumatic diseases. However, due to the chronic nature of these diseases, disease-modifying anti-rheumatic drugs (DMARDs) are also in demand. Biologic DMARDs are still relatively new to the Nigerian market and are mainly prescribed by rheumatologists.

Trends in the market: The market for Anti-Rheumatic Drugs in Nigeria is growing due to the increasing prevalence of rheumatic diseases in the country. The rise in the elderly population, changes in lifestyle, and genetic factors have contributed to the increase in rheumatic diseases. The Nigerian government has also been investing in healthcare, leading to an increase in access to healthcare services and drugs.

Local special circumstances: One of the major challenges facing the Anti-Rheumatic Drugs market in Nigeria is the issue of counterfeit drugs. The prevalence of counterfeit drugs in the country has led to a lack of trust in the pharmaceutical industry, leading to a decrease in demand for drugs. Additionally, due to the high cost of drugs, many patients cannot afford the drugs, leading to a lack of compliance with treatment.

Underlying macroeconomic factors: The Nigerian economy has been growing in recent years, leading to an increase in disposable income. This has contributed to the growth of the Anti-Rheumatic Drugs market as more people can afford the drugs. The government's investment in healthcare has also contributed to the growth of the market by increasing access to healthcare services and drugs. However, the high cost of drugs and the issue of counterfeit drugs remain major challenges for 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.