Anti-Rheumatic Drugs - Panama

Panama

The Anti-Rheumatic Drugs market in Panama is anticipated to witness a significant growth in revenue, reaching a projected amount of US$13.34m by 2024.
This market is expected to exhibit an annual growth rate of 1.65% between 2024 and 2029, leading to a market volume of US$14.48m by 2029.
When compared to other countries globally, United States is projected to generate the highest revenue in this market, with a staggering amount of US$34,700.00m in 2024.
Panama's demand for anti-rheumatic drugs is rapidly increasing due to the growing 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 Panama has been steadily growing in recent years, driven by various factors that are unique to the country.

Customer preferences: Panamanian customers prefer non-steroidal anti-inflammatory drugs (NSAIDs) and disease-modifying anti-rheumatic drugs (DMARDs) for the treatment of rheumatoid arthritis and other autoimmune diseases. The preference for these drugs is due to their effectiveness in managing pain and inflammation, as well as their affordability.

Trends in the market: One of the major trends in the Anti-Rheumatic Drugs market in Panama is the increasing demand for biologic drugs. Biologics are becoming more popular due to their effectiveness in treating rheumatoid arthritis and other autoimmune diseases. Additionally, there has been a rise in the number of biosimilar drugs entering the market, which is driving down prices and making these drugs more accessible to patients.

Local special circumstances: Panama has a high prevalence of rheumatoid arthritis and other autoimmune diseases, which is contributing to the growth of the Anti-Rheumatic Drugs market. The country's aging population is also a factor, as older adults are more likely to develop these types of conditions. Furthermore, the country's healthcare system is expanding, which is increasing access to healthcare services and medications.

Underlying macroeconomic factors: The Panamanian economy has been growing steadily in recent years, which is contributing to the growth of the Anti-Rheumatic Drugs market. The country has a strong pharmaceutical industry, which is attracting investment and driving innovation in the sector. Additionally, the government has implemented policies to promote the use of generic drugs, which is helping to lower healthcare costs and increase access to medications for patients.

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.