Antiviral Drugs - Colombia

Colombia

Colombia is expected to experience significant growth in the Antiviral Drugs market.
By 2024, revenue in this market is projected to reach US$84.84m.
Furthermore, the market is expected to show a steady annual growth rate (CAGR 2024-2029) of 1.80%, resulting in a market volume of US$92.77m by 2029.
In a global comparison, it is worth noting that United States is predicted to generate the highest revenue in this market, with a projected amount of US$30,640.00m in 2024.
Colombia's antiviral drug market is witnessing a surge in demand due to increasing prevalence of viral diseases.

Key regions: Brazil, India, Australia, United States, United Kingdom

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Analyst Opinion

The Antiviral Drugs market in Colombia has been experiencing significant growth in recent years.

Customer preferences: As the population continues to grow and age, there is an increasing demand for antiviral drugs in Colombia. Additionally, the rise of various viral diseases such as HIV, Hepatitis C, and influenza has also contributed to the growth of the antiviral drugs market.

Trends in the market: One of the major trends in the antiviral drugs market in Colombia is the increasing availability of generic drugs. This has made antiviral drugs more affordable and accessible to a larger population. Additionally, there has been a shift towards combination therapies, which involve the use of multiple antiviral drugs to treat a single disease. This approach has been found to be more effective in treating viral diseases.

Local special circumstances: Colombia has a large population of people living with HIV, which has led to a significant demand for antiviral drugs in the country. The Colombian government has implemented various programs to increase the availability and affordability of antiviral drugs for HIV patients. Additionally, the country has been working to eliminate Hepatitis C by 2030, which has led to an increased demand for antiviral drugs to treat the disease.

Underlying macroeconomic factors: Colombia's economy has been growing steadily in recent years, which has led to an increase in healthcare spending. Additionally, the country has a well-developed pharmaceutical industry, which has contributed to the growth of the antiviral drugs market. The government has also implemented various policies to support the pharmaceutical industry, such as tax incentives and streamlined regulations.

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.