Antiviral Drugs - Nigeria

Nigeria

In Nigeria, the revenue in the Antiviral Drugs market is estimated to reach US$62.89m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.94%, leading to a market volume of US$76.28m by 2029.
Comparatively, United States is projected to generate the highest revenue in the global market, amounting to US$30,640.00m in 2024.
Nigeria is experiencing a surge in demand for antiviral drugs due to the increasing prevalence of infectious diseases in the country.

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

Market

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Currency

Analyst Opinion

The demand for antiviral drugs in Nigeria has been steadily increasing over the years due to various factors.

Customer preferences: Customers in Nigeria have shown a preference for locally manufactured antiviral drugs due to their affordability and availability. However, there is also a demand for imported drugs due to their perceived effectiveness and quality.

Trends in the market: The antiviral drugs market in Nigeria has been experiencing a shift towards the development of generic drugs, which are more affordable and accessible to the general population. Additionally, there has been an increase in the development of combination therapies, which offer a more effective treatment option for patients. The market has also seen an increase in the demand for antiviral drugs due to the outbreak of infectious diseases such as Ebola and Lassa fever.

Local special circumstances: Nigeria has a high burden of infectious diseases, which has led to an increased demand for antiviral drugs. Additionally, the country has a large population, which has contributed to the growth of the market. However, there are challenges in the distribution and availability of drugs in certain areas, particularly in rural areas.

Underlying macroeconomic factors: The Nigerian government has been making efforts to improve the healthcare system in the country, which has led to an increase in the availability of antiviral drugs. Additionally, the country's growing economy has led to an increase in healthcare spending, which has contributed to the growth of the market. However, there are still challenges such as corruption, which can affect the availability and affordability of drugs in 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.