Pharmaceuticals - Equatorial Guinea

Equatorial Guinea

Equatorial Guinea's Pharmaceuticals market is expected to witness a significant growth in revenue, projected to reach US$35.02m in 2024.
Among the various markets, Oncology Drugs is anticipated to be the largest, with a projected market volume of US$5.08m in the same year.
This indicates the growing demand for such drugs in Equatorial Guinea.
Furthermore, the Pharmaceuticals market in Equatorial Guinea is expected to demonstrate a steady annual growth rate of 1.96% from 2024 to 2029.
This growth rate, also known as the compound annual growth rate (CAGR), will result in a market volume of US$38.58m by 2029.
This indicates a positive trend for the pharmaceutical industry in Equatorial Guinea, reflecting the country's increasing focus on healthcare.
However, in a global comparison, it is important to note that United States is projected to generate the highest revenue in the Pharmaceuticals market, reaching a staggering US$630.30bn in 2024.
This showcases the dominance of the US market on a global scale, highlighting its advanced healthcare infrastructure and pharmaceutical industry.
in Equatorial Guinea, although still developing in the pharmaceutical sector, has the potential for growth and investment opportunities in the coming years.
With a focus on improving healthcare and addressing the needs of its population, in Equatorial Guinea can strive towards a more robust and thriving pharmaceutical market.
Equatorial Guinea is experiencing a surge in pharmaceutical research and development, positioning itself as a potential hub for medical innovation in Africa.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

Equatorial Guinea, a small country located in West Africa, has a developing pharmaceuticals market that is driven by various factors.

Customer preferences: The customers in Equatorial Guinea prefer generic drugs due to their affordability. The majority of the population is not covered by health insurance, and thus, they have to pay for their medical expenses out of pocket. Therefore, the demand for cheaper drugs is high, and generic drugs fulfill this demand.

Trends in the market: The pharmaceuticals market in Equatorial Guinea is growing due to the increasing prevalence of diseases such as malaria, HIV/AIDS, and tuberculosis. The government has implemented various healthcare programs to tackle these diseases, which has led to an increase in demand for drugs. Additionally, the government has also increased its healthcare spending, which has further fueled the growth of the pharmaceuticals market.

Local special circumstances: The pharmaceuticals market in Equatorial Guinea is heavily regulated by the government. The government controls the importation, distribution, and sale of drugs in the country. This has led to a limited number of pharmaceutical companies operating in the country. Additionally, the country has a small population, which limits the potential market size for pharmaceutical companies.

Underlying macroeconomic factors: Equatorial Guinea has a growing economy, which has led to an increase in disposable income. This has resulted in an increase in healthcare spending, which has further fueled the growth of the pharmaceuticals market. Additionally, the government has implemented policies to attract foreign investment, which has led to an increase in the number of pharmaceutical companies operating in the country. In conclusion, the pharmaceuticals market in Equatorial Guinea is developing due to the increasing prevalence of diseases, government healthcare programs, and an increase in healthcare spending. However, the market is limited by government regulations and a small population size.

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.