Multiple Sclerosis Drugs - Cuba

Cuba

The Multiple Sclerosis Drugs market in Cuba is anticipated to witness a significant growth in revenue, with projections indicating a reach of US$31.56m by 2024.
This positive trend is expected to continue, with an estimated annual growth rate (CAGR 2024-2029) of 0.21%.
As a result, the market volume is predicted to expand to US$31.89m by 2029.
When compared globally, it is noteworthy that United States is set to generate the highest revenue in this market, with an impressive figure of US$11,770.00m projected for 2024.
Cuba's market for Multiple Sclerosis Drugs is limited due to economic constraints and limited access to international pharmaceutical companies.

Key regions: France, India, United Kingdom, South Korea, Japan

Market

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Analyst Opinion

The Multiple Sclerosis Drugs market in Cuba has been experiencing a steady growth in recent years.

Customer preferences: Cuban customers have shown a growing preference for disease-modifying therapies (DMTs) in the treatment of Multiple Sclerosis. This preference is driven by the effectiveness of DMTs in reducing the frequency and severity of relapses, as well as slowing down the progression of the disease. Patients are also increasingly aware of the availability of newer DMTs with fewer side effects, and are willing to pay a premium for these drugs.

Trends in the market: The Multiple Sclerosis Drugs market in Cuba has been witnessing an influx of newer DMTs in recent years. The market has been dominated by interferon beta and glatiramer acetate, but newer drugs such as fingolimod, natalizumab, and teriflunomide have been gaining popularity. This trend is expected to continue as more innovative drugs are introduced into the market.

Local special circumstances: The Cuban government has been taking steps to improve the accessibility of healthcare services in the country. This has led to an increase in the number of patients seeking treatment for Multiple Sclerosis. The government has also been working to reduce the cost of drugs, making them more affordable for patients. This has helped to increase the demand for DMTs in the country.

Underlying macroeconomic factors: Cuba has been experiencing a period of economic growth in recent years. This has led to an increase in the standard of living and a rise in disposable income. As a result, more people are able to afford expensive drugs such as DMTs. The government has also been investing heavily in the healthcare sector, which has helped to improve the quality of healthcare services in the country. This has led to an increase in the number of patients seeking treatment for Multiple Sclerosis.

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.