Multiple Sclerosis Drugs - Nigeria

Nigeria

The market for Multiple Sclerosis Drugs market in Nigeria is expected to witness significant growth in the coming years.
According to projections, the revenue in the market is anticipated to reach US$30.65m by 2024.
Furthermore, it is estimated that the market will exhibit a compound annual growth rate (CAGR) of 3.27% during the period from 2024 to 2029, resulting in a market volume of US$36.00m by 2029.
When compared to other countries globally, United States is expected to generate the highest revenue in the Multiple Sclerosis Drugs market.
It is projected that United States will generate approximately US$11,770.00m in revenue by 2024.
Nigeria's market for Multiple Sclerosis drugs is growing steadily due to increasing awareness and access to healthcare services.

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

Market

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Analyst Opinion

The Multiple Sclerosis Drugs market in Nigeria has been steadily growing in recent years.

Customer preferences: Nigerian customers tend to prefer affordable and effective drugs. They are also increasingly interested in natural and alternative therapies.

Trends in the market: The Multiple Sclerosis Drugs market in Nigeria has been experiencing steady growth due to an increase in the number of people being diagnosed with the disease. There has also been an increase in awareness of the disease in Nigeria, leading to more people seeking treatment. In addition, there has been an increase in the availability of drugs in the market, with more pharmaceutical companies entering the market.

Local special circumstances: One of the challenges facing the Multiple Sclerosis Drugs market in Nigeria is the lack of adequate healthcare infrastructure. This has made it difficult for people in rural areas to access treatment. In addition, there is a lack of awareness about the disease, with many people mistaking the symptoms for other illnesses.

Underlying macroeconomic factors: The Nigerian economy has been growing steadily in recent years, with a focus on diversifying the economy away from oil. This has led to an increase in healthcare spending, which has benefitted the Multiple Sclerosis Drugs market. However, the economy has also been affected by inflation and currency devaluation, which has made it difficult for some people to afford healthcare.

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.