Oncology Drugs - Bulgaria

Bulgaria

The Oncology Drugs market in Bulgaria is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is forecasted to reach US$92.21m in 2024.
Furthermore, it is anticipated that the revenue will exhibit a compound annual growth rate (CAGR) of 6.75% from 2024 to 2029.
This growth trajectory is expected to result in a market volume of US$127.80m by 2029.
When comparing the global market, it is noteworthy that United States will generate the highest revenue in the Oncology Drugs market.
In 2024 alone, the projected revenue for the United States is estimated to be US$103,900.00m.
This demonstrates the significant market potential United States compared to other countries.
Bulgaria is experiencing a surge in the demand for innovative oncology drugs, driven by an aging population and increasing awareness of the importance of early cancer detection.

Key regions: France, Europe, United Kingdom, Brazil, India

Market

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Analyst Opinion

The Oncology Drugs market in Bulgaria has experienced significant growth in recent years.

Customer preferences: The increasing incidence of cancer in Bulgaria has led to a growing demand for oncology drugs. Patients are increasingly seeking personalized treatment options that are tailored to their specific needs. Additionally, there is a growing preference for targeted therapies that have fewer side effects than traditional chemotherapy.

Trends in the market: There has been a trend towards the development of innovative oncology drugs in Bulgaria. Pharmaceutical companies are investing heavily in research and development to bring new drugs to market. Additionally, there has been a trend towards the use of biosimilars, which are cheaper alternatives to expensive biologic drugs.

Local special circumstances: Bulgaria has a relatively small market for oncology drugs, which has made it difficult for pharmaceutical companies to justify the high cost of developing new drugs. Additionally, the Bulgarian government has implemented strict price controls on pharmaceuticals, which has limited the profitability of the market.

Underlying macroeconomic factors: The Bulgarian economy has been growing steadily in recent years, which has led to an increase in healthcare spending. Additionally, the aging population in Bulgaria has led to an increase in the incidence of cancer, which has driven demand for oncology drugs. However, the Bulgarian healthcare system is still underfunded, which has limited the growth of 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.