Oncology Drugs - Ghana | Statista Market Forecast

The projected revenue in the Oncology Drugs market for Ghana is expected to reach US$36.48m in 2024.
It is anticipated that there will be a steady annual growth rate (CAGR 2024-2029) of 6.94%, leading to a market volume of US$51.02m by 2029.
In comparison to other countries worldwide, United States is forecasted to generate the highest revenue of US$103.90bn in 2024.
Ghana's oncology drug market is experiencing a surge in demand due to an increase in cancer cases and improved access to healthcare.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

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: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

The demand for oncology drugs in Ghana has been increasing steadily in recent years.

Customer preferences: Cancer is one of the leading causes of death in Ghana, and as a result, there has been an increase in demand for oncology drugs. Patients and healthcare providers are becoming more aware of the benefits of early detection and treatment of cancer, which has led to an increase in demand for oncology drugs.

Trends in the market: There has been an increase in the number of pharmaceutical companies that are investing in the development of oncology drugs in Ghana. This has led to an increase in the availability of oncology drugs in the market. Additionally, there has been a shift towards the use of targeted therapies, which are more effective and have fewer side effects than traditional chemotherapy.

Local special circumstances: One of the major challenges in Ghana is the lack of access to healthcare facilities in rural areas. This has led to a situation where many cancer patients do not receive the necessary treatment. Additionally, there is a lack of trained healthcare professionals who can provide cancer treatment. This has led to a situation where many cancer patients are not diagnosed early enough, which reduces their chances of survival.

Underlying macroeconomic factors: The Ghanaian economy has been growing steadily in recent years, which has led to an increase in the purchasing power of the population. This has led to an increase in demand for healthcare services, including oncology drugs. Additionally, the government has been investing in the healthcare sector, which has led to an increase in the availability of healthcare facilities and trained healthcare professionals.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.