Oncology Drugs - Guatemala | Statista Market Forecast

The projected revenue for the Oncology Drugs market in Guatemala is expected to reach US$75.00m in 2024.
It is anticipated that the revenue will display a compound annual growth rate (CAGR 2024-2029) of 7.20%, ultimately leading to a market volume of US$106.20m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$103.90bn in 2024.
Guatemala has seen a surge in the demand for innovative oncology drugs, as the government invests heavily in improving cancer treatment options.

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 Oncology Drugs market in Guatemala has been steadily growing in recent years.

Customer preferences: The demand for oncology drugs in Guatemala is primarily driven by the rising incidence of cancer in the country. Patients are increasingly seeking effective treatments that can help them manage their condition and improve their quality of life. Additionally, patients in Guatemala are becoming more aware of the latest advancements in oncology drugs, and are willing to pay a premium for innovative treatments.

Trends in the market: One of the key trends in the Oncology Drugs market in Guatemala is the growing popularity of targeted therapies. These drugs are designed to attack cancer cells while minimizing damage to healthy cells, and are becoming increasingly popular among patients. Another trend is the increasing use of immunotherapy, which harnesses the body's immune system to fight cancer. This approach is particularly effective in treating certain types of cancer, such as melanoma and lung cancer.

Local special circumstances: Guatemala faces several unique challenges when it comes to the Oncology Drugs market. One of the biggest obstacles is the lack of access to healthcare in many parts of the country. This makes it difficult for patients to receive timely and effective treatment, particularly in rural areas. Additionally, the high cost of oncology drugs can be a barrier for many patients, particularly those who are uninsured or underinsured.

Underlying macroeconomic factors: The growth of the Oncology Drugs market in Guatemala is being driven by several macroeconomic factors. These include the country's growing economy, which is creating a larger middle class with more disposable income to spend on healthcare. Additionally, the government has made efforts to improve access to healthcare in recent years, which has helped to boost demand for oncology drugs. Finally, the increasing prevalence of cancer in the country is driving demand for effective treatments, particularly among older patients.

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.