Oncology Drugs - Jamaica

Jamaica

The Oncology Drugs market in Jamaica is forecasted to achieve a revenue of US$16.05m in 2024.
It is anticipated that the market will exhibit a compound annual growth rate (CAGR 2024-2029) of 6.39%, leading to a market volume of US$21.88m by 2029.
When compared globally, United States will generate the highest revenue, amounting to US$103,900.00m in 2024.
Jamaica's oncology drug market is witnessing a surge in demand as the country strengthens its healthcare infrastructure and focuses on improving cancer treatment options.

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

Market

Region

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Currency

Analyst Opinion

The demand for oncology drugs in Jamaica has been on the rise in recent years.

Customer preferences: Jamaican customers tend to prefer drugs that are affordable and effective. As a result, there has been an increase in the demand for generic oncology drugs. Customers are also seeking drugs that have fewer side effects and are more targeted towards specific types of cancer.

Trends in the market: One of the major trends in the Jamaican oncology drugs market is the increasing number of cancer cases. This has led to a higher demand for oncology drugs. Additionally, there has been a shift towards more personalized medicine, with the development of drugs that target specific types of cancer. Another trend is the increasing availability of biosimilars, which are biological products that are similar to existing drugs. These biosimilars are often more affordable than the original drugs and have similar efficacy.

Local special circumstances: Jamaica has a high incidence of cancer, particularly prostate and breast cancer. This has led to an increased focus on cancer prevention and treatment. Additionally, the Jamaican government has been working to improve the healthcare system, including increasing access to oncology drugs.

Underlying macroeconomic factors: The Jamaican economy has been growing in recent years, which has led to an increase in healthcare spending. Additionally, the government has been implementing policies to improve access to healthcare, including oncology drugs. The country's location in the Caribbean also makes it an important market for pharmaceutical companies looking to expand in the region.

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.