Oncology Drugs - Jamaica | Statista Market Forecast

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 6.40%, leading to a market volume of US$21.88m by 2029.
When compared globally, United States will generate the highest revenue, amounting to US$103.90bn 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.

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 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.

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.