Oncology Drugs - Kuwait

Kuwait

The Oncology Drugs market in Kuwait is expected to witness impressive growth in the coming years.
By 2024, revenue in this market is projected to reach US$156.60m.
This growth is further expected to continue, with an annual growth rate (CAGR 2024-2029) of 6.94%.
As a result, the market volume is projected to reach US$219.00m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Oncology Drugs market.
In 2024, United States is projected to generate a revenue of US$103,900.00m.
This highlights the significant market potential and economic opportunities United States within this market.
Despite a relatively small population, Kuwait is witnessing a growing demand for innovative oncology drugs due to an increasing prevalence of cancer cases in the country.

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

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Analyst Opinion

The demand for oncology drugs in Kuwait has been steadily increasing over the past few years.

Customer preferences: Patients in Kuwait are increasingly seeking personalized treatment options for cancer, leading to a rise in demand for targeted therapies. Additionally, there is a growing preference for oral medications over traditional intravenous treatments.

Trends in the market: The Kuwaiti government has been investing heavily in healthcare infrastructure, which has led to an increase in cancer screenings and early diagnosis. This has resulted in a higher demand for oncology drugs. Furthermore, the country's aging population has contributed to the growth of the oncology drugs market.

Local special circumstances: Kuwait has a high prevalence of certain types of cancer, such as breast and colorectal cancer. This has led to a high demand for drugs used in the treatment of these cancers. Additionally, the country has a high per capita income, which has enabled patients to afford expensive cancer treatments.

Underlying macroeconomic factors: Kuwait has a strong economy, with a high GDP per capita and a large oil reserve. This has enabled the government to invest in healthcare infrastructure and subsidize the cost of healthcare for citizens. Additionally, the country has a well-developed healthcare system, which has contributed to the growth of the oncology drugs 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.