Oncology Drugs - Lesotho | Statista Market Forecast

in Lesotho, a country in southern Africa, is also part of the global Oncology Drugs market.
The projected revenue for this market in Lesotho is estimated to reach US$3.73m by the year 2024.
Looking ahead, the market is expected to experience an annual growth rate of 7.03% between 2024 and 2029, resulting in a market volume of US$5.23m by 2029.
When comparing Lesotho's revenue to the global context, it is important to note that United States is expected to generate the highest revenue in this market.
In 2024, the projected revenue for Oncology Drugs market United States is estimated to be US$103.90bn.
Lesotho's oncology drugs market is experiencing a surge in demand due to the increasing prevalence of cancer cases in the country.

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

Lesotho, a small landlocked country in Southern Africa, is experiencing a growing demand for oncology drugs.

Customer preferences: The increase in demand can be attributed to the rising incidence of cancer in the country, particularly breast, cervical, and prostate cancer. Patients are seeking more effective treatments for their conditions, leading to a shift towards targeted therapies and immunotherapies.

Trends in the market: The oncology drugs market in Lesotho is primarily dominated by multinational pharmaceutical companies, with a few local companies also operating in the space. These companies are investing in research and development to bring innovative treatments to the market. The market is also witnessing a rise in the availability of biosimilars, which are more affordable alternatives to expensive biologic drugs.

Local special circumstances: Lesotho faces several challenges in providing access to oncology drugs to its population. The country has a limited healthcare infrastructure, with a shortage of trained healthcare professionals and inadequate funding for healthcare. This has led to a lack of awareness about cancer and its treatment options, resulting in delayed diagnosis and treatment. Additionally, the country's high poverty rate means that many patients cannot afford the cost of cancer treatment.

Underlying macroeconomic factors: Lesotho's economy is heavily reliant on the textile and garment industry, which accounts for a significant portion of the country's exports. However, the industry has been facing challenges due to the COVID-19 pandemic, leading to a decline in exports and a decrease in foreign exchange earnings. This has had a knock-on effect on the healthcare sector, with the government struggling to allocate sufficient funds for healthcare.In conclusion, while the demand for oncology drugs in Lesotho is growing, the country faces significant challenges in providing access to these drugs to its population. The government and healthcare stakeholders need to work together to increase awareness about cancer, improve healthcare infrastructure, and make cancer treatment more affordable for 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.