Oncology Drugs - Madagascar

Madagascar

The revenue in the Oncology Drugs market of Madagascar is projected to reach US$9.96m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 7.58%, resulting in a market volume of US$14.35m by 2029.
In global comparison, United States will generate the most revenue, amounting to US$103,900.00m in 2024.
Madagascar has seen an increase in the demand for innovative oncology drugs, driven by the rising incidence of cancer in the country.

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

Market

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Analyst Opinion

Madagascar, an island nation off the coast of East Africa, is experiencing a growing demand for oncology drugs.

Customer preferences: As in many other countries, cancer is a major health concern in Madagascar. With an increasing aging population, the demand for oncology drugs is expected to rise. Patients in Madagascar prefer affordable and effective treatments, and are increasingly turning towards generic drugs to manage their conditions.

Trends in the market: The oncology drugs market in Madagascar is witnessing a shift towards targeted therapies, which are designed to attack specific cancer cells and cause fewer side effects than traditional chemotherapy. This trend is in line with global market developments, as targeted therapies gain popularity due to their efficacy and reduced toxicity. Additionally, there is a growing demand for biosimilars, which are cheaper versions of biologic drugs that have gone off-patent.

Local special circumstances: Madagascar faces several challenges in the healthcare sector, including a shortage of medical personnel and facilities, and a lack of funding. The country relies heavily on international aid to provide basic healthcare services, and the availability of oncology drugs is limited in many areas. Additionally, traditional medicine is still widely used in Madagascar, which can lead to delays in seeking medical treatment and impact the demand for modern oncology drugs.

Underlying macroeconomic factors: Madagascar is one of the poorest countries in the world, with a low GDP per capita and high levels of poverty. The healthcare sector is underfunded, and the government is heavily dependent on foreign aid to provide basic services. The country is also vulnerable to natural disasters, such as cyclones and droughts, which can disrupt the supply chain for drugs and medical supplies. Despite these challenges, the government has made efforts to improve the healthcare system, including increasing funding for medical facilities and training programs for healthcare professionals. In summary, Madagascar's oncology drugs market is growing due to an aging population and rising demand for affordable and effective treatments. The market is shifting towards targeted therapies and biosimilars, in line with global trends. However, the country faces several challenges in the healthcare sector, including a shortage of medical personnel and facilities, and a lack of funding. The government has made efforts to improve the healthcare system, but more needs to be done to ensure that patients have access to modern oncology drugs.

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.