Oncology Drugs - Mexico

Mexico

In Mexico, the Oncology Drugs market is estimated to witness a significant growth in the coming years.
By 2024, the projected revenue is expected to reach US$1.37bn.
This is anticipated to be driven by the increasing demand for oncology drugs and advancements in medical research and development.
The market is projected to continue growing at an annual growth rate (CAGR 2024-2028) of 13.58%, resulting in a market volume of US$2.28bn by 2028.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Oncology Drugs market.
In 2024, the revenue United States is projected to reach US$114,600.00m.
This highlights the significant market potential and opportunities United States for pharmaceutical companies operating in the oncology drugs market.
Mexico is experiencing a surge in the demand for innovative oncology drugs, driven by a growing awareness of the importance of early detection and treatment options.

Key regions: Germany, India, United Kingdom, China, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for oncology drugs in Mexico has been steadily increasing in recent years.

Customer preferences: Mexican customers are increasingly demanding more advanced and effective cancer treatments. They are no longer satisfied with traditional chemotherapy and radiation therapy, but are seeking out newer, targeted therapies that are more effective and have fewer side effects. This has led to an increase in demand for immunotherapy drugs, which are designed to boost the body's natural defenses against cancer.

Trends in the market: The Mexican government has been investing heavily in healthcare infrastructure and services, which has helped to drive growth in the oncology drugs market. In addition, there has been a growing trend towards personalized medicine, which involves tailoring cancer treatments to individual patients based on their genetic profile. This has led to an increase in demand for genomic testing and targeted therapies.

Local special circumstances: Mexico has a large population of people with cancer, which has been attributed to a number of factors including a lack of access to healthcare, poor lifestyle choices, and environmental factors. As a result, there is a high demand for oncology drugs in the country. However, the cost of these drugs can be a barrier to access for many patients, particularly those who are uninsured or underinsured.

Underlying macroeconomic factors: Mexico's economy has been growing steadily in recent years, which has helped to drive demand for healthcare services. In addition, the country's aging population has led to an increase in the incidence of cancer, which has further fueled demand for oncology drugs. However, the Mexican government's recent austerity measures have led to cuts in healthcare spending, which could impact the growth of the oncology drugs market in the future.

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.