Anti-Coagulants - Latvia

Latvia

In Latvia, the Anti-Coagulants market is anticipated to witness a significant increase in revenue, projected to reach US$8.97m by 2024.
This growth is expected to continue with an annual growth rate (CAGR 2024-2028) of 8.39%, resulting in a market volume of US$12.38m by 2028.
It is worth noting that in a global comparison, United States is expected to generate the highest revenue in the Anti-Coagulants market, reaching US$16,740.00m in 2024.
In Latvia, there is a growing demand for novel oral anticoagulants as an alternative to traditional warfarin therapy.

Key regions: Germany, South Korea, France, United States, United Kingdom

Market

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Currency

Analyst Opinion

The Anti-Coagulants market in Latvia has been experiencing steady growth in recent years.

Customer preferences: Patients in Latvia are increasingly opting for Anti-Coagulants as a means of preventing blood clots and reducing the risk of stroke. This is due to the rising prevalence of cardiovascular diseases in the country. Additionally, the aging population in Latvia is also contributing to the growth of the Anti-Coagulants market, as older individuals are more susceptible to blood clots.

Trends in the market: One trend that has been observed in the Anti-Coagulants market in Latvia is the shift towards newer oral anticoagulants (NOACs) such as dabigatran, rivaroxaban, and apixaban. These drugs have been gaining popularity due to their ease of use and superior efficacy compared to traditional anticoagulants such as warfarin. Additionally, the increasing availability of generic versions of NOACs has made these drugs more affordable for patients.

Local special circumstances: One factor that is unique to the Latvian market is the relatively low purchasing power of the population. This has led to a greater emphasis on cost-effective treatments, which has contributed to the popularity of generic NOACs. Additionally, the Latvian government has implemented policies to encourage the use of generic drugs in an effort to reduce healthcare costs.

Underlying macroeconomic factors: The Latvian economy has been growing steadily in recent years, which has led to an increase in healthcare spending. This has contributed to the growth of the Anti-Coagulants market in the country. Additionally, the Latvian government has been investing in healthcare infrastructure and implementing policies to improve access to healthcare services, which has also supported the growth of the Anti-Coagulants 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.