Anti-Diabetes Drugs - Latvia

Latvia

The Anti-Diabetes Drugs market in Latvia is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$17.05m.
Furthermore, a steady annual growth rate of 5.83% is anticipated between 2024 and 2028, resulting in a market volume of US$21.39m by 2028.
In terms of global comparison, it is noteworthy that United States is set to generate the highest revenue in the Anti-Diabetes Drugs market.
In 2024 alone, the revenue is projected to reach a staggering US$35,630.00m.
Latvia's anti-diabetes drug market is witnessing a surge in demand due to the rising prevalence of diabetes in the country.

Key regions: India, Canada, Australia, France, Italy

Market

Region

Region comparison

Currency

Analyst Opinion

The Anti-Diabetes Drugs market in Latvia has been witnessing a steady growth in recent years.

Customer preferences: Latvia has a high prevalence of diabetes, which is a major driving factor for the growth of the Anti-Diabetes Drugs market in the country. The demand for anti-diabetes drugs in Latvia is driven by an increasing number of people diagnosed with diabetes. Additionally, the growing awareness of diabetes and its complications has resulted in an increase in demand for anti-diabetes drugs.

Trends in the market: One of the major trends in the Anti-Diabetes Drugs market in Latvia is the increasing adoption of combination therapies. Combination therapies are becoming increasingly popular as they offer better glycemic control and reduce the risk of side effects associated with individual drugs. Also, there is a growing trend towards the use of newer drugs such as GLP-1 agonists and SGLT-2 inhibitors, which offer better efficacy and safety compared to traditional drugs.

Local special circumstances: The Latvian government has implemented several initiatives to reduce the burden of diabetes in the country. The government has launched several awareness campaigns to educate people about diabetes and its complications. Additionally, the government has implemented several measures to improve access to healthcare services and provide better treatment options for diabetes patients.

Underlying macroeconomic factors: The Latvian economy has been growing steadily in recent years, which has resulted in an increase in per capita income. This has led to an increase in healthcare spending, which has benefited the Anti-Diabetes Drugs market in the country. Additionally, the Latvian government has implemented several measures to improve the healthcare infrastructure in the country, which has resulted in an increase in the availability of anti-diabetes 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.