Multiple Sclerosis Drugs - Latvia

Latvia

In 2024, the projected revenue for the Multiple Sclerosis Drugs market in Latvia is estimated to reach US$5.98m.
It is expected to experience a compound annual growth rate (CAGR 2024-2028) of 1.79%, leading to a market volume of US$6.42m by 2028.
When compared globally, United States is anticipated to generate the highest revenue in this market, with an estimated value of US$12,360.00m in 2024.
Latvia has witnessed a growing demand for innovative and cost-effective Multiple Sclerosis drugs, driving market competition and accessibility.

Key regions: South Korea, Brazil, Australia, China, Japan

Market

Region

Region comparison

Currency

Analyst Opinion

The Multiple Sclerosis Drugs market in Latvia has been experiencing steady growth in recent years.

Customer preferences: Latvian customers tend to prefer medication that is affordable and easily accessible. They also value drugs that are effective and have minimal side effects. This preference for affordability and accessibility has driven the growth of generic drugs in the market.

Trends in the market: One of the major trends in the Multiple Sclerosis Drugs market in Latvia is the increasing use of generic drugs. This is due to the fact that these drugs are more affordable and accessible to customers. Another trend is the increasing use of disease-modifying therapies, which have been shown to be effective in slowing down the progression of Multiple Sclerosis.

Local special circumstances: Latvia has a relatively small population, which has limited the growth of the Multiple Sclerosis Drugs market. However, the country has a high prevalence of Multiple Sclerosis, which has created a demand for drugs to treat the disease. Additionally, the Latvian government has implemented policies to increase access to healthcare, which has also driven the growth of the market.

Underlying macroeconomic factors: The Latvian economy has been growing steadily in recent years, which has led to an increase in healthcare spending. This has created opportunities for pharmaceutical companies to invest in the country and develop new drugs for the Multiple Sclerosis market. Additionally, Latvia's membership in the European Union has made it easier for companies to market and distribute their drugs in the country.

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.