Key regions: Germany, India, United Kingdom, China, Canada
The demand for oncology drugs in Hungary has been on the rise in recent years due to several factors.
Customer preferences: Patients in Hungary are increasingly seeking personalized treatment plans that cater to their specific needs. This has led to a rise in demand for targeted therapies that are more effective and have fewer side effects compared to traditional chemotherapy. Additionally, there is a growing preference for oral drugs over intravenous treatments, as they offer greater convenience and flexibility.
Trends in the market: One of the key trends in the Hungarian oncology drugs market is the increasing use of immunotherapy drugs, which stimulate the body's immune system to fight cancer. This is driven by the growing understanding of the role of the immune system in cancer and the success of immunotherapy drugs in treating certain types of cancer. Another trend is the rising demand for biosimilars, which are cheaper versions of biologic drugs that have lost patent protection. Biosimilars are becoming increasingly popular in Hungary due to their lower cost and comparable efficacy to their branded counterparts.
Local special circumstances: Hungary has a well-developed healthcare system that provides universal coverage to its citizens. The government plays a significant role in the healthcare sector, with a large proportion of healthcare spending coming from public funds. This has led to a strong emphasis on cost-effectiveness in the procurement of drugs, which has fueled the demand for biosimilars and other cost-effective treatments.
Underlying macroeconomic factors: Hungary has experienced steady economic growth in recent years, which has led to an increase in healthcare spending. Additionally, the aging population in Hungary has contributed to the rising demand for oncology drugs, as cancer is more prevalent among older individuals. However, the Hungarian pharmaceutical market is highly regulated, which can make it difficult for companies to bring new drugs to market and can limit the availability of certain treatments.
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.
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