Oncology Drugs - Latvia

Latvia

The revenue forecast for the Oncology Drugs market in Latvia indicates that it is projected to reach US$57.89m in 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2028) of 14.57%, leading to a market volume of US$99.76m by 2028.
In comparison to other countries, United States is anticipated to generate the highest revenue of US$114,600.00m in 2024.
Latvia is witnessing a surge in the development and adoption of innovative oncology drugs, positioning itself as a key player in the field.

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

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Analyst Opinion

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

Customer preferences: Latvian customers have shown an increasing preference for oncology drugs due to the rising incidence of cancer in the country. This has led to a growing demand for innovative and effective cancer treatments.

Trends in the market: One of the major trends in the Oncology Drugs market in Latvia is the increasing use of targeted therapies. These therapies are designed to specifically target cancer cells, while minimizing damage to healthy cells. Another trend is the use of immunotherapy, which harnesses the power of the immune system to fight cancer.

Local special circumstances: Latvia has a high incidence of cancer compared to other European countries. This is partly due to lifestyle factors such as smoking and alcohol consumption. The country also has an aging population, which is more susceptible to cancer. As a result, there is a growing need for effective cancer treatments in Latvia.

Underlying macroeconomic factors: The Latvian government has been investing in healthcare infrastructure, including cancer treatment facilities. This has helped to improve access to cancer treatments for Latvian patients. Additionally, the country's economy has been growing steadily, which has led to an increase in healthcare spending. This has helped to support the growth of the Oncology Drugs market in Latvia.

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.