Key regions: Germany, India, United Kingdom, China, Canada
The demand for oncology drugs in Nigeria has been increasing steadily over the past few years.
Customer preferences: The Nigerian population has been experiencing a rise in cancer cases due to factors such as lifestyle changes, environmental pollution, and genetic predisposition. As a result, there has been a growing demand for oncology drugs, which are used for the treatment of cancer. Patients and healthcare providers in Nigeria prefer drugs that are effective, affordable, and easily accessible.
Trends in the market: There has been a rise in the number of pharmaceutical companies that are investing in the Nigerian oncology drugs market. This has resulted in increased competition, which has led to the introduction of new drugs and a reduction in drug prices. Additionally, there has been an increase in the use of targeted therapies, which are more effective and have fewer side effects compared to traditional chemotherapy. The use of biosimilars, which are cheaper versions of biologic drugs, has also been on the rise.
Local special circumstances: The Nigerian healthcare system faces several challenges, including inadequate infrastructure, a shortage of healthcare professionals, and limited access to healthcare services in rural areas. This has resulted in a low level of cancer awareness and late diagnosis of cancer cases. The high cost of cancer treatment and the limited availability of oncology drugs in some parts of the country have also been a challenge.
Underlying macroeconomic factors: Nigeria has the largest economy in Africa, but it has been facing several macroeconomic challenges, including a decline in oil prices, inflation, and foreign exchange shortages. These challenges have affected the healthcare sector, resulting in limited government funding for healthcare services and a reduction in healthcare spending. However, the Nigerian government has been making efforts to improve the healthcare sector, including increasing healthcare funding and investing in healthcare infrastructure.
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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