Oncology Drugs - Panama

Panama

The Oncology Drugs market in Panama is anticipated to witness a significant surge in revenue, reaching a projected value of US$102.30m by 2024.
It is expected to exhibit a commendable compound annual growth rate (CAGR) of 14.87% from 2024 to 2028, resulting in a market volume of approximately US$178.10m by 2028.
In comparison to other countries worldwide, United States is expected to generate the highest revenue, amounting to US$114,600.00m in 2024.
Panama's oncology drug market is experiencing a surge in demand due to the country's increasing cancer rates and improved access to healthcare services.

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

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Analyst Opinion

The Oncology Drugs market in Panama has been growing steadily in recent years, driven by a combination of factors such as increasing incidence of cancer, rising healthcare expenditure, and growing awareness of the benefits of early diagnosis and treatment.

Customer preferences: Patients in Panama are increasingly opting for targeted therapies and immunotherapies over traditional chemotherapy, as these treatments have shown better efficacy and fewer side effects. Additionally, there is a growing demand for personalized medicine that takes into account the individual patient's genetic makeup and disease profile.

Trends in the market: One of the key trends in the Oncology Drugs market in Panama is the increasing use of biosimilars, which are cheaper versions of biologic drugs that have already been approved. Biosimilars are expected to play a significant role in reducing healthcare costs and increasing access to treatment for patients in Panama. Another trend is the growing adoption of digital health technologies such as telemedicine, which are helping to improve access to healthcare in remote areas of the country.

Local special circumstances: Panama has a relatively small population of around 4 million people, but it has a high incidence of cancer compared to other countries in the region. This is partly due to factors such as a high prevalence of risk factors such as smoking and obesity, as well as a lack of access to preventive care and screening services in certain areas.

Underlying macroeconomic factors: The Oncology Drugs market in Panama is also being driven by underlying macroeconomic factors such as increasing healthcare expenditure and a growing middle class. The Panamanian government has been investing heavily in healthcare infrastructure in recent years, and this is expected to continue in the coming years. Additionally, the growing middle class in Panama is increasingly able to afford expensive cancer treatments, which is driving demand for innovative and effective drugs.In conclusion, the Oncology Drugs market in Panama is expected to continue growing in the coming years, driven by a combination of factors such as increasing incidence of cancer, rising healthcare expenditure, and growing awareness of the benefits of early diagnosis and treatment. However, there are also challenges such as a lack of access to preventive care and screening services in certain areas, which will need to be addressed in order to ensure that all patients have access to the care they need.

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.