Anti-Coagulants - Nigeria

Nigeria

The Anti-Coagulants market in Nigeria is expected to experience significant growth in the coming years.
By 2024, revenue is projected to reach US$48.73m.
This trend is expected to continue, with an estimated annual growth rate (CAGR 2024-2029) of 9.59%, leading to a market volume of US$77.03m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue in the Anti-Coagulants market, with a projected amount of US$16,740.00m in 2024.
In Nigeria, the demand for anti-coagulants is increasing due to the rising prevalence of cardiovascular diseases and the aging population.

Key regions: Australia, Japan, United States, Germany, Europe

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Analyst Opinion

The demand for Anti-Coagulants in Nigeria has been increasing in recent years.

Customer preferences: The preference for Anti-Coagulants in Nigeria is mainly driven by the rising prevalence of cardiovascular diseases, which is a major cause of morbidity and mortality in the country. Additionally, the aging population, sedentary lifestyles, and unhealthy dietary habits have also contributed to the increasing demand for Anti-Coagulants.

Trends in the market: The Anti-Coagulants market in Nigeria is witnessing a shift towards the use of novel oral anticoagulants (NOACs) due to their superior efficacy and safety profile compared to traditional anticoagulants such as warfarin. Furthermore, the increasing availability of generic versions of NOACs is expected to further drive the growth of the market.

Local special circumstances: One of the major challenges in the Anti-Coagulants market in Nigeria is the lack of awareness among the general population about the importance of early detection and treatment of cardiovascular diseases. Additionally, the high cost of NOACs compared to traditional anticoagulants is also a major barrier to their adoption in the country.

Underlying macroeconomic factors: The Nigerian economy has been experiencing a period of slow growth in recent years, which has led to a decline in consumer purchasing power. This has had an impact on the Anti-Coagulants market, with many patients unable to afford the high cost of NOACs. Furthermore, the COVID-19 pandemic has also had a significant impact on the market, with disruptions in supply chains and healthcare delivery systems leading to a decline in demand for Anti-Coagulants.

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.