Nigeria antirheumatic drugs market was valued at US$822.216 million in 2020 and is forecasted to grow in the coming years as well.
The primary factors driving the demand for numerous antirheumatic drugs in the country include the rising prevalence of malaria along with the constantly growing ageing population of the country, as people with old age are more susceptible to various types of rheumatic diseases and chronic pains. According to the data provided by the World Bank Group, the geriatric population in the country has constantly been growing, reaching 5,381,418 by 2018 from 4,149,672 in the year 2008. Furthermore, the high prevalence of malaria in the country is also projected to impact the demand for various types of antirheumatic drugs positively and thus, drive the market growth throughout the forecast period. For instance, according to the World Malaria Report 2019, by the World Health Organization, nineteen countries in Sub-Saharan Africa and India accounted for more than 85% of the total malaria cases in the world, in Nigeria accounted for 25% during the year 2018.
Furthermore, the participation of key Nigerian pharmaceutical companies in the form of partnerships, acquisitions, and facility expansions to offer the Nigerian market the latest healthcare products and services further shows the potential for the market to grow in the near future. For instance, Fidson Healthcare Plc, a leading pharmaceutical manufacturing company based out of Nigeria, announced its strategic alliance with Ohara Pharmaceutical Co. Ltd, a leading Japanese healthcare company, for bringing in cutting-edge technology and innovation to enhance the company’s pharma space and offerings.
Nigeria's antirheumatic drugs market has been segmented based on the type of disease, type of molecule, and sales channel. By type of disease, the market has been segmented as osteoarthritis, rheumatoid arthritis, gout, lupus, and others. By type of molecule, the Nigerian antirheumatic drugs market has been classified into pharmaceuticals and biopharmaceuticals. The market segmentation has also been done by sales channel as prescription and over-the-counter (OTC).
COVID-19 SCENARIO
The pandemic of COVID-19 has an adverse impact on the market for antirheumatic drugs in Nigeria. Many COVID-19 cases have been seen in Asian countries such as India, which has altered the healthcare sector's focus on COVID-19 patients. Non-COVID patients had less access to hospitals. As a result, there was a decline in rheumatic diagnoses, resulting in lower demand for antirheumatic drugs in the region. As a result, market growth has been slower than planned. Because of the loss of health insurance coverage, fewer hospital visits, and reduced diagnostic rates, the product is selling well.
Key Development
Segmentation