Nigeria Cardiovascular Diseases Therapeutics Market Report 2022 to 2030

Nigeria Cardiovascular Diseases Therapeutics Market Analysis

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Nigeria's cardiovascular disease therapeutics market is projected to grow from $146 Mn in 2022 to $275 Mn in 2030 with a CAGR of 8.22% for the year 2022-30. The growing prevalence of cardiovascular diseases in Nigeria along with various programs implemented by the Nigerian government to promote cardiovascular health are major market drivers. The Nigeria cardiovascular disease therapeutics market is segmented by disease indication, drug type, route of administration, drug classification, mode of purchase, and by end user. Taylek Drugs Company, Adler Products, and Novartis are the major players in the Nigeria cardiovascular disease therapeutics market.

ID: IN10NGPH033 CATEGORY: Pharmaceuticals GEOGRAPHY: Nigeria AUTHOR: Dr. Parul Choudhary

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Nigeria Cardiovascular Disease Therapeutics Market Executive Analysis

Nigeria's cardiovascular disease therapeutics market is projected to grow from $146 Mn in 2022 to $275 Mn in 2030 with a CAGR of 8.22% for the year 2022-30. The budget for healthcare went from $600 Mn in 2015 to $2.6 Bn in 2023 with a 339.19% rise. Despite an additional $760 Mn, Nigeria's federal government fails to set aside the suggested 15% of its budget for healthcare. The proposed $2.6 Bn for healthcare in the 2023 national budget, according to an analysis by stakeholders in the health sector, is insufficient for Nigeria to attain Universal Health Coverage (UHC) by 2030. The analysis's main conclusions are: the national budget for health will increase from 4.7% in 2022 to 5.75% in 2023; Family planning (FP) services were scaled up from zero budget in 2022 to $0.04 Mn in 2023 to purchase commodities through counterpart funding, while the Basic Health Care Provision Fund (BHCPF) was reduced by 13.61 % from $120 Mn in 2018 to $100 Mn in the proposed 2023 budget projections.

The latest WHO statistics show that 61,374 deaths from coronary heart disease, or 4.14% of all deaths, occurred in Nigeria in 2020. Nigeria is ranked #107 in the globe by age-adjusted Death Rate, which is 100.91 per 100,000 of the population. The arteries are widened by ACE inhibitors, which reduce blood pressure and facilitate the heart's ability to pump blood. Spironolactone (Aldactone) and eplerenone (Inspra) are examples of the potassium-sparing diuretics drug family. They can reduce the swelling and fluid retention that heart illness can bring about. They assist the kidneys in releasing extra water and sodium from the tissues and blood vessels through the production of urine. Even while receiving other therapies, some symptoms may be relieved by these medications. They shield the heart by preventing the body's aldosterone chemical, which increases fluid and sodium retention. For those with heart failure, angiotensin II receptor blockers (ARBs) are used to reduce blood pressure. They aid in maintaining the widest possible blood arteries, which facilitates easier blood circulation throughout the body. Additionally, they prevent fluid and sodium retention in the body. Beta-blockers obstruct adrenaline's effects. (epinephrine). The heart functions better as a result. These medications also reduce the harmful chemicals your body produces as a result of heart failure. Additionally, they make the heart pulse less forcefully and more slowly. Both of those reduce your blood pressure.

Nigeria Cardiovascular Disease Therapeutics Market Analysis

Market Dynamics

Market Growth Drivers

Due to ageing, urbanization, and changing lifestyles, cardiovascular disease is one of the top causes of death in Nigeria. The need for therapeutics for cardiovascular diseases has increased in the nation as a result of this. The need for preventative measures and treatment options has increased as general awareness of the risks connected with cardiovascular disease has grown. This has resulted in greater funding for therapeutic research and development for cardiovascular diseases. The Nigerian government has launched a number of programs to fight cardiovascular disease, such as facilitating the establishment of specialist clinics and training courses for medical staff. Patients nationwide now have easier access to therapeutics for cardiovascular diseases as a result of this thereby resulting in the expansion of Nigeria's cardiovascular disease therapeutics market.

Market Restraints

The lack of sufficient healthcare infrastructure in Nigeria can restrict access to treatments for cardiovascular disease and other healthcare-related conditions. Many patients in Nigeria may not be able to afford the expense of cardiovascular disease treatments, especially those without access to health insurance or other forms of financing. This may reduce the expansion of Nigeria's cardiovascular disease therapeutics market. In Nigeria, there is a deficient infrastructure for research and development of therapeutics for cardiovascular disease, which may restrict the development of novel treatments and prevent market innovation.

Competitive Landscape

Key Players

New Heights Pharma (NGA)
Nestchem Pharmaceuticals (NGA)
Drugfield Pharmaceuticals (NGA)
Taylek Drugs Company (NGA)
Adler Products (NGA)
Novartis
Relypsa
Vectus Biosystems
Phasebio Pharmaceuticals
Ablative Solutions
Mylan
Curemark
Takeda

Healthcare Policies and Regulatory Landscape

The local Health Maintenance Organization Hygeia Nigeria Ltd. and PharmAccess Foundation are responsible for implementing the Health Insurance Fund (HIF) initiative in Nigeria. Private and municipal clinics have been hired by Hygeia to treat the enrollees. The insurance plan includes basic care and only a small amount of secondary care, and it covers the majority of the medical issues that are most frequently encountered by the target populations. The insurance plan covers treatment for conditions like diabetes and hypertension which are CVD risk factors. Prior to the implementation of the HCHP program, there were no established standards for the treatment of individuals with CVD risk factors.

To enhance insurance coverage and reimbursement practices for cardiovascular disease, the Nigerian government has put in place a number of projects. A government-sponsored program called the National Health Insurance Scheme (NHIS) offers eligible Nigerians health insurance benefits, including coverage for cardiovascular diseases. For eligible patients, the NHIS includes both inpatient and outpatient care, as well as prescription drugs.

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cardiovascular Disease Therapeutics Segmentation

By Disease Indication (Revenue, USD Billion):

Hypertension
Coronary Artery Disease
Hyperlipidaemia
Arrhythmia
Others

By Drug Type (Revenue, USD Billion):

Antihypertensive
Anticoagulants
Antihyperlipidemic
Antiplatelet Drugs
Others

By Route of Administration (Revenue, USD Billion):

Oral
Parenteral
Others

By Drug Classification (Revenue, USD Billion):

Branded Drugs
Generic Drugs

By Mode of Purchase (Revenue, USD Billion):

Prescription-Based Drugs
Over-The-Counter Drugs

By End Users (Revenue, USD Billion):

Hospital Pharmacies
Online Pharmacies
Retail Pharmacies
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.