ECOWAS: Market for Medicaments Containing Insulin But Not Antibiotics In Measured Doses 2024

Market Size for Medicaments Containing Insulin But Not Antibiotics In Measured Doses in ECOWAS

The ECOWAS prophylactic medicaments containing insulin market expanded notably to $X in 2022, rising by 6.4% against the previous year. In general, consumption saw a strong increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Medicaments Containing Insulin But Not Antibiotics In Measured Doses in ECOWAS

In value terms, prophylactic medicaments containing insulin production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production recorded a strong expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 53% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Medicaments Containing Insulin But Not Antibiotics In Measured Doses

Exports in ECOWAS

In 2021, after three years of growth, there was significant decline in overseas shipments of medicaments containing insulin but not antibiotics in measured doses, when their volume decreased by -99.8% to X kg. In general, exports saw a dramatic descent. The pace of growth appeared the most rapid in 2018 with an increase of 5,300% against the previous year. Over the period under review, the exports hit record highs at X kg in 2020, and then declined remarkably in the following year.

In value terms, prophylactic medicaments containing insulin exports dropped remarkably to $X in 2021. Over the period under review, exports faced a dramatic slump. The growth pace was the most rapid in 2018 when exports increased by 9,388%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Nigeria (X kg) was the largest exporter of medicaments containing insulin but not antibiotics in measured doses in ECOWAS, comprising 100% of total export.

Nigeria was also the fastest-growing in terms of the medicaments containing insulin but not antibiotics in measured doses exports, with a CAGR of -50.0% from 2012 to 2021. While the share of Nigeria (+99 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest prophylactic medicaments containing insulin supplier in ECOWAS.

In Nigeria, prophylactic medicaments containing insulin exports increased at an average annual rate of +2.6% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, picking up by 1,447% against the previous year. Overall, the export price, however, saw a abrupt decrease. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to +105.1% per year.

Imports of Medicaments Containing Insulin But Not Antibiotics In Measured Doses

Imports in ECOWAS

In 2022, supplies from abroad of medicaments containing insulin but not antibiotics in measured doses decreased by -11.9% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, showed a strong increase. The growth pace was the most rapid in 2020 with an increase of 77% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, prophylactic medicaments containing insulin imports dropped to $X in 2022. In general, imports, however, recorded a measured increase. The growth pace was the most rapid in 2020 when imports increased by 81%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Cote d'Ivoire (X tons) and Mali (X tons) represented roughly 63% of total imports in 2022. Nigeria (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (7.8%), Burkina Faso (5.1%) and Togo (4.7%). Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cote d'Ivoire (with a CAGR of +28.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported medicaments containing insulin but not antibiotics in measured doses in ECOWAS, comprising 42% of total imports. The second position in the ranking was held by Mali ($X), with an 18% share of total imports. It was followed by Nigeria, with an 18% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at +31.5%. The remaining importing countries recorded the following average annual rates of imports growth: Mali (+29.0% per year) and Nigeria (-6.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, rising by 3% against the previous year. Overall, the import price, however, showed a perceptible slump. The pace of growth was the most pronounced in 2016 an increase of 35%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform