Nigeria anti-aging therapeutics market is expected to witness growth from $1 Mn in 2022 to $2 Mn in 2030 with a CAGR of 17.53% for the forecasted year 2022-2030 due to the increase in age-related chronic disorders and the rise in awareness about anti-aging therapeutics in Nigeria. The Nigeria anti-aging therapeutics market is segmented by product, treatment, target group, type of aging, type of molecules, mechanism of action, ingredient, and by distribution channel. Some of the major players in the market are May and Baker, Agary Pharmaceutical, and Athersys.
The Nigeria anti-aging therapeutics market size is at around $1 Mn in 2022 and is projected to reach $2 Mn in 2030, exhibiting a CAGR of 17.53% during the forecast period. In the proposed 2023 budget, the health sector received over $2 Bn for the first time in the country's history of health financing. Out of the $45 Bn total budget for the 2023 fiscal year, $2.5 Bn was allocated to the health industry. The service-wide vote includes $0.18 Bn for the health industry. Included in this are $0.15 Bn for GAVI/vaccination; $16 Mn for counterpart financing, which includes a global fund and a health refund to GAVI; and $9.6 Mn for military retirees covered by the National Health Insurance Scheme (NHIS). From the $1.80 Bn allocated to the health sector in 2022 and the $1.19 Bn allocated in 2021, the 2023 budget represents a significant rise.
Technology related to stem cells is constantly improving. One Lancet article described a Nigerian lady who received an insulin-producing stem cell transplant from her mother and was almost cured of diabetes. A study team published findings from a follow-up investigation of eight Alzheimer's patients who got stem cells that had been genetically altered. The brain's nerve growth factor was discovered to be increased by the stem cells, and tests of cognition and memory revealed that six out of eight subjects responded very favorably. One patient passed away soon after the study's conclusion, and an autopsy revealed that local tissue regeneration was taking place in the area of the patient's brain where the stem cells had been injected.
The designated organ seems to be the only place where stem cells seem to go. Additionally, they appear to be helpful in either saving cells that are in the resting state or in aiding in the generation of entirely new cells. It is interesting to observe that human growth hormone also promotes nerve growth factor, a crucial cytokine in the modulation, remodeling, and plasticity of brain tissue. Perhaps this is the reason why human growth hormone therapy has been shown to be effective in some Alzheimer's disease situations.
Market Growth Drivers Analysis
As the population of Nigeria ages, it becomes more vulnerable to age-related illnesses like cancer, gout, and Alzheimer's. This will result in a rise in the desire for anti-aging treatments. The Nigerian populace is becoming more conscious of the advantages of anti-aging treatments. There will be greater demand for these goods as more people become aware of these advantages. There is a rise in disposable money as Nigeria's economy continues to expand. People can now spend more on healthcare, including anti-aging treatments, as a result of this, therefore, driving Nigeria anti-aging therapeutics market.
Market Restraints
Although anti-aging therapeutics are becoming more widely known in Nigeria, many people still do not completely comprehend the advantages of these products. More education and awareness campaigns are required to inform the public about the possible advantages of these products. Not everyone can afford anti-aging therapies because they can be expensive. This restricts the market to those who can purchase the goods, potentially slowing the Nigeria anti-aging therapeutics market's expansion. Strong regulatory frameworks are required in Nigeria to guarantee the security and effectiveness of anti-aging therapeutics. The absence of regulations may deter some customers from using these goods and impede market expansion.
Key Players
Sept 2022- The Memorandum of Understanding (MoU) on the implementation of stem cell medicine was signed in Abuja, Nigeria, by the Federal Government through the National Biotechnology Development Agency (NABDA), RAHAB RVD Global Industries, and Mesencell Biotech.
The application and use of stem cells will help Nigeria reduce medical tourism because many Bns of dollars will be conserved. Nigerians frequently travel overseas for stem cell therapy because the country lacks the necessary technology, but owing to this MoU and the start of the deployment, the nation will save a significant amount of foreign currency.
In Nigeria, all drugs, including anti-aging medicines, are governed by the National Agency for Food and Drug Administration and Control (NAFDAC). The Federal Ministry of Health's NAFDAC is the government organization in charge of overseeing and regulating the production, distribution, use, and advertising of all drugs and medical goods in Nigeria. Before any goods are made available on the market, the agency makes sure they are all reliable, efficient, and of high quality. Along with NAFDAC, other government organizations in Nigeria that regulate drugs and medical goods include the National Institute for Pharmaceutical Research and Development (NIPRD) and the National Drug Law Enforcement Agency (NDLEA).
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
By Product (Revenue, USD Billion):
By Treatment (Revenue, USD Billion):
By Target Group (Revenue, USD Billion):
By Type of Aging (Revenue, USD Billion):
By Type of Molecules (Revenue, USD Billion):
By Mechanism of Action (Revenue, USD Billion):
By Ingredient (Revenue, USD Billion):
By Distribution Channel (Revenue, USD Billion):
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