Nigeria Cardiovascular Diseases Therapeutics Market Analysis

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.

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.