Lipid-Lowering Agents - Bahrain

Bahrain

Highlights

The market of Lipid-Lowering Agents market in Bahrain is expected to witness a significant growth in revenue.
By the year 2024, the projected revenue is estimated to reach US$1.14m.
This growth is further expected to continue at an annual growth rate (CAGR 2024-2029) of 0.04%.
As a result, the market volume is anticipated to reach US$1.14m by the year 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in this market.
In 2024, the revenue generated United States is projected to be a staggering US$4.46bn.
The use of lipid-lowering agents is on the rise in Bahrain as the country experiences a growing prevalence of cardiovascular diseases.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Bahrain, a small island nation in the Arabian Gulf, has a growing demand for Lipid-Lowering Agents.

Customer preferences: The population of Bahrain is becoming increasingly health-conscious, with a focus on preventive health measures. This has led to a rise in demand for Lipid-Lowering Agents, which are used to treat high cholesterol levels. The majority of the population in Bahrain is Muslim, and as such, there is a preference for Halal-certified medications.

Trends in the market: The market for Lipid-Lowering Agents in Bahrain is growing steadily, driven by an increase in the prevalence of lifestyle diseases such as obesity and diabetes. The government of Bahrain has launched several initiatives to promote healthy living, including the introduction of a sugar tax and the implementation of a national health insurance system. These initiatives are expected to further boost the demand for Lipid-Lowering Agents in the coming years.

Local special circumstances: Bahrain has a small population of just over 1.5 million people, which limits the size of the Lipid-Lowering Agents market. However, the country's high-income economy and relatively high prevalence of lifestyle diseases make it an attractive market for pharmaceutical companies. Additionally, the government of Bahrain has implemented policies to attract foreign investment, which has led to the establishment of several multinational pharmaceutical companies in the country.

Underlying macroeconomic factors: Bahrain's economy is heavily dependent on oil exports, which account for over 70% of government revenue. The recent decline in oil prices has had a negative impact on the country's economy, leading to a reduction in government spending. However, the government has implemented several measures to diversify the economy and reduce its reliance on oil, including the development of the healthcare sector. This has led to increased investment in healthcare infrastructure and the establishment of several medical facilities in the country.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.