The demand for Lipid-Lowering Agents in Burkina Faso has been on the rise in recent years.
Customer preferences: Burkina Faso, like many other countries in the region, has a high prevalence of cardiovascular disease, which has led to an increase in demand for Lipid-Lowering Agents. The majority of the population in Burkina Faso relies on traditional medicine, but there has been a shift towards modern medicine in recent years, which has led to an increase in demand for Lipid-Lowering Agents.
Trends in the market: The Lipid-Lowering Agents market in Burkina Faso is driven by the increasing prevalence of cardiovascular disease, which has led to an increase in demand for these drugs. The market is highly fragmented, with a large number of small players operating in the market. The market is dominated by generic drugs, which are more affordable than branded drugs. There has been a growing trend towards the use of combination therapies, which has led to an increase in demand for fixed-dose combination drugs.
Local special circumstances: Burkina Faso is a low-income country with a high burden of disease. The healthcare system in the country is underdeveloped, and access to healthcare is limited, particularly in rural areas. The government has made efforts to improve access to healthcare in recent years, but there is still a long way to go. The high cost of Lipid-Lowering Agents is a barrier to access for many people in Burkina Faso.
Underlying macroeconomic factors: Burkina Faso is one of the poorest countries in the world, with a low GDP per capita. The economy is heavily dependent on agriculture, which is vulnerable to climatic shocks. The country has a high population growth rate, which puts pressure on the healthcare system. The government has made efforts to diversify the economy and reduce poverty, but progress has been slow. The Lipid-Lowering Agents market in Burkina Faso is likely to continue to grow in the coming years, driven by the increasing prevalence of cardiovascular disease and the shift towards modern medicine. However, access to these drugs will remain a challenge unless efforts are made to make them more affordable and improve access to healthcare.
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.
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