The demand for Lipid-Lowering Agents in Central Africa has been on the rise in recent years due to various factors.
Customer preferences: There has been an increase in the prevalence of cardiovascular diseases in Central Africa, which has led to a growing demand for Lipid-Lowering Agents. Customers are becoming more health-conscious and are seeking ways to reduce their risk of developing heart diseases. Additionally, the aging population in Central Africa has also contributed to the increase in demand for these drugs as older people are more susceptible to cardiovascular diseases.
Trends in the market: The market for Lipid-Lowering Agents in Central Africa is dominated by generic drugs due to their affordability. Customers prefer generic drugs to branded ones as they are cheaper and offer similar therapeutic benefits. The trend towards generic drugs has been encouraged by governments in the region who are seeking to reduce healthcare costs. Additionally, there has been an increase in the number of local pharmaceutical companies manufacturing generic Lipid-Lowering Agents in Central Africa, which has further driven down prices.
Local special circumstances: Central Africa has a high burden of communicable diseases such as malaria, HIV/AIDS, and tuberculosis, which has led to a focus on primary healthcare rather than secondary healthcare. This means that the market for Lipid-Lowering Agents is not as developed as in other regions. There is a lack of awareness about the benefits of Lipid-Lowering Agents in the region, and many people do not know that they have high cholesterol levels. Additionally, there are challenges in the distribution of drugs in the region due to poor infrastructure and logistics.
Underlying macroeconomic factors: The economy of Central Africa is largely dependent on commodities such as oil, minerals, and agriculture. The volatility of commodity prices has a significant impact on the purchasing power of customers in the region. When commodity prices are high, customers have more disposable income to spend on healthcare, including Lipid-Lowering Agents. However, when commodity prices are low, customers may prioritize other basic needs over healthcare. The COVID-19 pandemic has also had an impact on the economy of Central Africa, leading to a decline in economic activity and a reduction in government spending on 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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