Lipid-Lowering Agents - Eastern Asia

Eastern Asia

The Lipid-Lowering Agents market in Eastern Asia is expected to witness significant growth in the coming years.
According to projections, the market's revenue is set to reach US$1.32bn in 2024.
Furthermore, it is anticipated that the market will display a compound annual growth rate (CAGR 2024-2029) of 0.45%, resulting in a market volume of US$1.35bn by 2029.
In terms of global comparison, United States is expected to generate the highest revenue in the Lipid-Lowering Agents market, with a projected revenue of US$4,461.00m in 2024.
In Eastern Asia, the demand for lipid-lowering agents is rapidly increasing due to the rising prevalence of cardiovascular diseases.

Key regions: Europe, Brazil, France, Australia, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

The Lipid-Lowering Agents market in Eastern Asia has been experiencing a steady growth in recent years.

Customer preferences: There has been an increasing awareness among consumers in Eastern Asia about the importance of maintaining healthy cholesterol levels. This has led to a growing demand for Lipid-Lowering Agents, which are medications used to lower cholesterol levels in the blood.

Trends in the market: Japan is the largest market for Lipid-Lowering Agents in Eastern Asia, followed by China and South Korea. In Japan, the market is dominated by statins, which are the most commonly prescribed Lipid-Lowering Agents. However, there has been a growing demand for non-statin medications, such as PCSK9 inhibitors, as an alternative for patients who cannot tolerate statins.In China, the Lipid-Lowering Agents market is expected to grow rapidly due to the increasing prevalence of high cholesterol levels among the population. The Chinese government has also been taking steps to improve healthcare access and affordability, which is expected to further boost the market.In South Korea, there has been a shift towards combination therapies, where multiple Lipid-Lowering Agents are prescribed to achieve better cholesterol control. This trend is expected to continue in the coming years.

Local special circumstances: In Japan, the Lipid-Lowering Agents market is highly regulated, with strict price controls and reimbursement policies. This has led to a competitive market where manufacturers have to constantly innovate to stay ahead.In China, the market is fragmented, with a large number of local manufacturers competing with multinational companies. This has led to intense price competition, with many companies offering steep discounts to gain market share.In South Korea, there has been a growing emphasis on preventive healthcare, with the government promoting healthy lifestyle habits and routine health check-ups. This has led to an increasing demand for Lipid-Lowering Agents as a preventive measure.

Underlying macroeconomic factors: The Lipid-Lowering Agents market in Eastern Asia is expected to continue growing due to the increasing prevalence of high cholesterol levels among the population. Rising disposable incomes and improving healthcare access and affordability are also expected to contribute to market growth.However, the market is also facing challenges such as patent expirations and increasing competition from generic manufacturers. In addition, regulatory hurdles and pricing pressures are expected to continue affecting the market in the coming years.

Methodology

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.