Lipid-Lowering Agents - Fiji | Statista Market Forecast

The Lipid-Lowering Agents market in Fiji is expected to see a significant increase in revenue, reaching a projected value of US$127.60k by 2024.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 0.01%, leading to a market volume of US$127.60k by 2029.
When compared globally, it is noteworthy that United States is expected to be the primary revenue generator in this market, with a substantial revenue of US$4.46bn in 2024.
In Fiji, there is a growing demand for lipid-lowering agents as the prevalence of cardiovascular diseases continues to rise.

Definition:
The Lipid-Lowering Agents market covers drugs to treat hyperlipidemia or dyslipidemia. These metabolic disorders are characterized by high levels of lipids, such as fats, cholesterol, or triglycerides, or lipoproteins in the blood. Different drug classes are included: statins, PCSK9 inhibitors, bile acid sequestrants, cholesterol absorption inhibitors, fibric acid derivatives, as well as combinations thereof.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Merck & Co., AstraZeneca, Viatris

Anti-hyperlipidemics
Drugs to treat high levels of lipids in the blood
Cholesterol-lowering drugs

Anti-diabetes drugs
Drugs to treat other metabolic disorders
Dietary supplements

The demand for Lipid-Lowering Agents in Fiji has been on the rise in recent years.

Customer preferences: Fiji has a high prevalence of non-communicable diseases such as cardiovascular diseases, diabetes, and obesity. This has led to an increased demand for Lipid-Lowering Agents as a preventative measure against heart diseases. Additionally, the aging population in Fiji has also contributed to the rising demand for these drugs.

Trends in the market: The Lipid-Lowering Agents market in Fiji is dominated by statins, which are the most commonly prescribed drugs for cholesterol management. There has been a growing trend towards the use of generic statins in Fiji due to their affordability and accessibility. However, there is also a growing demand for newer, more expensive drugs such as PCSK9 inhibitors, which have been shown to be more effective in reducing LDL cholesterol levels.

Local special circumstances: Fiji has a unique healthcare system that is heavily reliant on imports. This has resulted in high drug prices, which can be a barrier to access for many Fijians. The Fijian government has implemented policies to increase access to essential medicines, including Lipid-Lowering Agents, through the use of generic drugs and price controls.

Underlying macroeconomic factors: Fiji's economy is heavily reliant on tourism, which has been adversely affected by the COVID-19 pandemic. This has led to a decline in overall economic activity and may impact the affordability of Lipid-Lowering Agents for some Fijians. However, the Fijian government has implemented measures to support the healthcare system and ensure that essential medicines remain accessible to the population.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.