Lipid-Lowering Agents - Ghana

Ghana

Highlights

The projected revenue for the Lipid-Lowering Agents market in Ghana is expected to reach US$1.49m in 2024.
This indicates a promising growth potential for the market in the country.
Furthermore, the market is anticipated to display a compound annual growth rate (CAGR 2024-2029) of 0.18%, leading to a market volume of US$1.51m by 2029.
When compared globally, it is noteworthy that United States is projected to generate the highest revenue in this market, with an estimated amount of US$4.46bn in 2024.
This highlights the dominant position of the United States in terms of market share and revenue generation.
Ghana's market for lipid-lowering agents is experiencing a growing demand due to an increase in cardiovascular diseases among the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Ghanaians are becoming more health-conscious, and this has led to an increase in demand for Lipid-Lowering Agents. Customers are looking for drugs that can help them manage their cholesterol levels and reduce the risk of heart disease. Additionally, the aging population in Ghana is also contributing to the growth of the Lipid-Lowering Agents market.

Trends in the market: The Lipid-Lowering Agents market in Ghana is dominated by statins, which are the most commonly prescribed drugs for managing high cholesterol levels. However, there has been a growing interest in alternative therapies, such as herbal remedies and supplements, which are perceived to have fewer side effects. This trend is driven by the belief that traditional medicines are more natural and better for overall health.

Local special circumstances: One of the unique challenges in the Ghanaian market is the prevalence of counterfeit drugs. This has led to a lack of trust in the pharmaceutical industry, and customers are often skeptical about the quality of the drugs they purchase. Additionally, the high cost of Lipid-Lowering Agents has made it difficult for some customers to afford the drugs, leading to a rise in the use of traditional medicines.

Underlying macroeconomic factors: The Ghanaian economy has been growing steadily in recent years, and this has led to an increase in disposable income. This has allowed more people to afford Lipid-Lowering Agents, contributing to the growth of the market. Additionally, the government has been investing in healthcare infrastructure, which has improved access to healthcare services and increased awareness about the importance of managing cholesterol levels.

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.