Lipid-Lowering Agents - Iceland | Statista Market Forecast

The market for Lipid-Lowering Agents market in Iceland is projected to achieve a revenue of US$1.18m in the year 2024.
It is expected that the revenue will experience an annual growth rate of 1.17% from 2024 to 2029, resulting in a market volume of US$1.25m by the year 2029.
When compared globally, United States is anticipated to generate the highest revenue of US$4.46bn in 2024.
The demand for lipid-lowering agents in Iceland is increasing rapidly due to the rising prevalence of cardiovascular diseases in the country.

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 Iceland has been on the rise in recent years.

Customer preferences: Icelanders are becoming more health-conscious and are taking proactive measures to maintain a healthy lifestyle. This has led to an increase in demand for Lipid-Lowering Agents, which are used to lower cholesterol levels in the blood. The aging population in Iceland has also contributed to the growth of this market segment.

Trends in the market: The Lipid-Lowering Agents market in Iceland is dominated by statins, which are the most commonly prescribed drugs for lowering cholesterol levels. However, there has been a growing trend towards the use of non-statin drugs, such as PCSK9 inhibitors, which have been shown to be more effective in reducing LDL cholesterol levels. This trend is expected to continue in the coming years as more clinical data becomes available.

Local special circumstances: Iceland has a unique healthcare system that is publicly funded and provides universal coverage to all citizens. This has led to a high level of trust in the healthcare system and a high level of adherence to prescribed medication. Additionally, the Icelandic Medicines Agency has strict regulations in place for the approval and monitoring of drugs, which has helped to maintain the quality and safety of Lipid-Lowering Agents in the market.

Underlying macroeconomic factors: The Icelandic economy has been growing steadily in recent years, with low unemployment rates and a stable exchange rate. This has led to an increase in disposable income and a higher standard of living for many Icelanders. As a result, there has been a growing demand for healthcare services and products, including Lipid-Lowering Agents. The government has also been investing in healthcare infrastructure and technology, which has helped to improve the accessibility and quality of healthcare services in the country.

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.