Lipid-Lowering Agents - Jamaica | Statista Market Forecast

The projected revenue for the Lipid-Lowering Agents market in Jamaica is expected to reach US$659.60k in 2024.
This market is anticipated to display an annual growth rate (CAGR 2024-2029) of -0.42%, leading to a market volume of US$645.90k by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, with an estimated value of US$4.46bn in 2024.
Jamaica's growing demand for lipid-lowering agents is driven by an increasing awareness of the importance of cardiovascular health.

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 Jamaica has been on the rise in recent years.

Customer preferences: The Jamaican population has shown a growing concern for their health and wellbeing, leading to an increase in demand for medications that help manage cholesterol levels. This trend is in line with the global shift towards preventive healthcare and a growing awareness of the importance of maintaining a healthy lifestyle.

Trends in the market: The Lipid-Lowering Agents market in Jamaica is dominated by statins, which are the most commonly prescribed medications for managing cholesterol levels. The market has seen a steady increase in the use of these medications, as more people become aware of their benefits. Additionally, there has been a growing trend towards combination therapies, where multiple medications are used in combination to manage cholesterol levels.

Local special circumstances: Jamaica has a high incidence of cardiovascular diseases, which are closely linked to high cholesterol levels. This has led to a greater focus on managing cholesterol levels and preventing the onset of these diseases. Additionally, the country has a relatively high prevalence of obesity, which is a major risk factor for high cholesterol levels. This has further contributed to the demand for Lipid-Lowering Agents.

Underlying macroeconomic factors: Jamaica has a growing economy, which has led to an increase in disposable income and a greater ability to afford healthcare. Additionally, the government has implemented policies to improve access to healthcare, which has led to greater availability of Lipid-Lowering Agents. The country also has a well-established healthcare system, which has contributed to the growth of the market.

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 pharmaceutical industry is responsible for the research, development, production, and distribution of medications. The market has experienced significant growth during the past two decades, and pharma revenues worldwide totaled 1.48 trillion U.S. dollars in 2022.