Lipid-Lowering Agents - NAFTA

NAFTA

Highlights

The Lipid-Lowering Agents market is poised to witness substantial growth in the coming years.
According to projections, the market's revenue is expected to reach a staggering US$4.64bn by 2024.
Furthermore, a steady annual growth rate (CAGR 2024-2029) of -0.36% is anticipated, which will drive the market volume to reach an impressive US$4.56bn by 2029.
When comparing revenue on a global scale, it is evident that United States will dominate the market.
In 2024 alone, United States is projected to generate a significant revenue of US$4.46bn.
The Lipid-Lowering Agents market within the NAFTA region is expected to contribute significantly to these figures.
In the NAFTA region, the United States dominates the market for lipid-lowering agents with a wide range of innovative drug options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for Lipid-Lowering Agents in NAFTA has been on the rise in recent years due to various factors.

Customer preferences: The increasing prevalence of cardiovascular diseases and related conditions such as obesity and diabetes has led to an increase in demand for Lipid-Lowering Agents. Patients are becoming more aware of the importance of managing their lipid levels to reduce the risk of developing these conditions and are seeking treatment options. Additionally, the availability of generic versions of these drugs has made them more affordable and accessible to a larger population.

Trends in the market: The United States is the largest market for Lipid-Lowering Agents in NAFTA, accounting for the majority of the demand. The market is dominated by statins, which are the most commonly prescribed Lipid-Lowering Agents. However, there is a growing trend towards the use of non-statin therapies such as PCSK9 inhibitors and bile acid sequestrants. This is due to the increasing number of patients who are unable to tolerate statins or do not achieve their lipid goals with statin therapy alone.Mexico and Canada also have a significant demand for Lipid-Lowering Agents, with a growing trend towards the use of combination therapies. This is due to the high prevalence of comorbidities such as hypertension and diabetes, which require a more comprehensive approach to treatment.

Local special circumstances: In Mexico, the government provides free Lipid-Lowering Agents to patients with cardiovascular disease or diabetes as part of their universal healthcare system. This has led to an increase in demand for these drugs and has made them more accessible to a larger population.In Canada, the government regulates the prices of prescription drugs, which has led to lower prices for Lipid-Lowering Agents compared to the United States. This has made them more affordable for patients and has led to a higher demand for these drugs.

Underlying macroeconomic factors: The aging population in NAFTA countries has led to an increase in the prevalence of cardiovascular diseases and related conditions. This has driven the demand for Lipid-Lowering Agents and is expected to continue to do so in the future.Additionally, the increasing adoption of unhealthy lifestyles such as sedentary behavior and unhealthy diets has led to a higher incidence of obesity and related conditions, further driving the demand for Lipid-Lowering Agents.Overall, the Lipid-Lowering Agents market in NAFTA is expected to continue to grow in the coming years due to the underlying macroeconomic factors and changing customer preferences. The market is likely to see a shift towards non-statin therapies and combination therapies, as well as an increasing demand for affordable and accessible treatment options.

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.