Lipid-Lowering Agents - New Zealand

New Zealand

Highlights

The Lipid-Lowering Agents market in New Zealand is forecasted to witness a substantial increase in revenue, reaching US$7.60m in 2024.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 0.09%, leading to a market volume of US$7.63m by 2029.
Among all countries, United States is projected to generate the highest revenue, amounting to US$4.46bn in 2024.
New Zealand has seen a significant increase in the demand for lipid-lowering agents due to the growing awareness of cardiovascular health among its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

New Zealand, known for its beautiful landscapes and outdoor activities, has a growing Lipid-Lowering Agents market.

Customer preferences: The New Zealand population has a high prevalence of cardiovascular diseases, which has led to an increase in demand for Lipid-Lowering Agents. Patients are more aware of their health and are increasingly seeking treatment options to manage their cholesterol levels. Additionally, the aging population in New Zealand has also contributed to the growth of the market.

Trends in the market: The Lipid-Lowering Agents market in New Zealand is dominated by statins, which are the most commonly prescribed drugs for managing cholesterol levels. However, there has been a growing trend towards the use of non-statin drugs such as PCSK9 inhibitors and bile acid sequestrants. This trend is driven by patients who are unable to tolerate statins or have not achieved their target cholesterol levels with statin therapy.

Local special circumstances: New Zealand has a unique healthcare system, which is publicly funded and provides universal access to healthcare services. However, the government has been facing challenges in providing timely access to healthcare services due to the growing demand for healthcare services and limited resources. This has led to delays in the approval of new drugs, which has impacted the availability of new Lipid-Lowering Agents in the market.

Underlying macroeconomic factors: The New Zealand economy has been growing steadily in recent years, driven by strong domestic demand and a growing tourism industry. However, the COVID-19 pandemic has had a significant impact on the economy, with the country experiencing a recession for the first time in a decade. The pandemic has also impacted the Lipid-Lowering Agents market, with patients delaying or avoiding visits to healthcare providers due to concerns about exposure to the virus. This has led to a decline in the number of new prescriptions for Lipid-Lowering Agents. However, the market is expected to recover as the country continues to manage the pandemic and patients resume seeking healthcare services.

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.