The demand for Lipid-Lowering Agents in Nigeria has been steadily increasing in recent years.
Customer preferences: There is a growing awareness among the Nigerian population about the importance of maintaining a healthy lifestyle. With the rise in cases of cardiovascular diseases and obesity, there has been a surge in demand for Lipid-Lowering Agents in the country. Patients are becoming more proactive about their health and are seeking medical help to manage their cholesterol levels.
Trends in the market: The market for Lipid-Lowering Agents in Nigeria has been growing at a steady pace due to the increasing prevalence of cardiovascular diseases and obesity. The demand for these drugs is expected to continue to rise as the population becomes more health conscious. The market is dominated by statins, which are the most commonly prescribed Lipid-Lowering Agents in the country. However, there has been a growing interest in alternative therapies such as PCSK9 inhibitors and omega-3 fatty acids.
Local special circumstances: Nigeria has a large population of over 200 million people, and the prevalence of cardiovascular diseases is high. However, the healthcare infrastructure in the country is still developing, and many people do not have access to quality healthcare. This has led to a rise in self-medication, where patients purchase drugs without a prescription. Additionally, there is a lack of awareness among the population about the side effects of Lipid-Lowering Agents, which can lead to non-compliance with medication.
Underlying macroeconomic factors: The Nigerian economy has been growing in recent years, which has led to an increase in disposable income. This has allowed more people to afford healthcare and has contributed to the growth of the Lipid-Lowering Agents market. However, the country is still facing challenges such as high poverty rates, political instability, and a lack of infrastructure. These factors can limit the growth of the healthcare sector and the Lipid-Lowering Agents market in the long run.
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.
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