Lipid-Lowering Agents - Saudi Arabia

Saudi Arabia

Highlights

In Saudi Arabia, the revenue in the Lipid-Lowering Agents market is estimated to reach US$40.10m in 2024.
It is anticipated that there will be an annual growth rate (CAGR 2024-2029) of -0.40%, leading to a market volume of US$39.31m by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$4.46bn in 2024.
Saudi Arabia is experiencing a significant increase in the demand for lipid-lowering agents due to a growing awareness of cardiovascular health in the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for Lipid-Lowering Agents in Saudi Arabia has been increasing steadily in recent years.

Customer preferences: The Saudi Arabian population is becoming more health-conscious and is increasingly aware of the risks of high cholesterol levels. This has led to a growing demand for Lipid-Lowering Agents, which are used to reduce cholesterol levels in the blood. Additionally, the aging population in Saudi Arabia is also contributing to the growth of the market, as older individuals are more likely to suffer from high cholesterol levels.

Trends in the market: The Lipid-Lowering Agents market in Saudi Arabia is experiencing a shift towards generic drugs. This is due to the government's efforts to reduce healthcare spending by encouraging the use of lower-cost generic drugs. The increasing availability of generic drugs is also contributing to the growth of the market, as it is making Lipid-Lowering Agents more affordable for patients.

Local special circumstances: The healthcare system in Saudi Arabia is heavily subsidized by the government, which means that patients have access to Lipid-Lowering Agents at a lower cost than in many other countries. Additionally, the government is investing heavily in healthcare infrastructure, which is improving access to healthcare services across the country. This is contributing to the growth of the Lipid-Lowering Agents market, as more people are able to access these drugs.

Underlying macroeconomic factors: The Saudi Arabian economy is heavily dependent on the oil industry, which has been experiencing a period of volatility in recent years. Despite this, the government has continued to invest in healthcare infrastructure, which is contributing to the growth of the Lipid-Lowering Agents market. Additionally, the government's efforts to diversify the economy and reduce dependence on oil are likely to lead to further growth in the healthcare sector in the coming years.

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.