Lipid-Lowering Agents - Singapore

Singapore

Highlights

The Lipid-Lowering Agents market in Singapore is anticipated to witness a substantial increase in revenue, with projections indicating a figure of US$12.57m by 2024.
Moreover, it is expected to maintain a steady growth rate of 1.10% annually from 2024 to 2029, resulting in a market volume of US$13.27m by the end of 2029.
When compared globally, it is noteworthy that United States will dominate the market, generating a staggering revenue of US$4.46bn in 2024.
The demand for lipid-lowering agents in Singapore is rising due to the increasing prevalence of cardiovascular diseases in the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for Lipid-Lowering Agents in Singapore has been on the rise in recent years.

Customer preferences: One of the key factors driving the demand for Lipid-Lowering Agents in Singapore is the growing awareness among consumers about the importance of maintaining healthy cholesterol levels. With an increasing number of people in Singapore adopting sedentary lifestyles and consuming high-fat diets, there has been a surge in the number of individuals suffering from high cholesterol levels. This has led to a rise in demand for Lipid-Lowering Agents among the population.

Trends in the market: The Lipid-Lowering Agents market in Singapore is witnessing a shift towards the use of generic drugs. With the government of Singapore implementing cost-containment measures in the healthcare sector, there has been a growing preference among consumers for cheaper alternatives to branded drugs. This has led to a rise in the use of generic Lipid-Lowering Agents among the population.Another trend that has been observed in the Lipid-Lowering Agents market in Singapore is the increasing popularity of combination therapies. With the rise in the number of patients suffering from multiple chronic conditions, there has been a growing demand for combination therapies that can effectively manage multiple health issues simultaneously.

Local special circumstances: One of the unique features of the Lipid-Lowering Agents market in Singapore is the presence of a strong regulatory framework. The Health Sciences Authority (HSA) of Singapore is responsible for regulating the import, manufacture, and distribution of drugs in the country. This has led to a high level of quality control in the Lipid-Lowering Agents market in Singapore, with consumers having access to high-quality drugs that meet international standards.

Underlying macroeconomic factors: Singapore's ageing population is another factor driving the demand for Lipid-Lowering Agents in the country. With an increasing number of elderly individuals suffering from high cholesterol levels, there has been a rise in the demand for Lipid-Lowering Agents among this demographic. This trend is expected to continue in the coming years, as Singapore's population continues to age.In conclusion, the Lipid-Lowering Agents market in Singapore is witnessing a shift towards the use of generic drugs and combination therapies. The growing awareness among consumers about the importance of maintaining healthy cholesterol levels, coupled with Singapore's ageing population and strong regulatory framework, is expected to drive the demand for Lipid-Lowering Agents in the country 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.