Lipid-Lowering Agents - Sri Lanka

Sri Lanka

Highlights

The projected revenue in the Lipid-Lowering Agents market in Sri Lanka is expected to reach US$1.57m by 2024.
This market is anticipated to show an annual growth rate (CAGR 2024-2029) of -2.69%, leading to a market volume of US$1.37m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, reaching US$4.46bn in 2024.
Sri Lanka's growing middle class and increasing prevalence of lifestyle diseases contribute to a rising demand for lipid-lowering agents in the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for Lipid-Lowering Agents in Sri Lanka has been increasing steadily in recent years.

Customer preferences: Sri Lankan consumers are becoming more health-conscious and are increasingly seeking ways to prevent and manage chronic diseases such as cardiovascular disease. As a result, there is a growing demand for lipid-lowering agents in the country. Additionally, the aging population in Sri Lanka is also contributing to the growth of the market, as older individuals are more likely to require medication to manage their cholesterol levels.

Trends in the market: One of the major trends in the Lipid-Lowering Agents market in Sri Lanka is the increasing use of generic drugs. The government has been promoting the use of generic drugs through various initiatives, and this has led to a significant increase in the availability and affordability of these drugs. Another trend is the growing popularity of combination therapies, which are more effective in managing lipid levels than single-drug therapies.

Local special circumstances: The Sri Lankan government has implemented various policies to promote the use of generic drugs and reduce healthcare costs. For example, the government has introduced a price control mechanism for pharmaceuticals, which has helped to make drugs more affordable for consumers. Additionally, the government has established a national drug policy that aims to ensure the availability of safe, effective, and affordable drugs to all Sri Lankan citizens.

Underlying macroeconomic factors: The Sri Lankan economy has been growing steadily in recent years, and this has contributed to the growth of the Lipid-Lowering Agents market. As the country becomes more affluent, consumers are becoming more health-conscious and are willing to spend more on healthcare products and services. Additionally, the government's focus on improving healthcare infrastructure and services has helped to increase access to healthcare for the population, which in turn has led to an increase in demand for lipid-lowering agents.

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.