Lipid-Lowering Agents - Taiwan

Taiwan

Highlights

The Lipid-Lowering Agents market in Taiwan is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$28.25m in 2024.
This growth is expected to continue at an annual growth rate (CAGR 2024-2029) of -0.12%.
As a result, the market volume is estimated to reach US$28.08m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Lipid-Lowering Agents market, with an estimated revenue of US$4.46bn in 2024.
In Taiwan, the demand for lipid-lowering agents has been steadily increasing due to the rising prevalence of cardiovascular diseases.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Lipid-Lowering Agents market in Taiwan has been experiencing steady growth in recent years, driven by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Taiwanese customers have become increasingly health-conscious in recent years, leading to a growing demand for lipid-lowering agents. This trend is in line with the global shift towards preventive healthcare and the growing awareness of the link between high cholesterol levels and cardiovascular diseases. As a result, there has been a significant increase in the consumption of lipid-lowering agents in Taiwan.

Trends in the market: One of the key trends in the Lipid-Lowering Agents market in Taiwan is the growing popularity of generic drugs. This is due to the fact that Taiwan's National Health Insurance (NHI) system encourages the use of generic drugs by offering lower co-payments for them. This has led to a shift in consumer preferences towards generic drugs, which has in turn put pressure on branded drug manufacturers to reduce their prices.Another trend in the market is the increasing availability of over-the-counter (OTC) lipid-lowering agents. This has made it easier for consumers to access these drugs without a prescription, which has increased the overall consumption of lipid-lowering agents in Taiwan.

Local special circumstances: Taiwan's aging population is another factor that is driving the growth of the Lipid-Lowering Agents market. As the population ages, the incidence of cardiovascular diseases increases, leading to a higher demand for lipid-lowering agents. Additionally, Taiwan has a high prevalence of metabolic disorders such as diabetes, which also increases the demand for lipid-lowering agents.

Underlying macroeconomic factors: Taiwan's strong economy is also contributing to the growth of the Lipid-Lowering Agents market. With rising incomes and a growing middle class, consumers have more disposable income to spend on healthcare products. This has led to an increase in demand for lipid-lowering agents, as consumers seek to maintain their health and prevent the onset of chronic diseases.In conclusion, the Lipid-Lowering Agents market in Taiwan is experiencing steady growth, driven by a combination of customer preferences, local special circumstances, and underlying macroeconomic factors. As the population continues to age and the demand for preventive healthcare grows, the market is expected to continue to expand 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.