Lipid-Lowering Agents - Tanzania

Tanzania

In Tanzania, the revenue in the Lipid-Lowering Agents market is estimated to reach US$1.51m by 2024.
This market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 0.91%, leading to a market volume of US$1.58m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, amounting to US$4,461.00m in 2024.
Tanzania's lipid-lowering agents market is experiencing a surge in demand due to the rising prevalence of cardiovascular diseases in the country.

Key regions: Europe, Brazil, France, Australia, Germany

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Analyst Opinion

The demand for Lipid-Lowering Agents in Tanzania has seen a steady increase in recent years.

Customer preferences: Tanzania, like many other countries, has a growing population of individuals with high cholesterol levels. This has led to an increased demand for Lipid-Lowering Agents, as more people are seeking ways to manage their cholesterol levels and reduce their risk of heart disease. Customers in Tanzania are also becoming more health-conscious, leading to a greater focus on preventative healthcare, including the use of Lipid-Lowering Agents.

Trends in the market: The Lipid-Lowering Agents market in Tanzania is expected to continue to grow in the coming years. One trend that is driving this growth is the increasing availability of generic Lipid-Lowering Agents. This has led to a decrease in prices, making these drugs more affordable for the average Tanzanian. Additionally, there has been a trend towards combination therapies, where multiple Lipid-Lowering Agents are used together to achieve better results.

Local special circumstances: One factor that is unique to the Lipid-Lowering Agents market in Tanzania is the prevalence of traditional medicine. Many Tanzanians still rely on traditional remedies to manage their health, and this can sometimes lead to a reluctance to try modern pharmaceuticals. However, as more people become aware of the benefits of Lipid-Lowering Agents, this trend is expected to change.

Underlying macroeconomic factors: The Tanzanian economy has been growing steadily in recent years, which has led to an increase in disposable income for many Tanzanians. This has made it easier for people to afford Lipid-Lowering Agents, even as prices have decreased. Additionally, the Tanzanian government has been investing in healthcare infrastructure, which has made it easier for people to access Lipid-Lowering Agents and other pharmaceuticals.

Methodology

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.