Lipid-Lowering Agents - United Kingdom

United Kingdom

The Lipid-Lowering Agents market in the United Kingdom is forecasted to achieve a revenue of US$228.60m by the year 2024.
This projection indicates an expected annual growth rate (CAGR 2024-2029) of 0.91%, which will contribute to a market volume of US$239.20m by 2029.
It is worth noting that, on a global scale, United States is anticipated to generate the highest revenue in this market, amounting to US$4,461.00m in 2024.
The United Kingdom is seeing a rise in the demand for innovative lipid-lowering agents due to an increasing awareness of cardiovascular health.

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

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Analyst Opinion

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

Customer preferences: Customers in the United Kingdom are increasingly becoming health-conscious and are actively seeking ways to improve their overall health. This has led to an increase in demand for Lipid-Lowering Agents, which are primarily used to reduce cholesterol levels in the blood. Additionally, the aging population has also contributed to the growing demand for these drugs.

Trends in the market: The Lipid-Lowering Agents market in the United Kingdom is witnessing a shift towards generic drugs. This can be attributed to the increasing cost of branded drugs and the availability of cheaper generic alternatives. Additionally, the market is also seeing an increase in the use of combination therapies, which involve the use of two or more drugs to achieve better results.

Local special circumstances: The National Health Service (NHS) in the United Kingdom plays a significant role in the Lipid-Lowering Agents market. The NHS provides free healthcare to all citizens and is the largest purchaser of drugs in the country. This has led to the government negotiating lower prices for drugs, which has resulted in lower profit margins for drug manufacturers.

Underlying macroeconomic factors: The United Kingdom's economy has been experiencing slow growth in recent years. This has led to an increase in unemployment rates and a decrease in disposable income. As a result, customers are becoming more price-sensitive and are opting for cheaper alternatives, such as generic drugs. Additionally, the uncertainty surrounding Brexit has also impacted the market, with some drug manufacturers relocating their operations to other countries in the European Union.

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.