Lipid-Lowering Agents - Vietnam

Vietnam

Highlights

The Lipid-Lowering Agents market in Vietnam is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$15.02m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of 1.02% from 2024 to 2029, leading to a market volume of US$15.80m by the end of 2029.
When comparing the global market, United States is expected to generate the highest revenue in the Lipid-Lowering Agents market.
In 2024, it is projected that United States will account for US$4.46bn in revenue.
"Vietnam's growing middle class and increasing prevalence of sedentary lifestyles have led to a rising demand for lipid-lowering agents in the country."

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Lipid-lowering agents are a class of drugs that are used to lower the levels of cholesterol and other lipids in the blood. These agents are widely used in Vietnam and have seen significant growth in recent years.

Customer preferences: Vietnamese consumers are becoming increasingly health-conscious and are taking proactive measures to maintain their health. Lipid-lowering agents are seen as an effective way to reduce the risk of heart disease and stroke, which are major health concerns in Vietnam. As a result, there has been a growing demand for these drugs in the country.

Trends in the market: The lipid-lowering agents market in Vietnam has seen significant growth in recent years. This growth can be attributed to several factors, including an aging population, increasing prevalence of cardiovascular diseases, and rising disposable incomes. The market is dominated by statins, which are the most commonly prescribed lipid-lowering agents in Vietnam. Other drugs, such as PCSK9 inhibitors, are also gaining popularity in the market.

Local special circumstances: Vietnam has a rapidly aging population, which is driving the demand for lipid-lowering agents. According to the World Bank, the proportion of the population aged 65 or older is expected to increase from 7.1% in 2020 to 18.4% in 2050. This demographic shift is expected to increase the prevalence of cardiovascular diseases, which in turn will drive the demand for lipid-lowering agents.

Underlying macroeconomic factors: Vietnam's economy has been growing rapidly in recent years, with GDP growth averaging over 6% per year between 2014 and 2019. This growth has led to an increase in disposable incomes and an expanding middle class, which has contributed to the growth of the lipid-lowering agents market. Additionally, the government has been investing heavily in healthcare infrastructure, which has improved access to healthcare services and increased the demand for drugs like 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.