Lipid-Lowering Agents - Western Africa

Western Africa

The Lipid-Lowering Agents market in Western Africa is expected to witness a significant increase in revenue, reaching a projected value of US$18.20m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 1.53%, leading to a market volume of US$19.64m by 2029.
When compared to other regions across the globe, it is noteworthy that United States will generate the highest revenue, with an estimated value of US$4,461.00m in 2024.
In Western Africa, the market for lipid-lowering agents is growing steadily due to increasing awareness about cardiovascular health.

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

Market

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Region comparison

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Analyst Opinion

The demand for Lipid-Lowering Agents in Western Africa has been increasing steadily over the past few years.

Customer preferences: The primary driving force behind this trend is the growing awareness of the importance of maintaining a healthy lifestyle and the increasing prevalence of cardiovascular diseases in the region. As a result, more and more people are turning to lipid-lowering agents to manage their cholesterol levels and reduce the risk of heart disease.

Trends in the market: Nigeria is the largest market for lipid-lowering agents in Western Africa, accounting for the majority of sales in the region. The market is dominated by statins, which are the most commonly prescribed lipid-lowering agents. However, there is also a growing trend towards the use of combination therapies, which offer a more comprehensive approach to cholesterol management.

Local special circumstances: One of the key challenges in the Western African market is the lack of access to healthcare services in many parts of the region. This has led to a reliance on unregulated and counterfeit drugs, which can be dangerous and ineffective. As a result, there is a growing need for better regulation and oversight of the pharmaceutical industry in the region.

Underlying macroeconomic factors: The Western African economy has been growing steadily in recent years, driven by a combination of factors such as population growth, urbanization, and increasing foreign investment. This has led to a rise in disposable income and an expanding middle class, which has in turn driven demand for healthcare services and pharmaceutical products. Additionally, the region has a large and growing young population, which is expected to drive demand for lipid-lowering agents in the coming years.

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.