Lipid-Lowering Agents - Western Asia

Western Asia

The Lipid-Lowering Agents market in Western Asia is expected to witness a significant growth in revenue, with projections indicating a rise to US$160.60m by the year 2024.
Furthermore, it is anticipated that the market will continue to expand at a compound annual growth rate (CAGR 2024-2029) of -0.23%.
As a result, the market volume is estimated to reach US$158.80m by 2029.
When compared globally, United States is expected to generate the highest revenue in the Lipid-Lowering Agents market, with an estimated value of US$4,461.00m in 2024.
In Western Asia, the demand for lipid-lowering agents has been steadily increasing due to the rising prevalence of cardiovascular diseases in the region.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for Lipid-Lowering Agents in Western Asia has been growing steadily in recent years.

Customer preferences: The primary reason for this growth is the increasing incidence of cardiovascular diseases in the region. As a result, there is a growing demand for Lipid-Lowering Agents, which are used to reduce cholesterol levels in the blood and prevent heart disease. Additionally, Western Asia has a large aging population, which is also driving the demand for these drugs.

Trends in the market: Saudi Arabia is the largest market for Lipid-Lowering Agents in Western Asia, followed by the United Arab Emirates and Iran. In Saudi Arabia, the government has implemented a national program to reduce the incidence of cardiovascular disease, which has led to an increase in the use of Lipid-Lowering Agents. In the United Arab Emirates, the market is being driven by an increase in the number of people with high cholesterol levels and a growing awareness of the importance of cardiovascular health. In Iran, the market is being driven by an aging population and an increase in the number of people with high cholesterol levels.

Local special circumstances: In many countries in Western Asia, there is a strong preference for generic drugs over branded drugs. This is due to the lower cost of generic drugs and the perception that they are just as effective as branded drugs. As a result, many pharmaceutical companies are focusing on producing generic Lipid-Lowering Agents to meet the demand in the region.

Underlying macroeconomic factors: The economic growth in Western Asia has been strong in recent years, which has led to an increase in the overall healthcare spending in the region. Additionally, the region has a large and growing population, which is also driving the demand for healthcare services. Finally, the governments in many countries in Western Asia are investing heavily in healthcare infrastructure, which is also contributing to the growth of the Lipid-Lowering Agents market.

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.