Lipid-Lowering Agents - South Korea

South Korea

The Lipid-Lowering Agents market in South Korea is anticipated to witness a significant growth in revenue, with projections indicating a staggering figure of €87.21m by 2024.
Moreover, the market is expected to exhibit a promising annual growth rate (CAGR 2024-2029) of 0.39%, leading to a substantial market volume of €88.92m by the year 2029.
When compared globally, United States is expected to generate the highest revenue in this market, with an estimated amount of €4,094.00m in 2024.
South Korea's growing middle class and increasing awareness of the importance of cardiovascular health are driving the demand for lipid-lowering agents in the country.

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

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Analyst Opinion

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

Customer preferences: South Koreans are becoming increasingly health-conscious and are looking for ways to improve their overall health. This has led to a higher demand for Lipid-Lowering Agents, as they help to lower cholesterol levels and reduce the risk of heart disease. Additionally, the aging population in South Korea has also contributed to the growth of the Lipid-Lowering Agents market, as older individuals are more likely to require medication to manage their cholesterol levels.

Trends in the market: One trend in the Lipid-Lowering Agents market in South Korea is the increasing popularity of generic drugs. Generic drugs are often more affordable than brand-name drugs, making them a more attractive option for consumers. Additionally, the South Korean government has been promoting the use of generic drugs in an effort to reduce healthcare costs.Another trend in the market is the growing popularity of combination drugs. Combination drugs contain two or more active ingredients and are often more effective than single-ingredient drugs. This has led to an increase in demand for combination Lipid-Lowering Agents in South Korea.

Local special circumstances: One special circumstance in the South Korean market is the dominance of domestic pharmaceutical companies. South Korean consumers tend to prefer locally-produced drugs, which has led to a strong presence of domestic pharmaceutical companies in the market. This can make it difficult for foreign companies to enter the market and compete with established domestic brands.

Underlying macroeconomic factors: South Korea has a strong economy and a well-developed healthcare system, which has contributed to the growth of the Lipid-Lowering Agents market. Additionally, the South Korean government has been investing in healthcare and promoting the use of generic drugs, which has helped to drive demand for Lipid-Lowering Agents. However, the market is also facing challenges such as increasing competition and regulatory changes, which could impact future growth.

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.