Lipid-Lowering Agents - Latvia

Latvia

The Lipid-Lowering Agents market in Latvia is expected to witness a significant increase in revenue, with projections indicating that it will reach US$1.61m in 2024.
This growth is expected to continue, with an annual growth rate (CAGR 2024-2028) of 0.77%, resulting in a market volume of US$1.66m by 2028.
When compared globally, United States is forecasted to generate the highest revenue in this market, with US$4,427.00m anticipated in 2024.
"Latvia's lipid-lowering agents market is witnessing a surge in demand due to the increasing prevalence of cardiovascular diseases in the country."

Key regions: Italy, Japan, France, Brazil, Australia

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Analyst Opinion

The Lipid-Lowering Agents market in Latvia has been experiencing steady growth in recent years.

Customer preferences: Latvian customers tend to prefer generic versions of Lipid-Lowering Agents due to their cost-effectiveness. This preference is similar to other European countries where the healthcare system is primarily government-funded.

Trends in the market: The market for Lipid-Lowering Agents in Latvia has been growing steadily due to the increasing prevalence of lifestyle-related diseases such as obesity and diabetes. This has led to an increase in demand for cholesterol-lowering medication. Additionally, the introduction of new drugs and therapies has also contributed to the growth of the market. However, the market growth is expected to slow down due to the increasing availability of low-cost generics.

Local special circumstances: Latvia has a relatively small population, which limits the potential for market growth. Additionally, the country's healthcare system is primarily government-funded, which puts pressure on drug prices. This has led to the government negotiating lower prices with pharmaceutical companies, which has affected the profitability of the Lipid-Lowering Agents market.

Underlying macroeconomic factors: The Latvian economy has been growing steadily, which has led to an increase in healthcare spending. However, the country still faces challenges such as an ageing population and a high prevalence of lifestyle-related diseases. These factors are expected to continue to drive demand for Lipid-Lowering Agents in the country. Additionally, the country's integration into the European Union has led to an increase in regulation and standardization of healthcare practices, which has had an impact on 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.