Singapore Cholesterol Therapeutics Market Analysis

Singapore Cholesterol Therapeutics Market Analysis Executive Summary

The Singapore Cholesterol Therapeutics Market is anticipated to experience a growth from $29 Mn in 2022 to $38 Mn by 2030, with a CAGR of 3.2 % during the forecast period of 2022-2030.

Cholesterol is a fatty molecule in the body that is necessary for numerous metabolic activities. Cholesterol moves through the bloodstream on proteins known as "lipoproteins." Two kinds of lipoproteins transport cholesterol throughout the body. LDL (low-density lipoprotein) cholesterol, sometimes known as "bad" cholesterol, makes up most of the body's cholesterol. High levels of LDL cholesterol increase the risk of heart disease and stroke. HDL (high-density lipoprotein) cholesterol, sometimes known as "good" cholesterol, absorbs cholesterol in the blood and transports it back to the liver. The liver then flushes it out of the body. High HDL cholesterol levels may reduce the risk of heart disease and stroke. Statins are the most commonly prescribed medications for high cholesterol. If statins are ineffective, other medications may be utilized. Other tablet options include ezetimibe, fibrates, bile acid sequestrants (also known as resins), bempedoic acid, and injectables like alirocumab, evolocumab, and inclisiran. Recent research on cholesterol-lowering medications has continued to provide useful information on their efficacy and safety. PCSK9 inhibitors are one such class of medications that have received interest. These medications act by inhibiting a protein that lowers the liver's capacity to eliminate LDL cholesterol from the blood.

Hypercholesterolemia is a rather prevalent disease in Singapore. The frequency in Singapore was estimated to be approximately 39% in the past few years. Alternatively, the prevalence of cardiovascular diseases (CVDs) in Singapore is high, making it a major public health problem.

The key drivers of the market include the rising prevalence of abnormal cholesterol and CVDs due to unhealthy lifestyles, coupled with increased government initiatives investing in healthcare, awareness campaigns, and screening programs, further fueled by a growing public awareness and proactive approach towards preventive healthcare.

Multinational pharmaceutical corporations such as AbbVie, Amgen, AstraZeneca, Merck & Co., Novartis, and Pfizer use their considerable R&D skills, brand familiarity, and worldwide reach to gain a significant market share. They frequently focus on novel medications and meet a wide spectrum of patient demands. Local pharmaceutical businesses such as Biocon, Cipla, and Dr. Reddy's Laboratories specialize in providing generic copies of well-known pharmaceuticals at lower rates.

Market Dynamics

Market Growth Drivers

Increase in the prevalence: The prevalence of dyslipidemia, characterized by abnormal cholesterol and triglyceride levels, is on the rise in Singapore. This trend is attributed to various factors, including the adoption of unhealthy diets, sedentary lifestyles, and the increasing incidence of obesity. Additionally, the aging population contributes to a higher risk of developing dyslipidemia, and genetic factors play a role for those predisposed to elevated cholesterol or triglycerides.

Increased screening: The Singapore government has proactively invested in healthcare initiatives, particularly focusing on the management of chronic conditions like dyslipidemia, CVDs, etc. These efforts encompass public awareness campaigns emphasizing the importance of cholesterol management and healthy living. Screening programs are also in place to identify individuals at risk early on, allowing for timely intervention. Moreover, the government has implemented subsidies and reimbursements to enhance the affordability of cholesterol-lowering medications for patients, aiming to make treatment more accessible.

Increasing public awareness: The awareness of preventive healthcare is growing among Singaporeans, leading to a proactive approach to health management. Citizens are increasingly mindful of the significance of preventive measures, willingly adopting healthier lifestyles, and seeking regular checkups and screenings from healthcare professionals. This collective awareness and engagement contribute to a more informed and health-conscious society in Singapore.

Market Restraints

Cost issues: The elevated cost of cholesterol-lowering medications remains a significant concern for certain patients in Singapore, despite the presence of government subsidies and reimbursement programs. This financial burden is particularly notable for the latest and more innovative drugs, which may not be as economically accessible for some individuals. As a result, the accessibility of cutting-edge cholesterol-lowering treatments becomes a pertinent issue that requires further attention and potential policy adjustments to ensure equitable healthcare access for all.

Low long-term adherence: Some patients may encounter difficulties in adhering to their prescribed medication regimens due to factors such as forgetfulness, concerns about ongoing costs, or experiencing undesirable side effects. Addressing this adherence issue involves not only financial considerations but also the implementation of educational initiatives to underscore the importance of consistent treatment for optimal health outcomes.

Competition from alternative therapies: Certain individuals may choose alternative approaches, such as dietary modifications or herbal supplements, as substitutes for conventional medications. While these alternatives may be appealing to some, it is crucial to recognize that their effectiveness may not be as extensively validated as established pharmaceutical interventions.

Healthcare Policies and Regulatory Landscape

Renowned for its efficiency, user-friendly nature, and strong focus on preventive care, Singapore's healthcare system revolves around the pivotal Health Sciences Authority (HSA). As the regulatory body overseeing pharmaceuticals, medical devices, and health-related products, the HSA meticulously ensures the quality and adherence to international standards of these critical items. This commitment to stringent regulations plays a crucial role in instilling confidence among the public in the reliability and safety of Singapore's healthcare system. At the heart of the government's proactive healthcare management approach is an emphasis on health promotion and disease prevention. The seamless integration of both public and private healthcare providers creates a comprehensive and patient-centric healthcare environment. This ensures that a wide range of medical treatments is not only accessible to all Singaporean citizens but also delivered with thoroughness and inclusivity. Furthermore, the incorporation of technology-driven solutions, such as electronic health records and telemedicine, adds a layer of innovation to Singapore's healthcare landscape. These advancements contribute to heightened effectiveness and efficiency in the delivery of healthcare services.

Competitive Landscape

Key Players:

• AbbVie
• Amgen
• AstraZeneca
• Pfizer
• Teva
• Apotex
• Mylan
• Biocon
• Cipla
• Dr Reddy’s