Singapore Lipid Disorder Therapeutics Market Analysis

Singapore Lipid Disorder Therapeutics Market Executive Summary

Singapore Lipid Disorder Therapeutics Market is at around $171.7 Mn in 2023 and is projected to reach $433.1 Mn in 2030, exhibiting a CAGR of 14.13% during the forecast period.

Lipids, also known as lipoproteins, are the types of fats that are present in the blood. A wide range of metabolic illnesses that impact blood lipid levels are referred to as lipid disorders. Their common characteristic is the presence of elevated blood levels of lipoproteins, triglycerides, and/or cholesterol, which are linked to a higher risk of (or existence of) cardiovascular disease. Lowering low-density lipoproteins (LDLs) can be achieved in several simple ways, such as avoiding foods rich in saturated fat, dietary cholesterol, and excess calories; exercising; keeping a healthy weight; and giving up smoking. The most widely recommended medications for treating lipids are statins.

The prevalence of dyslipidemia was 45% in the Singapore. specifically, dyslipidemia is notable with a higher occurrence among females and the elderly (aged 50-69 years). Factors such as socio-economic status also influence these rates, with wealthier individuals more likely to have high cholesterol levels. The healthcare system in Singapore is robust, featuring high standards and universal coverage, and it is anticipated that healthcare expenditures could rise to $43 billion by 2030, driven by an aging population and increased healthcare service consumption​. The market, therefore, is driven by significant factors like rising prevalence of cardiovascular diseases, growing awareness, and advancements in therapeutics. However, the high cost of newer therapies, and adverse effects, regulatory hurdles restrict the growth and potential of the market.

In March 2023, the US Food and Drug Administration (FDA) authorized the extended use of Regeneron Pharmaceuticals, Inc.'s Evkeeza medication in children aged 5 to 11 years to treat an extremely rare condition that raises cholesterol levels.

Market Dynamics

Market Growth Drivers

Prevalence of Cardiovascular Diseases (CVDs): The rising prevalence of cardiovascular diseases (CVDs) in Singapore is significantly driven by the increasing incidence of dyslipidemia, a major risk factor. 45% of the population suffers from abnormal lipid levels, particularly high levels of LDL cholesterol and triglycerides. This trend is exacerbated by unhealthy lifestyles characterized by diets rich in saturated fats and trans fats, prevalent due to the popularity of fast food and processed foods. Coupled with sedentary habits, where physical activity levels are suboptimal among a significant portion of the population, these factors compound the risk of developing dyslipidemia and subsequently CVDs.

Growing Awareness: Public health initiatives and increased access to information are raising awareness about lipid disorders and their health risks. This motivates individuals to seek diagnosis and treatment, boosting the market for lipid-lowering medications. The healthcare system in Singapore is robust, featuring high standards and universal coverage, and it is anticipated that healthcare expenditures could rise to $43 billion by 2030, driven by an aging population and increased healthcare service consumption​.

Advancements in Therapeutics: Recent advancements in lipid-lowering therapeutics, including the development of highly potent statins like Rosuvastatin and novel agents like PCSK9 inhibitors, have significantly improved treatment outcomes. These medications offer better efficacy and safety profiles, making them attractive options for managing lipid disorders. Ongoing research and development in this field continue to introduce new and improved treatments, enhancing the ability of healthcare providers to tailor therapies to individual patient needs, thus driving the market growth​.

Market Restraints

High Cost of Newer Therapies: While advancements in medicine have yielded more effective lipid-lowering medications, they often come at a premium price. For instance, statins, the most commonly prescribed lipid-lowering drugs, have shown significant efficacy in reducing cholesterol levels by up to 50%. While highly effective, these newer drugs might be out of reach for a large segment of the population, hindering their widespread adoption and limiting the overall market potential.

Adverse effects: One of the primary challenges confronting the lipid disease therapeutics market is the adverse effects of cholesterol-lowering medications. Common drugs such as statins can have adverse effects that include increased blood sugar, liver damage, and discomfort in the muscles. These consequences might deter patients and limit the expansion of the market. Patients need to be constantly watched over and controlled due to these adverse effects, which increases healthcare costs and complicates treatment plans.

Regulatory Hurdles: Although strict medication approval regulations guarantee patient safety, they also make market entry difficult. The market dynamics may be impacted by the protracted and intricate approval procedure, which may postpone the launch of new lipid-lowering treatments. Post-approval surveillance regulations also increase the expenses and complexity of doing business for pharmaceutical businesses.​

Regulatory Landscape and Reimbursement Scenario

The Ministry of Health (MOH) is in charge of overseeing healthcare regulations in Singapore and establishing standards and policies to guarantee high-quality treatment. Medical goods, including prescription drugs and medical equipment, are governed by the Health Sciences Authority (HSA). Physicians' professional behavior is regulated by the Singapore Medical Council (SMC). Statutory boards such as Singapore Health Services (SingHealth) and the National Healthcare Group (NHG) oversee public healthcare facilities. Rules provide a strong emphasis on patient safety, high-quality care, and cost-effectiveness. A combination of public and private healthcare providers guarantees that all inhabitants have widespread access to complete services.

The Ministry of Health in Singapore is implementing the "3 Beyonds" strategy: Beyond hospital to the community; Beyond quality to value; and Beyond healthcare to health. This approach aims to adapt the country's world-class health system to reflect medical progress and serve its aging population, which is expected to double by 2030 and account for a quarter of the population. The system is performing exceptionally well by many measures, including per-capita costs and health outcomes. Delaying the onset of chronic diseases, boosting home-based care for managing chronic diseases, and coordinating care for individuals with expensive disorders are some of the major policy challenges Singapore is addressing.

Competitive Landscape

Key Players

Here are some of the major key players in the Singapore Lipid Disorder Therapeutics Market:

• Sanofi
• GlaxoSmithKline plc
• Pfizer, Inc.
• Sun Pharmaceutical Industries Ltd.
• AstraZeneca PLC
• GlaxoSmithKline plc
• Novartis AG
• Merck & Co., Inc.
• Amgen Inc.
• Takeda Pharmaceutical Company Limited
• AbbVie, Inc.
• Viatris
• Dr. Reddy’s Laboratories Ltd.