April 20, 2024
Antihyperlipidemic Drugs Market

The Antihyperlipidemic Drugs Market Is Expected To Witness High Growth Owing To Rising Prevalence Of Cardiovascular Diseases

The Antihyperlipidemic Drugs Market is estimated to be valued at US$ 13.6 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The antihyperlipidemic drugs market comprises drugs that are used to reduce high levels of lipids or fats such as cholesterol and triglycerides in the blood. These drugs help to lower the risk of heart attacks and stroke by reducing LDL or “bad” cholesterol levels. Statins are the most commonly prescribed class of antihyperlipidemic drugs for lowering LDL cholesterol.

Market key trends:

Increasing prevalence of cardiovascular diseases such as atherosclerosis, hyperlipidemia, and arteriosclerosis is expected to boost the antihyperlipidemic drugs market growth over the forecast period. According to the World Health Organization, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Rising obesity rates, changing lifestyle choices, and increasing geriatric population are some of the key factors contributing to the increasing incidence of cardiovascular diseases. Growing awareness about importance of controlling cholesterol levels is also expected to propel the demand for antihyperlipidemic drugs. Furthermore, continuous pipeline of new drug approvals and launches by key players in this market is anticipated to fuel market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as the antihyperlipidemic drugs market requires huge R&D investment and regulatory approvals. Bargaining power of buyers: The bargaining power of buyers is moderate as there are several well established manufacturers in the market providing similar drugs. Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required are commoditized and switching costs are low. Threat of new substitutes: The threat of new substitutes is low as currently there aren’t effective substitutes for antihyperlipidemic drugs. Competitive rivalry: High as major players compete on the basis of pricing and new product launches.

SWOT Analysis

Strength: Wide range of product offerings and strong global presence of key players. Weakness: High R&D and manufacturing costs. Opportunity: Increasing health awareness and growing geriatric population prone to hyperlipidemia. Threats: Patent expiries of blockbuster drugs and stringent regulations.

Key Takeaways

The Global Antihyperlipidemic Drugs Market Demand  is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing sedentary lifestyles and obesity. North America dominated the market with over 40% share in 2023 due to growing prevalence of cardiovascular diseases. Asia Pacific is expected to witness fastest growth especially in India and China due to rising health awareness.

Key players operating in the antihyperlipidemic drugs market incorporate Sanofi S.A., Pfizer Inc., Mylan N.V, Amgen Inc., Abbvie Inc., Merck & Co., Inc., Dr. Reddyâ€TMs Laboratories Ltd., Bristol-Myers Squibb Company, AstraZeneca plc, and Daiichi Sankyo Company, Limited, among others. Sanofi and Pfizer collectively account for over 25% share due to their diversified product portfolios and strong global marketing networks.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it