Market Overview:
The antihyperlipidemic drugs market is estimated to be valued at US$ 13.6 Bn 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.
Antihyperlipidemic drugs are used to reduce high levels of cholesterol and triglycerides in the blood. They work by blocking cholesterol absorption in gastrointestinal tract, enhancing cholesterol breakdown or removing cholesterol from arteries. The major drug classes used are statins, bile acid sequestrants, fibrates, cholesterol absorption inhibitors and PCSK9 inhibitors. These drugs are prescribed to patients suffering from hyperlipidemia and at high risk of cardiovascular diseases.
Market Dynamics:
The antihyperlipidemic drugs market is expected to witness significant growth owing to increasing prevalence of hyperlipidemia across the globe. As per CDC (Centers for Disease Control and Prevention), about 1 out of 3 U.S. adults have high levels of LDL cholesterol and these numbers are expected to rise further with changing lifestyles and increasing obesity rates. Moreover, favorable reimbursement policies for hyperlipidemia treatment in developed countries is also driving the market growth. However, patent expiration of blockbuster drugs and availability of generics are expected to hamper the market growth during forecast period.
SWOT Analysis
Strength: The antihyperlipidemic drugs market has strong growth potential due to the rising prevalence of dyslipidemia diseases globally. The increasing number of clinical trials to develop innovative drugs is supporting market growth. Moreover, the surge in healthcare spending in developing countries provides lucrative opportunities.
Weakness: High costs associated with drug development and clinical trials can restrain market revenue growth. Secondly, stringent regulatory frameworks pose barriers to new market entrants.
Opportunity: Developing economies offer sizable opportunities owing to improving access to healthcare facilities. Growing adoption of healthcare insurance can augment the demand for antihyperlipidemic drugs.
Threats: Patent expiration of blockbuster drugs leads to revenue losses. Secondly, availability of alternative treatment options such as lifestyle changes challenges market growth.
Key Takeaways:
The Global Antihyperlipidemic Drugs Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing prevalence of hyperlipidemia. According to WHO, hyperlipidemia affects over 39% of adults worldwide. Growing sedentary lifestyles and changing dietary patterns have heightened the risk of cardiovascular diseases.
Regional analysis The North America antihyperlipidemic drugs market holds the largest market share due to high healthcare investments. Favorable reimbursement policies coupled with presence of leading pharmaceutical companies have augmented regional growth. Asia Pacific is projected to exhibit the fastest growth rate owing to rising healthcare spending, large patient pools, and increasing generic drug adoption in India and China.
Key players operating in the antihyperlipidemic drugs market are Sanofi S.A., Pfizer Inc., Mylan N.V, Amgen Inc., Abbvie Inc., Merck & Co., Inc., Dr. Reddys Laboratories Ltd., Bristol-Myers Squibb Company, AstraZeneca plc, and Daiichi Sankyo Company, Limited, among others. Key players are focused on developing innovative solutions through collaborative partnerships and acquisitions.
Read More Insights Here
