Nifedipine medication is extensively used to treat high blood pressure and chest pain caused by angina. It belongs to a class of drugs known as calcium channel blockers that work by relaxing blood vessels and decreasing blood pressure. Nifedipine comes as an extended-release tablet, capsule, and film-coated tablet and is prescribed for the treatment of hypertension, angina, and Raynaud's phenomenon. Regular consumption of nifedipine helps control blood pressure and prevents complications associated with uncontrolled hypertension such as heart attack and stroke. The growing global prevalence of hypertension primarily drives the demand for nifedipine medications. According to the World Health Organization, approximately 1.13 billion people suffer from hypertension worldwide.
The global Nifedipine Medication Market is estimated to be valued at US$ 1260.52 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Increasing healthcare expenditure- Rising healthcare costs have prompted governments worldwide to increase healthcare spending which is helping improve access to advanced drugs like nifedipine. Growing investment in healthcare infrastructure and R&D of novel pharmaceuticals is fueling the nifedipine medication market.
Expanding patient pool- Surging geriatric population coupled with the increasing adoption of sedentary lifestyle among young adults has led to an exponential rise in the number of patients diagnosed with hypertension. This wide patient base offers significant growth opportunities for nifedipine medication market players.
Favorable reimbursement policies- Reimbursement of nifedipine drugs by medical insurers encourages hypertensive patients to better comply with their prescription medicines and focus more on preventive healthcare. This acts as a key driver for the nifedipine medication industry.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as developing an effective medication requires significant R&D investments and regulatory approvals. However, opportunities exist for new generic players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple vendors providing alternative treatment options. Buyers can negotiate on price and demand innovative products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as vendors rely on key raw material suppliers for production. Suppliers have some control over pricing but substitution opportunities exist.
Threat of new substitutes: The threat of substitutes is high with continuous developments in alternative treatment options including angiotensin II receptor blockers and calcium channel blockers.
Competitive rivalry: Competition in the market is high among key players.
Key Takeaways
The Global Nifedipine Medication Market Demand is expected to witness high growth. The North American region currently dominates the market owing to rising prevalence of cardiovascular diseases and availability of advanced treatment options.
Regional analysis: Europe is anticipated to be the fastest growing regional market during the forecast period supported by rising healthcare spending and government initiatives to spread awareness about cardiovascular ailments. Asia Pacific is also expected grow at a significant rate led by expanding patient pool, increasing healthcare investments and improving access to treatment in countries such as India and China.
Key players: Key players operating in the Nifedipine Medication market are AB Volvo, Scania AB, Continental AG, Peloton Technology, and Daimler AG among others. AB Volvo has a wide distribution network across major markets and offers generic nifedipine formulations. Scania AB recently launched an extended-release nifedipine tablet to cater to chronic needs of patients.
For more details on the report, Read- https://www.rapidwebwire.com/nifedipine-medication-market-trends-size-and-share-analysis/
Get more insights on this topic: https://www.insightprobing.com/neurological-biomarkers-market-size-and-share-2/
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