The Ticagrelor Market is estimated to be valued at US$ 1285.83 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ticagrelor is an oral antiplatelet drug used to reduce the risk of heart attacks and strokes in patients with acute coronary syndromes or a history of heart attacks without an increased risk of bleeding. Ticagrelor works by reversibly blocking the action of platelets, which are blood components involved in clot formation. By decreasing platelet activity, ticagrelor helps prevent unwanted blood clots from forming and allows blood to flow smoothly. Ticagrelor offers advantages such as greater effectiveness, faster onset of action, and oral route of administration.
Market key trends:
The global ticagrelor market is driven by the rising prevalence of cardiovascular diseases. According to the World Health Organization (WHO), cardiovascular disease is the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Unhealthy diet, physical inactivity, tobacco and alcohol use are major contributors to this rise in cardiovascular disease rates. Elderly population is also at high risk of heart disease. Additionally, rising cases of acute coronary syndrome that require antiplatelet therapy to prevent complications are augmenting the market growth. The market is also witnessing increasing adoption of ticagrelor over clopidogrel due to its superiority in reducing ischemic events without affecting bleeding risk. Manufacturers are investing in R&D of new generic versions and fixed dose combination drugs containing ticagrelor which is further fueling the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements and regulatory barriers. New companies need huge investments for R&D, clinical trials and manufacturing facilities to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as ticagrelor is available through prescription only. However, availability of alternative treatments provides some bargaining power to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is high as raw material suppliers play a major role in manufacturing this drug. Suppliers can influence prices.
Threat of new substitutes: The threat of new substitutes is high with continuous innovation and presence of alternative antiplatelet drugs.
Competitive rivalry: Intense due to large number of manufacturers.
SWOT Analysis
Strengths: High efficacy and safety profile, large patient pool of cardiovascular diseases.
Weaknesses: Stringent regulatory approvals, patent expiration of major brands.
Opportunities: Emerging markets growth, increasing healthcare spending and awareness.
Threats: Price erosion due to competition, side effects associated.
Key Takeaways
The Global Ticagrelor Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of coronary artery disease and strokes. As per the World Health Organization, cardiovascular diseases account for over 17 million deaths annually worldwide.
Regionally, North America is expected to dominate the ticagrelor market owing to growing patient population, advanced healthcare infrastructure and higher adoption of new treatment therapies. However, Asia Pacific is likely to witness fastest growth due to rising healthcare expenditure, large patient pool and increasing focus of key players.
Key players operating in the ticagrelor market are C.H. Boehringer Sohn AG & Ko. KG, Pfizer Inc., Eli Lilly and Company, AstraZeneca plc, Natco Pharma Limited, Anhui Haikang Pharmaceutical Co., Ltd., Avra Laboratories Pvt. Ltd., and Sun Pharmaceutical Industries Ltd. Major players are focusing on product innovation and geographical expansion strategies to strengthen their market presence.
For more insights, read - https://www.rapidwebwire.com/new-avenue-for-ticagrelor-market-growth
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