The global 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.
Market Overview:
Antihyperlipidemic drugs are mainly used to lower elevated lipid levels in the blood and hence reduce the risk of cardiovascular diseases such as atherosclerosis and stroke. These drugs reduce total cholesterol, LDL cholesterol, and triglycerides and increase HDL cholesterol. They work by either inhibiting the production or absorption of lipids in the body or increasing their excretion. Statins are considered a primary treatment option for hyperlipidemia as they significantly reduce cardiovascular events. Fibrates and niacin are also commonly prescribed. With rising cardiovascular diseases due to sedentary lifestyles and consumption of unhealthy fats, the need for antihyperlipidemic drugs continues to grow.
Market key trends:
One of the key trends in the antihyperlipidemic drugs market is the shift towards prescribing PCSK9 inhibitors in combination with statins for high-risk patients. PCSK9 inhibitors have emerged as an effective treatment for lowering LDL cholesterol beyond what statins can achieve alone. Medications like alirocumab (Praluent) and evolocumab (Repatha) target PCSK9 protein and allow statins to reach their full LDL lowering potential. Development of oral PCSK9 inhibitors is also providing an alternative to patients who prefer pills over injectables. Growing emphasis on lipid management and new guidelines recommending lower target LDL levels are fueling demand for more potent anti-cholesterol therapies like PCSK9 inhibitors.
Porter’s Analysis
Threat of new entrants: The antihyperlipidemic drugs market requires high R&D investments and strict regulatory approvals which act as entry barriers for new players.
Bargaining power of buyers: Due to availability of generics drugs and presence of many players, buyers have high bargaining power in this market.
Bargaining power of suppliers: Major players control the supply chain in this market, so suppliers have moderate bargaining power.
Threat of new substitutes: With ongoing research, advent of new therapeutic options pose threat of substitution.
Competitive rivalry: The market is highly competitive due to presence of many global and domestic players.
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 prevalence of cardiovascular diseases.
Regional analysis: North America is expected to dominate the antihyperlipidemic drugs market owing to presence of major players, higher health awareness and healthcare expenditure. Asia Pacific is anticipated to exhibit fast growth during forecast period due rising geriatric population and growing economy.
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. Reddyâ€TMs Laboratories Ltd., Bristol-Myers Squibb Company, AstraZeneca plc, and Daiichi Sankyo Company, Limited, among others.
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