Nifedipine medication is commonly prescribed to treat cardiovascular diseases like high blood pressure and angina. It helps in relaxing and widening blood vessels, reduces blood pressure and relieves chest pain by increasing blood flow to the heart.
The global Nifedipine Medication Market is estimated to be valued at Us$ 1094.2 Mn in 2023 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding patient base suffering from cardiovascular diseases is one of the major factors boosting the growth of the Nifedipine Medication Market. The increasing geriatric population worldwide who are more prone to developing high blood pressure and cardiovascular issues also contributes to the growth of the market. Rising awareness about cardiovascular health and availability of affordable generic drugs further propels the demand for nifedipine medications globally. Manufacturers are focused on developing innovative drug delivery systems like orally disintegrating tablets and sustained release gel capsules to improve patient compliance.
Segment Analysis
The global nifedipine medication market is segmented on the basis of dosage form and distribution channel. Based on dosage form, the market is segmented into capsules, tablets, and others. Among these, the tablets segment holds the largest market share due to better patient compliance. Tablets provide easy to swallow medications as compared to capsules. Based on distribution channel, the market is segmented into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. Hospital pharmacies are expected to dominate the market owing to availability of generic drugs and increased patient footfall in hospitals.
Key Takeaways
The Global Nifedipine Medication Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising hypertension prevalence worldwide. The Asia Pacific region currently dominates due to large patient pools in countries like China and India having over 20% of the global hypertensive population. Rising healthcare investments and expanding medical access is further propelling the regional market.
Regional analysis:
North America is expected to hold the largest share in the global nifedipine medication market during the forecast period. This is attributed to the rising prevalence of cardiovascular diseases, advanced healthcare infrastructure, and availability of reimbursement policies.
Key players:
Key players operating in the nifedipine medication market are Pfizer Inc., Novartis AG, Merck & Co., Inc., AstraZeneca PLC, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sanofi S.A., Johnson & Johnson, GlaxoSmithKline plc, Lupin Limited, Sun Pharmaceutical Industries Ltd., Sandoz International GmbH (a Novartis division), Dr. Reddy's Laboratories Ltd., Torrent Pharmaceuticals Ltd., Apotex Inc.
Mylan N.V. is one of the leading players in the nifedipine medication market. The company offers nifedipine under the brands Nifelat, Adalat, Adalat CC, among others. It has a strong foothold in the US market for cardiac medications.
Regional analysis:
The global nifedipine medication market is expected to witness high growth in the Asia Pacific region during the forecast period. This is attributed to the rising healthcare expenditure, increasing awareness regarding cardiovascular diseases, and growing generic drug market in countries like India and China.
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