The global anticoagulant market is estimated to be valued at US$ 30,773.2 Mn in 2021 and is expected to exhibit a CAGR of 9.4% over the forecast period of 2022-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Anticoagulants are medications that help prevent the formation of blood clots and reduce the risk of stroke, deep vein thrombosis, and pulmonary embolism. These drugs are prescribed to patients with atrial fibrillation, valvular heart disease, or individuals undergoing surgeries that carry a high risk of blood clot formation. The need for these products arises due to the increasing prevalence of cardiovascular diseases worldwide.
B) Market Key Trends:
One key trend observed in the anticoagulant market is the growing adoption of direct oral anticoagulants (DOACs) over traditional anticoagulant therapies. DOACs have gained popularity due to their ease of administration, fewer drug-drug interactions, predictable pharmacokinetics, and higher patient compliance. The market is witnessing a shift from vitamin K antagonists (VKAs) such as warfarin to DOACs like apixaban, rivaroxaban, edoxaban, and dabigatran. For instance, in 2020, the American College of Cardiology (ACC) and the American Heart Association (AHA) guidelines recommended DOACs over VKAs for stroke prevention in patients with atrial fibrillation.
C) PEST Analysis:
Political: The political landscape plays a significant role in the anticoagulant market. Regulatory frameworks and government policies related to drug approvals, pricing, and reimbursement policies can impact market growth.
Economic: The economic factors such as healthcare expenditure, GDP growth, and insurance coverage influence the affordability and accessibility of anticoagulant drugs.
Social: Increasing awareness about cardiovascular diseases and the importance of preventive measures among the population drives the demand for anticoagulant medications.
Technological: Advancements in technology have led to the development of novel anticoagulant drugs with better efficacy and safety profiles, boosting market growth.
D) Key Takeaways:
- The global Anticoagulant Market Share is expected to witness high growth, exhibiting a CAGR of 9.4% over the forecast period, due to increasing cases of cardiovascular diseases. The growing prevalence of risk factors such as obesity, hypertension, and diabetes further contributes to the market growth.
- North America is expected to dominate the anticoagulant market, driven by a well-established healthcare infrastructure, high awareness levels, and a large patient pool. Europe is also witnessing significant growth due to the rising geriatric population and increasing healthcare expenditure.
- Key players operating in the global anticoagulant market include Pfizer Inc., Sanofi SA, Dr. Reddy’s Laboratories, Aspen Holdings, Abbott Laboratories, Leo Pharma AS, Alexion Pharmaceuticals Inc., Bayer AG, Johnson & Johnson, Bristol-Myers Squibb Company, Daiichi Sankyo Company, and Boehringer Ingelheim Pharmaceuticals Inc. These players focus on strategic collaborations, product launches, and mergers and acquisitions to strengthen their market position.
In conclusion, the global anticoagulant market is poised for substantial growth in the coming years. The increasing prevalence of cardiovascular diseases, along with the adoption of advanced anticoagulant therapies, will drive market expansion. However, regulatory challenges and high costs associated with these medications may hamper market growth to some extent.
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