July 25, 2024
Antihyperlipidemic Drugs Market

Antihyperlipidemic Drugs Market Is Estimated To Witness High Growth Owing To Increase In Prevalence Of Cardiovascular Diseases

The 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:

The antihyperlipidemic drugs market consists of pharmaceutical products used for lowering lipid levels in the blood and treating hyperlipidemia or high cholesterol levels. The key products available in the market include statins, bile acid sequestrants, cholesterol absorption inhibitors, fibrates, and PCSK9 inhibitors. These drugs are prescribed as monotherapies or in combination based on the patient’s medical condition and response to treatment.

Market Dynamics:

The growth of the antihyperlipidemic drugs market is attributed to the increasing prevalence of cardiovascular diseases worldwide. According to the World Health Organization, cardiovascular diseases account for over 17.9 million deaths every year. The rising geriatric population and unhealthy lifestyle habits such as high-fat diets, tobacco consumption, and lack of physical activity are leading to hyperlipidemia and associated health risks. Additionally, growing awareness about maintaining healthy lipid profiles and technological advancements in developing newer drug formulations are further supporting the market growth. However, patent expirations of blockbuster drugs and availability of generics are factors expected to hinder the market growth over the forecast period.

SWOT Analysis

Strength: The antihyperlipidemic drugs market has strong presence of key players with diverse product portfolio. Several clinical trials have proved the efficacy of antihyperlipidemic drugs in reducing cholesterol levels. Rising awareness about negative health impacts of hyperlipidemia is driving the demand for antihyperlipidemic drugs.

Weakness: High costs associated with R&D activities for developing new antihyperlipidemic drugs hampers market growth. Side effects of long term usage of certain antihyperlipidemic drugs negatively impact the market.

Opportunity: Surging geriatric population suffering from hyperlipidemia presents lucrative opportunities. Growing adoption of sedentary lifestyle leading to obesity and other lifestyle diseases boosts the demand.

Threats: Delayed drug approval process increases the threat from generic drug manufacturers. Alternative treatment options like nutraceuticals also pose threat to market growth.

Key Takeaways:

The Global Antihyperlipidemic Drugs Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing prevalence of hyperlipidemia and cardiovascular diseases. According to WHO, cardiovascular diseases are the leading cause of deaths globally and contribute to over 17 million deaths annually. Rising obesity rates particularly in developing countries has fuelled the risk of developing hyperlipidemia, thus driving the need for antihyperlipidemic drugs.

Regional analysis: North America dominated the antihyperlipidemic drugs market in 2023 and is estimated to maintain its lead over 2023-2030. This is attributed to growing obese population and increasing healthcare spending in the US. Asia Pacific is projected to witness fastest growth during the forecast period owing to rising affordability, growing medical tourism and escalating healthcare investments in emerging nations like China and India.

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. Key players are engaged in new product launches and acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it