July 21, 2024

Thrombin Inhibitor Market is driven by increasing prevalence of cardiovascular diseases

Thrombin inhibitors are drugs used in the treatment and prevention of arterial and venous thrombosis. These drugs work by inhibiting the serine protease thrombin, which plays a central role in coagulation. Some common indications for thrombin inhibitors include deep vein thrombosis, pulmonary embolism, atrial fibrillation, heart attacks and strokes. With rising prevalence of cardiovascular diseases and associated conditions globally, the need for anticoagulation and antiplatelet therapy has increased tremendously. Cardiovascular diseases remain the leading cause of mortality worldwide. According to the World Health Organization, cardiovascular diseases account for over 17 million deaths annually. Moreover, aging population and sedentary lifestyle in developed countries have further augmented the burden of heart disease.

The global thrombin inhibitor market is estimated to be valued at US$ 30.75 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The key trend observed in the thrombin inhibitor market is the development of newer oral anticoagulants. Conventional anticoagulants like warfarin require frequent blood monitoring which poses difficulties to patients. Newer oral anticoagulants such as rivaroxaban, apixaban and dabigatran offer fixed dosing without the need for monitoring. These drugs have simpler dosing regimen compared to warfarin and show more consistent anticoagulation response. Their improved pharmacological properties over warfarin have augmented their adoption in clinical practice for treatment and prophylaxis of venous thromboembolism and atrial fibrillation. Major pharmaceutical firms have also received approvals for newer oral anticoagulants which will further diversify treatment options and drive market revenues over the forecast period.

Porter’s Analysis
Threat of new entrants: The thrombin inhibitor market has moderate threat from new entrants due to high capital requirements and stringent regulations. However, new entrants are focusing on novel drug development and patent expiration of blockbuster drugs.

Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of many substitutes and established buyers such as hospitals and healthcare institutions. Also, rising healthcare costs influence buyer’s power.

Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of many suppliers globally and fragmented supplier base. Suppliers also have less influence over pricing.

Threat of new substitutes: Substitutes include anticoagulants and antiplatelet drugs used for indications like atrial fibrillation, deep vein thrombosis, pulmonary embolism etc. New substitute development may impact the thrombin inhibitor market.

Competitive rivalry: The market sees strong competition due to presence of many global brands. Companies focus on patent expirations and novel drug development to gain market share.

Key Takeaways

The global thrombin inhibitor market is expected to witness high growth. The global thrombin inhibitor market is estimated to be valued at US$ 30.75 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.

The market in North America is expected to dominate due to high healthcare spending and product availability. Asia Pacific is expected to grow at the fastest pace owing to rising healthcare standards, increasing expenditure and growing geriatric population. Europe is also expected to hold significant market share due to major players located in the region and government initiatives to reduce healthcare costs.

Key players: Key players operating in the thrombin inhibitor market are Pfizer Inc., Bristol Myers Squibb, Bayer AG, Sanofi S.A., Boehringer Ingelheim GmbH, Johnson & Johnson, Daiichi Sankyo Company, Limited, CSL Behring, Portola Pharmaceuticals, Inc., AbbVie Inc., GlaxoSmithKline plc, Novartis International AG, Merck & Co., Inc., Aspen Pharmacare Holdings Limited, Eisai Co., Ltd.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it