Market Overview:

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.

Obesity has become a major public health problem globally in recent years. As per the obesity report published by World Health Organization (WHO) in 2022, around 650 million adults and approximately 124 million children were obese in 2016. Obesity is one of the major causes for cardiovascular diseases and other health issues, thus driving the demand for antihyperlipidemic drugs.

Antihyperlipidemic drugs are used for lowering lipid levels by decreasing absorption and increasing removal of lipids from bloodstream. Some of these drugs include statins, fibrates, bile acid sequestrants, cholesterol absorption inhibitors and nicotinic acid. Statins are the most commonly prescribed class of drugs for lowering lipid levels as they are effective and have lesser side effects. These drugs help in reducing cardiovascular risks associated with high cholesterol levels.

Market key trends:

The growth of the global antihyperlipidemic drugs market is majorly driven by increasing prevalence of obesity and related cardiovascular diseases. As per estimates, cardiovascular diseases cause over 17 million deaths annually. This has created a huge patient pool needing treatment and management of abnormal lipid levels. Additionally, various regulatory approvals for new drug formulations along with increasing awareness about benefits of lipid-lowering medications are augmenting the market growth. For instance, PCSK9 inhibitor drugs like Repatha and Praluent that offer additional LDL cholesterol lowering received FDA approvals in 2015. Furthermore, rising geriatric population who are at high risk of hyperlipidemia will continue to support the antihyperlipidemic drugs market growth during the forecast period. However, availability of generics and patent expirations of major drug brands may hamper the market to some extent.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as the entry barriers in the antihyperlipidemic drugs market are high due to stringent regulations for drug approval. Moreover, substantial investments are required for R&D activities.

Bargaining power of buyers: The bargaining power of buyers is moderate since there are several manufacturers offering alternative treatment options for hyperlipidemia.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous suppliers for raw materials used in antihyperlipidemic drugs.

Threat of new substitutes: The threat of new substitutes is low as currently there are limited treatment options available for hyperlipidemia apart from antihyperlipidemic drugs.

Competitive rivalry: The competitive rivalry is high given the presence of numerous established players.

SWOT Analysis

Strength: Wide range of treatment options from statins to PCSK9 inhibitors provide better management of hyperlipidemia. Increasing awareness regarding cardiovascular risks associated with high cholesterol levels.

Weakness: High R&D costs and stringent regulatory approvals raise the commercialization costs. Potential side-effects associated with long-term use of lipid-lowering drugs.

Opportunity: Rising obesity rates and sedentary lifestyles leading to hyperlipidemia present an opportunity. Emerging markets like Asia Pacific and Latin America with large untapped potential.

Threats: Expiry of patents leading to generic competition impacting revenues of innovator drugs. Economic slowdowns reducing healthcare budgets.

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 sedentary lifestyles and growing geriatric population more prone to hyperlipidemia.

Regionally, North America dominated the global market and accounted for over 40% market share in 2023 owing to growing obesity rates and developed healthcare infrastructure in the region. Asia Pacific is poised to witness the fastest growth during the forecast period, growing at a CAGR of around 9%, due to rising health awareness, healthcare reforms, and increasing discretionary incomes in major Asian countries.

Key players operating in the antihyperlipidemic drugs market include Sanofi S.A., Pfizer Inc., Mylan N.V, Amgen Inc., Abbvie Inc., Merck & Co., Inc., Dr. Reddys Laboratories Ltd., Bristol-Myers Squibb Company, AstraZeneca plc, and Daiichi Sankyo Company, Limited, among others. Major players are focusing on strengthening their product portfolios and expanding geographically through collaborations and acquisitions.

Read More Insights Here

https://www.newswirestats.com/antihyperlipidemic-drugs-market-size-share-growth-outlook-2023/