Telmisartan is an antihypertensive drug used for the treatment of essential hypertension. It acts by selectively blocking the angiotensin II receptors, thereby lowering blood pressure. Telmisartan has shown better control of blood pressure with fewer side effects compared to other anti-hypertensive drugs, and can be used as monotherapy or in combination therapy.
The global telmisartan market is estimated to be valued at US$ 4109.53 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing prevalence of hypertension across the world presents a major opportunity for the telmisartan market. As per the World Health Organization, hypertension affects over 1.13 billion people globally, with two-thirds of hypertension cases reported in developing nations. High blood pressure is a primary risk factor for cardiovascular and kidney diseases. The increasing awareness regarding management of hypertension and benefits of controlling blood pressure are encouraging more people to opt for treatment. Telmisartan has emerged as an effective therapy for hypertension due to its high efficacy and tolerability. The expanding patient pool of hypertension worldwide will likely drive significant demand for telmisartan over the forecast period.
Porter’s Analysis
Threat of new entrants: The telmisartan market is consolidated with the presence of large players operating globally, making it difficult for new players to enter the market. However, it has moderate profit potential due to patent expirations of major drugs.
Bargaining power of buyers: The bargaining power of buyers is moderate as telmisartan has few substitutes available for the treatment of hypertension. However, buyers can negotiate on price by increasing volume purchases.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitutable raw materials supplied by various vendors globally. Supplier switching costs are also low.
Threat of new substitutes: The threat of new substitutes is moderate as there are a few drug alternatives and substitutes available for telmisartan in the management of hypertension.
Competitive rivalry: The competitive rivalry is high owing to the presence of global and domestic players offering generic versions after major drugs lose exclusivity. Players compete on price and product differentiation.
SWOT Analysis
Strengths: High usage in hypertension therapy, long patent protection expired, availability of low-cost generics.
Weaknesses: High R&D costs, stringent regulations for approval.
Opportunities: Growth in emerging markets, focus on fixed dose combinations.
Threats: Patent expiries of blockbuster drugs, regulatory hurdles.
Key Takeaways
The Global Telmisartan Market Demand is expected to witness high growth over the forecast period owing to the increasing prevalence of hypertension worldwide. The global Telmisartan Market is estimated to be valued at US$ 4109.53 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
The Asia Pacific region currently dominates the market and is expected to grow at the fastest rate due to the large patient pool and rising healthcare expenditures in countries like China and India.
Key players operating in the telmisartan market are Global Self Storage Inc., U-Haul International Inc. (Amerco), Urban Self Storage Inc., Life Storage Inc., Amsdell Cos./Compass Self Storage, CubeSmart LP, All Storage, National Storage Affiliates Trust, National Storage REIT, Safestore Holdings PLC, (Great Value Storage) World Class Capital Group LLC, Simply Self Storage Management LLC, SmartStop Asset Management LLC, StorageMart, Metro Storage LLC, Prime Storage Group, and W. P. Carey Inc. Regional analysis focuses on increasing production of generics in Asia and strategy of manufacturers to strengthen presence.
For more details on the report, Read-https://www.ukwebwire.com/telmisartan-market-growth-market-size-share-analysis/
