Generics are the fastest growing segment fueling growth of Nifedipine Medication Market
Market Overview:
Nifedipine medications are mainly used in treatment of cardiovascular diseases such as high blood pressure and angina. It works by relaxing blood vessels and increasing blood flow in the body. Due to the significant rise in cardiovascular problems worldwide, nifedipine medications demand is increasing rapidly.
Market key trends:
Growing preference of consumers towards generic medications over branded medications is a major trend witnessed in global nifedipine medication market. This is primarily attributed to significant cost savings associated with generic medications as compared to branded medications. Additionally, developing economies across Asia Pacific and Latin America regions are observing increasing health awareness among masses, which is further augmenting the demand for generic medications in these regions.
Segment Analysis
The global Nifedipine Medication Market Share is dominated by the immediate release nifedipine sub-segment. This is because immediate release nifedipine formulations provide a quicker onset of action compared to extended release formulations, as the drug is absorbed immediately into the bloodstream after oral administration. This makes immediate release nifedipine suitable for treating emergency conditions like hypertension.
Key Takeaways
The global nifedipine medication market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing prevalence of cardiovascular diseases. The market size is expected to reach US$ 1094.2 Mn in 2023.
Regional analysis
North America dominates the global nifedipine medication market currently due to high awareness regarding cardiovascular diseases and availability of advanced healthcare facilities. Asia Pacific is expected to witness the highest growth rate over the forecast period owing to rising healthcare expenditure and growing geriatric population in countries like China and India.
Key players
Key players operating in the nifedipine medication market are Pfizer Inc., Novartis AG, Merck & Co., Inc., AstraZeneca PLC, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sanofi S.A., Johnson & Johnson, GlaxoSmithKline plc, Lupin Limited, Sun Pharmaceutical Industries Ltd., Sandoz International GmbH (a Novartis division), Dr. Reddy's Laboratories Ltd., Torrent Pharmaceuticals Ltd., Apotex Inc.
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