Pharmaceutical Drugs (Statins) Is The Largest Segment Driving The Growth Of Antihyperlipidemic Drugs Market
SWOT Analysis
Strengths: Drugs in this market such as statins are highly effective in lowering LDL cholesterol levels and reducing the risk of heart attacks and strokes. The market comprises several major pharmaceutical players with wide distribution networks.
Weaknesses: Statins have certain side effects such as muscle pain and are not suitable for all patients. Generic competition has eroded profits of major players.
Opportunities: Emerging markets offer significant growth potential due to increasing disease burden. New drug delivery technologies can improve treatment effectiveness and patient compliance.
Threats: Patent expiries of major drugs lead to decline in revenues of incumbent players. Stringent regulatory norms increase approval timelines for new formulations.
Key Takeaways
The Global Antihyperlipidemic Drugs Market Growth 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 death globally, taking an estimated 17.9 million lives each year.
The North America region dominates the antihyperlipidemic drugs market currently, owing to the rapid uptake of new drugs andgrowing obese population. However, the antihyperlipidemic drugs market in Asia Pacific region is expected to grow at a high CAGR due to improving healthcare infrastructure and increasing healthcare spending in the region.
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. These companies are launching generic versions of blockbuster drugs and focusing on emerging markets for future growth.
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