Heparin Is Estimated To Witness High Growth Owing To Increasing Incidences Of Cardiovascular Diseases
Market Overview:
The anticoagulant market consists of products that help to prevent blood clots and reduction in the risk of thromboembolic events. Some key products in this market include heparin, warfarin, novel oral anticoagulants (NOACs) such as dabigatran, rivaroxaban, apixaban and edoxaban. These products find widespread application in treatment of conditions such as deep vein thrombosis, pulmonary embolism, atrial fibrillation and prevention of strokes.
Market Dynamics:
Increasing incidences of cardiovascular diseases such as atrial fibrillation, strokes and heart attacks are expected to drive the growth of the anticoagulant market over the forecast period. According to the Centers for Disease Control and Prevention data, over 2.7 million Americans suffer a stroke annually and out of these, nearly 87% are ischemic strokes caused due to blood clots in the arteries supplying blood to the brain. Moreover, as per estimations, the number of atrial fibrillation cases in the U.S. alone would reach over 12 million by 2030.
Adoption of NOACs over warfarin is also expected to contribute to the market growth as NOACs have advantages such as fewer drug and food interactions, fixed dosing and lack of requirement for continuous blood monitoring.
The global Anticoagulant Market Size is estimated to be valued at US$ 36,830.47 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The anticoagulant market has strong presence of key players that are investing heavily in research and development. Many new drugs in the pipeline provide better efficacy and safety. Growing prevalence of cardiovascular diseases and blood clots related issues increases the demand for anticoagulants. Aging population is more prone to such conditions boosting market growth.
Weakness: Stringent regulations for drug approval delays market entry of new products. Further, existing anticoagulant drugs have side effects like internal bleeding if not taken carefully under medical supervision.
Opportunity: Emerging economies offer high market potential due to rising healthcare investments. Furthermore, development of novel oral anticoagulants without need for frequent blood monitoring expands opportunities.
Threats: Patent expiration of major drugs enables market entry of generic versions. Additionally, non-drug alternative treatment options can pose threat to drug sales.
Key Takeaways:
The global anticoagulant market is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing prevalence of cardiovascular diseases and venous thromboembolism. As per estimates, over 17.9 million people die annually from cardiovascular diseases accounting for nearly one third of all global deaths. Anticoagulants help prevent clot formation and treat conditions by thinning the blood.
Regionally, North America dominated the global market in 2022 and is estimated to maintain its lead position during the forecast period as well. This can be attributed to growing healthcare investments, early drug adoption, and presence of major market players in the region. However, Asia Pacific is anticipated to emerge as the fastest growing regional market owing to rising geriatric population, improving access to healthcare facilities, and increasing focus of international players.
Key players operating in the anticoagulant market are Pfizer Inc., Sanofi SA, Dr. Reddyâ€TMs Laboratories, Aspen Holdings, Abbott Laboratories, Leo Pharma AS, Alexion Pharmaceuticals Inc., Bayer AG, Johnson & Johnson, Bristol-Myers Squibb Company, Daiichi Sankyo Company, and Boehringer Ingelheim Pharmaceuticals Inc., among others. These companies are involved in new product launches, collaborations, and geographic expansions to strengthen their market presence.
Read More: https://blogger-veritas.blogspot.com/2023/11/direct-oral-anticoagulants-is-fastest.html
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