Burlingame, March 07, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Global Sodium Channel Blockers Market was valued at US$ 5.64 Billion in the year 2023 and is anticipated to reach US$ 9.96 Billion by 2030, at a CAGR of 8.5% during forecast period 2023-2030.
Market Dynamics:
The Global Sodium Channel Blockers Market is primarily driven by the increasing prevalence of cardiovascular diseases. Sodium channel blockers are widely used in the treatment of various cardiovascular disorders such as arrhythmias and hypertension. The rising incidence of these diseases, coupled with the growing geriatric population, is expected to drive the demand for sodium channel blockers.
Another factor contributing to the growth of the market is the development of innovative drugs. Pharmaceutical companies are investing heavily in research and development to introduce novel sodium channel blockers with enhanced efficacy and fewer side effects. The introduction of these advanced drugs is expected to fuel market growth.
Global Sodium Channel Blockers Market Report Coverage:
| Report Coverage | Details | |
| Study Period | 2023 - 2030 | |
| Base Year of Estimation | 2022 | |
| CAGR | 8.5% | |
| Largest Market | North America | |
| Market Concentration | High | |
| Major Players | Biogen, Merck & Co., Parion Sciences, AlphaNavi Pharma, Vertex Pharmaceuticals, SK biopharmaceuticals and Among Others. | |
| Segments Covered | By Product Type, By Therapeutic Area, By Route of Administration, By Distribution Channel, By Geography | |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | |
| Growth Drivers | • Increasing prevalence of cardiovascular diseases • Rising global geriatric population • Increasing investments in research and developments | |
| Restraints & Challenges | • Stringent regulations for drug approval from regulatory authorities • The adverse effects associated with sodium channel blockers | |
Key Takeaways:
- The global sodium channel blockers market size is anticipated to witness a CAGR of 8.5% during the forecast period 2023-2030, owing to the increasing prevalence of cardiovascular diseases and the growing demand for pain management.
- On the basis of product, the antiarrhythmic agents segment is expected to hold a dominant position in the market. These agents are widely used for treating and preventing cardiac arrhythmias, making them the leading product category in the sodium channel blockers market.
- In terms of therapeutic area, cardiology is expected to dominate the market. The high prevalence of cardiovascular diseases, coupled with the effectiveness of sodium channel blockers in managing cardiac arrhythmias, contributes to the dominance of this therapeutic area.
- Oral administration is the dominating route of administration for sodium channel blockers. The convenience and ease of oral administration make it the most preferred route for patients, leading to the dominance of this segment.
- Hospital pharmacies are the dominating distribution channel for sodium channel blockers. These pharmacies have a wide range of drug inventory and easy accessibility, making them the primary channel for distributing sodium channel blockers.
- In terms of region, North America is expected to hold a dominant position in the global sodium channel blockers market. The presence of a well-established healthcare infrastructure, technological advancements, and a high prevalence of cardiovascular diseases contribute to the dominance of this region.
- Key players operating in the global sodium channel blockers market include Biogen, Merck & Co., Parion Sciences, AlphaNavi Pharma, Vertex Pharmaceuticals, SK biopharmaceuticals, UCB Biopharma, Mylan Pharmaceuticals, Daewoong Pharmaceutical Co. Ltd., and Bio-Techne. These key players focus on research and development activities to introduce novel sodium channel blockers in the market, contributing to market growth.
Market Trends:
One of the key trends observed in the Global Sodium Channel Blockers Market is the increasing adoption of combination therapy. Physicians are prescribing a combination of sodium channel blockers with other drugs to achieve better therapeutic outcomes. This approach helps in addressing multiple factors associated with cardiovascular diseases and improves patient compliance.
Another emerging trend in the market is the growing focus on personalized medicine. With advancements in genetic testing and precision medicine, healthcare providers are now able to tailor treatment plans based on individual patient characteristics. This trend is likely to drive the demand for sodium channel blockers as personalized treatment options become more common in cardiovascular care.
Recent development:
- In January 2022, SiteOne Therapeutics, Inc, announced a strategic collaboration and licencing arrangement with Vertex Pharmaceuticals.
- In December 2021, RaQualia Pharma Inc, and Hisamitsu Pharmaceutical Co., Inc., announced a licensing agreement for a new sodium channel blocker discovered by RaQualia Pharma.
Read the complete market research report, "Global Sodium Channel Blockers Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Market Opportunities:
Increasing Prevalence of Cardiovascular Diseases
The global sodium channel blockers market is expected to witness significant growth due to the increasing prevalence of cardiovascular diseases. According to the World Health Organization, cardiovascular diseases are the leading cause of deaths worldwide, accounting for approximately 17.9 million deaths every year. Sodium channel blockers, especially antiarrhythmic agents, play a vital role in managing and preventing cardiac arrhythmias, thereby reducing the risk of mortality. The rising incidence of cardiovascular diseases is driving the demand for sodium channel blockers, leading to market growth in the forecast period.
Growing Demand for Pain Management
Another market opportunity in the global sodium channel blockers market is the growing demand for pain management. Sodium channel blockers, such as local anesthetics and analgesics, are extensively used for pain management in various therapeutic areas. The rising prevalence of chronic pain conditions, such as neuropathic pain, cancer pain, and postoperative pain, is driving the demand for sodium channel blockers. Additionally, the increasing adoption of these drugs in surgical procedures further contributes to market growth. As a result, the growing demand for pain management presents a significant market opportunity for sodium channel blockers.
In conclusion, the global sodium channel blockers market presents significant market opportunities due to the increasing prevalence of cardiovascular diseases and the growing demand for pain management. The dominance of antiarrhythmic agents, cardiology, oral administration, hospital pharmacies, and North America further contributes to market growth. Key players in the market continue to innovate and introduce new sodium channel blockers to meet the growing demand and expand their market presence.
Global Sodium Channel Blockers Market Segmentation:
- By Product
- Antiarrhythmic agents
- Local anesthetics
- Anticonvulsants
- Analgesics
- Others
- By Therapeutic Area
- Cardiology
- Neurology
- Anesthesiology
- Pain management
- Others
- By Route of Administration
- Oral
- Parenteral
- Topical
- By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
Get your copy of this research report now @ https://www.coherentmi.com/industry-reports/global-sodium-channel-blockers-market/buyNow
Top Questions Answered in this Report:
- What factors are impeding the growth of the Global Sodium Channel Blockers Market?
- What are the primary drivers fueling the growth of the Global Sodium Channel Blockers Market?
- Which segment dominates as the leading component in the Global Sodium Channel Blockers Market?
- Who are the key players actively participating in the Global Sodium Channel Blockers Market?
- Which region is expected to take the lead in the Global Sodium Channel Blockers Market?
- What is the projected CAGR of the Global Sodium Channel Blockers Market?
Find More Trending Reports Below:
Singapore Autonomous Cars Market is Segmented By Vehicle Type (Passenger Vehicles, Commercial Vehicles and Service Vehicles), By Level of Automation (Level 3, Level 4 and Level 5), By System (Camera Systems, LiDAR Systems, Radar Systems, Actuation Systems and Computing Systems), By Component (Suppressor, Gas Discharge Tube, Surge Arrestor and Others). The report offers the value (in USD million) for the above-mentioned segments.
South Korea Printed Electronics Market is Segmented By Device (Displays, Sensors, Batteries, RFID Tags, and Lighting), By Material (Substrates, Inks, Transistors, Batteries, and Sensors), By End-use Industry (Consumer Electronics, Healthcare, Smart Packaging, and Textiles). The report offers the value (in USD million) for the above-mentioned segments.
U.S. Gas Leak Detectors Market is Segmented By Product Type (Fixed Gas Leak Detectors, Portable Gas Leak Detectors), By Application (Industrial -Oil & Gas, Chemicals, Power Generation, Commercial Establishment-Shopping Malls, Hotels & Restaurant, Other. Residential, Others), By Technology (Electrochemical, Infrared, Semiconductor/MOS, Ultrasonic, Others). The report offers the value (in USD million) for the above-mentioned segments.
About Us:
At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.
