Wilmington, Delaware, United States, March 27, 2023 (GLOBE NEWSWIRE) -- According to the exhaustive antihyperlipidemic drugs market report by TMR, the global industry was valued USD 12.0 Bn in 2022 and is expected to reach USD 20.1 Bn by 2031 with CAGR of 6.1%. The research report includes various parameters that throw light on the current market scenario. This information assists the stakeholders to make proper decisions regarding investments.
Hyperlipidemia is a medical condition, wherein there is a rise in the number of lipids in the bloodstream. This increases cholesterol levels, which leads to cardiovascular disorders. Furthermore, rise in the number of patients with high lipid levels worldwide has increased the risk of cardiovascular diseases. Thus, the demand for antihyperlipidemic drugs has increased, which in turn is expected to boost the market.
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Market Snapshot:
| Market Revenue | USD 12.0 Bn in 2022 | |
| Estimated Value | USD 20.1 Bn by 2031 | |
| Growth Rate - CAGR | 6.1% | |
| Forecast Period | 2022–2031 | |
| No. of Pages | 207 Pages | |
| Market Segmentation | By Drug Class and Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Format | Electronic (PDF) + Excel | |
The antihyperlipidemic drugs market has witnessed significant growth as a result of rise in number of patients with low-density LDL cholesterol levels. Furthermore, the increase in instances of cardiovascular diseases has created multiple growth avenues for the global market. The development of novel drugs and medication through extensive R&D has created revenue generation opportunities for the global business.
Antihyperlipidemic Drugs Market: Growth Drivers
- Rise in health consciousness among global population to augment market demand: Fast-paced life and sedentary work culture have led to numerous ailments including hyperlipidemia. Rise in lipid levels elevates cholesterol levels, which may further cause cardiovascular issues. Increase in awareness regarding health and risks associated with high cholesterol levels has propelled the demand for antihyperlipidemic drugs and consequently boosted the business growth.
- Increase in instances of cardiovascular disorders to accelerate industry growth: Patients experiencing high lipid levels are at high risk to develop cardiovascular disorders. Hence, they require regular monitoring and medications. Consequently, a significant increase in the number of patients with high lipid levels has driven the demand for antihyperlipidemic drugs.
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Key Findings of Antihyperlipidemic Drugs Market:
- Statins segment to show exponential growth: Statins are prescribed as medication for patients suffering from hyperlipidemia in the initial stages. Statins are used as first-line treatment for hyperlipidemia as they reduce low-density lipoprotein cholesterol levels. Further, they also inhibit HMG-CoA enzymes which play a major role in the synthesis of cholesterol. Thus, medical experts prescribe antihyperlipidemic drugs to regularize blood and cholesterol levels to prevent cardiovascular risks. These aspects have led to the burgeoning demand for statins which may eventually promote market progress.
- Retail Pharmacies Segment to witness lucrative growth: The initial stage of hyperlipidemia does not require hospitalization. It involves changes in lifestyle and diet along with the drugs, as prescribed by the doctor. The prescribed drugs can be purchased from any nearby retail pharmacies. Therefore, this segment has been witnessing considerable growth for the last few years. However, during the COVID-19 pandemic, online pharmacies gained traction and are continuing to work efficiently, which has led to substantial growth in this segment.
Antihyperlipidemic Drugs Market: Regional Dynamics
According to the market predictions by TMR, North America is estimated to lead the global market from 2022-2031. Surge in the number of patients suffering from hyperlipidemia in the region has increased the risk associated with them. Therefore, the antihyperlipidemic drugs market is expected to grow significantly. Furthermore, reimbursement policies available for these diseases have led to high demand for antihyperlipidemic drugs, which is estimated to boost the market growth.
Asia Pacific is expected to follow North America, in terms of growth rate of the market, owing to government initiatives in major countries in the region, such as China, India, and Japan, to improve healthcare facilities. Additionally, several initiatives to create awareness regarding health and medication available to treat various diseases are also projected to drive the market in this region.
Antihyperlipidemic Drugs Market: Competitive Scenario
Key players operating in the antihyperlipidemic drugs market are focusing on the expansion of their market reach through mergers, acquisitions, and strategic collaborations with startups. Furthermore, prominent players are emphasizing rigorous R&D to develop efficient and advanced drugs by evaluating medical conditions and probable risks. The formulation of age-specific drugs and treatment procedures is also being worked upon. The rise in number of clinical trials to ensure the efficacy of drugs as per norms and regulations laid by the regulatory bodies has opened new growth avenues for the antihyperlipidemic drugs market.
Some of the key market participants include:
- Amgen
- Mylan N.V
- Pfizer Inc
- Dr.Reddy's laboratories Ltd.
- Esperion Therapeutics
- Novartis
- Merc & Co, Inc
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Antihyperlipidemic Drugs Market: Segmentation
Drug Class
- Statins
- Bile Acid Sequestrants
- Cholesterol Absorption
- Inhibitors
- Fibric Acid Derivatives
- Miscellaneous
- Antihyperlipidemic Agents
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
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