WILMINGTON, DE / ACCESSWIRE / April 5, 2023 / Transparency Market Research Inc. - The lipid-lowering drugs market was valued at USD 31.4 Bn in 2022 and is projected to surpass USD 42.5 Bn by 2031.
Growth in awareness about health risks of low-density lipoprotein cholesterol (LDL-C) among the global populace is expected to bolster the lipid-lowering drugs industry growth. Surge in demand for statins as first line drugs for treating lipid disorders, especially hypercholesterolemia, is likely to offer significant business opportunities to companies in the next few years.
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|Market Revenue||USD 31.4 Bn in 2022|
|Estimated Value||USD 42.5 Bn by 2031|
|No. of Pages||164 Pages|
|Market Segmentation||By Drug Class, Indication and Distribution Channel|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||Sanofi, Pfizer, Inc., GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc., Amgen Inc., Takeda Pharmaceutical Company Limited, Sun Pharmaceutical Industries Ltd., AbbVie, Inc., Viatris (Mylan N.V.), AstraZeneca PLC, and Dr. Reddy's Laboratories Ltd|
Awareness about benefits of lipid-lowering drugs to reduce risks of ischemic heart disease, myocardial infarction, and stroke is likely to augment the market value. Adoption of statins, niacin, and inhibitors of PCSK9 as popular lipid-modifying agents to treat hypercholesterolemia and hypertriglyceridemia is expected to accelerate the lipid-lowering drugs market development.
Ongoing trials on cholesterol lowering drugs are likely to pave the way for effective and safe medications to manage cardiovascular diseases and reduce the risk of adverse cardiovascular events in vulnerable populations such as diabetics. Rise in usage of therapy based on PCSK9 inhibitors is ascribed to their fewer side effects and effectiveness in the reduction of LDL-C and triglyceride levels. Regulatory approval of a number of PCSK9 inhibitors by the U.S. FDA in recent years has augmented the lipid-lowering drugs market outlook.
Lipid-lowering Drugs Market - Key Findings of Study
- Significant Demand for Cholesterol Lowering Drugs to Treat Lipid Disorders to Bolster Market Size: Increase in trend of adoption of cholesterol lowering drugs to treat patients with hypercholesterolemia worldwide is expected to offer lucrative opportunities to companies in the global lipid-lowering drugs market. Among the various drug classes, the statins & combination segment accounted for dominant share in 2022. Retail pharmacies is a lucrative segment in the market in terms of distribution channel. Consumers prefer retail pharmacies due to convenience and ease of availability.
- Surge in Adoption of Statins Among Patient Population to Offer Lucrative Opportunities: Rise in adoption of statins to reduce LDL-C below the desired levels in the patient population is expected to accelerate the industry development. Significant rate of adoption of statin therapy in patients can be ascribed to its effectiveness in reducing CVD risks in patients in both primary and secondary prevention settings.
Lipid-lowering Drugs Market - Key Drivers
- Rise in risks of cardiovascular events, such as coronary heart diseases, stroke, and heart attack, is a key driver of the demand for lipid-lowering drugs. Surge in incidence of hypercholesterolemia across the globe is anticipated to boost the lipid-lowering drugs market.
- Rapidly aging population in several countries has broadened the target population for statin therapies in order to reduce LDL cholesterol. Need for effective treatments for dyslipidemia in the elderly is expected to bolster the demand for lipid-lowering drugs.
- Advancements in combination therapy (medicines used in combination with statin therapy) are likely to improve the treatment outcomes in hypertriglyceridemia
Regional Growth Dynamics
North America accounted for the leading share of the lipid lowering drugs market in 2022. North America is likely to retain its dominance from 2023 to 2031. Rise in demand for advanced treatments for cardiovascular diseases is likely to spur R&D activities in lipid-lowering drugs in the region. High usage of lipid-modifying agents to treat hypertriglyceridemia and hypercholesterolemia is expected to propel the market in North America.
Asia Pacific is a lucrative market for lipid-lowering drugs. High prevalence of cardiovascular diseases in the region presents significant business opportunities for companies. Surge in demand for lipid-lowering drugs to reduce cardiovascular events, such as heart attack and stroke, in the elderly population is likely to propel the market in the region.
Lipid-lowering Drugs Market - Competition Landscape
Leading players are focusing on mergers & acquisitions and product portfolio expansion in order to increase their market share. The landscape is fairly fragmented, with several local, regional, and international players operating in the market.
Some of the key companies in the lipid-lowering drugs market are Sanofi, Pfizer Inc., GlaxoSmithKline Pharmaceuticals Ltd., Novartis AG, Merck & Co., Inc., Amgen Inc., Takeda Pharmaceutical Company Limited, Sun Pharmaceutical Ltd., AbbVie Inc., AstraZeneca plc., and Dr. Reddy's Laboratories.
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Lipid-lowering Drugs Market Segmentation
By Drug Class
- Statins & Combination
- PCSK9 Inhibitors
- Bile Acid Sequestrants
- Cholesterol Absorption Inhibitors
- Coronary Artery Disease
- High Triglycerides
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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