Antihyperlipidemic drugs are medications that help lower cholesterol levels in the body. These drugs are commonly used as a part of treatment and management of hyperlipidemia or high cholesterol. High cholesterol has become quite prevalent owing to changing lifestyle and dietary patterns. Antihyperlipidemic drugs help reduce the risk of cardiovascular diseases by lowering the levels of cholesterol in the blood.
The global Antihyperlipidemic Drugs Market is estimated to be valued at US$ 15.67 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
According to the Centers for Disease Control and Prevention (CDC), about 13% of American adults have high total cholesterol levels. High cholesterol puts additional stress on the cardiovascular system and increases the risks of heart attacks and strokes. With increasing focus on preventive healthcare, antihyperlipidemic drugs demand is expected to rise significantly over the forecast period. Early treatment and management of high cholesterol can help control cardiovascular morbidities, thereby, driving the antihyperlipidemic drugs market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as antihyperlipidemic drugs market requires extensive R&D and high capital investments for new drug development along with regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is high as many generic drugs are available, providing alternatives for branded drugs. However, specialized drugs have some pricing power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers are fragmented. However, manufacturers rely on a few API suppliers.
Threat of new substitutes: The threat of substitutes is moderate as lifestyle changes and dietary modifications provide some alternatives. However, drugs can better control cholesterol levels.
Competitive rivalry: The competition is high among existing players to gain market share through new product launches and marketing strategies.
SWOT Analysis
Strength: Wide range of treatment options available in the market from statins to PCSK9 inhibitors. Growing obesity and lifestyle diseases driving market growth.
Weakness: Patents expiry of major drugs resulting in price erosion. Risk of side effects could limit adoption.
Opportunity: Emerging economies with large patient pool present major opportunities. Growing diabetes and cardiac cases fuel demand.
Threats: Stringent regulations delay new drug approvals. Supply chain disruptions during pandemic.
Key Takeaways
The Global Antihyperlipidemic Drugs Market Size is expected to witness high growth over the forecast period of 2024 to 2031. It is estimated to grow at a CAGR of 24% during this period.
Regional analysis: North America currently dominates the market owing to increasing heart diseases and obesity. However, Asia Pacific is expected to be the fastest growing region on account of rising healthcare expenditure and large patient population.
Key players: Key players operating in the Antihyperlipidemic Drugs market are Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep. Medtronic PLC is the market leader with wide range of devices and drug-delivery systems.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it