Market Overview:
Nifedipine is a calcium channel blocker medication primarily used for the treatment of high blood pressure and angina. It works by relaxing blood vessels and lowering blood pressure. The key advantages of nifedipine include effective reduction in high blood pressure, prevention of chest pain associated with angina, and few side effects compared to other medications in its class. The growth in geriatric population suffering from hypertension and cardiovascular diseases drives the need for effective blood pressure lowering medications like nifedipine.
Market key trends:
One of the key trends in the Nifedipine Medication Market Share is its emerging use for additional indications beyond hypertension and angina. Recent research has found nifedipine helpful in slowing progression of kidney disease in patients with diabetes. Studies are also exploring the potential of nifedipine in treating Raynaud’s phenomenon. Its vasodilatory effects are being researched for pulmonary hypertension treatment. Generic availability and affordable pricing of nifedipine also supports usage for off-label uses. This expanding therapeutic range of nifedipine is expected to boost its demand and contribute to market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The nifedipine medication market has moderate threat of new entrants due to established brand presence of key players and requirements of high R&D and manufacturing costs.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options and possibility to switch to generic drugs.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of large number of suppliers in the market.
Threat of new substitutes: Threat from substitutes is moderate as there are alternative treatment options available for cardiovascular conditions.
Competitive rivalry: High among existing players.
Key Takeaways
The global nifedipine medication market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing prevalence of cardiovascular diseases.
Regional analysis
North America dominates the global nifedipine medication market owing to high incidence of cardiovascular diseases and presence of major market players in the region. The Asia Pacific region is expected to exhibit the fastest growth during the forecast period with increasing healthcare expenditures and growing elderly population suffering from heart diseases.
Key players
Key players operating in the nifedipine medication market are Pfizer Inc., Novartis AG, Merck & Co., Inc., AstraZeneca PLC, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sanofi S.A., Johnson & Johnson, GlaxoSmithKline plc, Lupin Limited, Sun Pharmaceutical Industries Ltd., Sandoz International GmbH (a Novartis division), Dr. Reddy’s Laboratories Ltd., Torrent Pharmaceuticals Ltd., Apotex Inc. Pfizer’s Adalat remains the leading brand in the nifedipine medication market.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
