Market Overview:
The anticoagulant market consists of drugs used to prevent or treat blood clots. Anticoagulants can be directly administered by injection or taken orally in the form of tablets or capsules. Some common anticoagulants include warfarin (Coumadin), heparin, low molecular weight heparins (LMWH) such as enoxaparin (Lovenox), apixaban (Eliquis), rivaroxaban (Xarelto), dabigatran (Pradaxa). These drugs work by inhibiting the action of clotting factors or enzymes in the blood coagulation pathway to prevent harmful clot formation. They are mainly used to treat deep vein thrombosis, pulmonary embolism, atrial fibrillation and prevention of stroke. Rapid action, fewer drug interactions and fixed dosing have increased the demand for new generation anticoagulants over conventional agents.
Market key trends:
One of the major trends in the anticoagulant market is the rising demand for new generation anticoagulants such as apixaban (Eliquis), rivaroxaban (Xarelto), edoxaban (Savaysa). These drugs offer advantages over warfarin such as rapid onset of action, predictable response with fixed dosing without need for monitoring and fewer drug and food interactions. They are more convenient to use than warfarin which requires regular international normalized ratio monitoring. The approval and launch of these new oral anticoagulants is expected to drive the growth of anticoagulant market during the forecast period.
The global Anticoagulant Market Size is estimated to be valued at US$ 36,830.47 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the anticoagulant market is low due to high capital requirements and stringent regulations set by regulatory authorities. However, new players can enter the market by developing innovative drugs.
Bargaining power of buyers: The bargaining power of buyers in the anticoagulant market is high due to the availability of generic drugs and changing reimbursement policies. Buyers can negotiate on price and choose substitute products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as major raw material suppliers for anticoagulants include bulk drug manufacturers and active pharmaceutical ingredients suppliers. Suppliers exert less influence due to the availability of alternatives.
Threat of new substitutes: The threat of substitutes is moderate due to availability of alternatives such as thrombolytics, drugs for aspirin resistance, and alternate therapies. However, new oral anticoagulants serve as substitutes for conventional ones.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many global as well as domestic players offering generic and branded versions of anticoagulant drugs. Market players compete on basis of price and product differentiation.
Key Takeaways
The global Anticoagulant Market is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing prevalence of cardiac conditions and rising geriatric population.
Regional analysis: North America dominated the global anticoagulant market and is estimated to retain its dominance over the forecast period, owing to high healthcare expenditure and a growing cancer and cardiovascular patient pool in the US and Canada. However, the Asia Pacific market is expected to witness the fastest growth due to improving access to healthcare facilities and rising healthcare spending in China and India.
Key players: Key players operating in the Anticoagulant market are Pfizer Inc., Sanofi SA, Dr. Reddy’s Laboratories, Aspen Holdings, Abbott Laboratories, Leo Pharma AS, Alexion Pharmaceuticals Inc., Bayer AG, Johnson & Johnson, Bristol-Myers Squibb Company, Daiichi Sankyo Company, and Boehringer Ingelheim Pharmaceuticals Inc., among others. Major players are focused on inorganic strategies such as acquisitions and collaborations to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
