The Telmisartan Market is estimated to be valued at US$ 3567.30 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Telmisartan is an angiotensin II receptor antagonist (ARB) used for the treatment of hypertension and heart failure. It works by blocking the effect of angiotensin II, a hormone that causes blood vessels to tighten, thereby lowering blood pressure. Telmisartan comes in tablet form and is prescribed for patients who cannot control their high blood pressure with other medications or lifestyle changes alone. It is also used along with other medications to treat high blood pressure and heart failure.
Market Dynamics:
Increasing prevalence of hypertension globally is a major factor driving the growth of the Telmisartan market. As per the World Health Organization, hypertension is a leading global health risk and affects approximately 1.13 billion people across the world. Sedentary lifestyle and unhealthy diet have contributed significantly to the increasing incidence of hypertension. Moreover, rising geriatric population prone to develop hypertension also supports market growth. According to United Nations report, number of people aged 60 years and older is projected to grow to 2.1 billion by 2050 from 962 million globally in 2017. Additionally, ongoing clinical research evaluating the effectiveness of Telmisartan in hypertensive and diabetic patients is anticipated to augment the product adoption. However, availability of generic alternatives post patent expiry of some brands may obstruct the market expansion to some extent.
Segment Analysis
The global telmisartan market is dominated by the oral segment, which accounts for over 90% of the total market share. This is because telmisartan is majorly available and prescribed in the form of oral tablets and capsules due to their ease of consumption and administration compared to other dosage forms like injectables. The oral segment is further categorized into tablets and capsules. Among these, the tablets sub-segment holds the largest market share owing to tablets being more preferred by patients and physicians due to better efficacy and compliance.
PEST Analysis
Political: The growth of the telmisartan market is expected to benefit from supportive government initiatives and regulations towards increasing the awareness about hypertension treatment. However, stringent regulations can hamper the market growth to some extent.
Economic: Rising healthcare expenditures and improving economic conditions, especially in developing regions is anticipated to drive the demand for advanced hypertension treatment drugs like telmisartan.
Social: Growing geriatric population prone to hypertension and increasing lifestyle diseases has boosted the demand for antihypertensive drugs. Favorable reimbursement policies would also support the market growth.
Technological: Major players are investing in developing new drug delivery technologies like orally disintegrating tablets for better patient compliance. Market players are also focusing on developing fixed dose combinations.
Key Takeaways
The Global Telmisartan Market Analysis is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing prevalence of hypertension worldwide. As per estimates, nearly 1.13 billion people suffered from hypertension globally in 2020.
Regionally, Asia Pacific is expected to witness the fastest growth in the telmisartan market owing to rising medical expenditures, increasing healthcare awareness and presence of generic manufacturers in the region. India and China are anticipated to be the major markets.
Key players operating in the telmisartan market are Abbott Laboratories, Aurobindo Pharma USA, Boehringer Ingelheim International GmbH, Cipla Limited, Hikma Pharmaceuticals plc, Jubilant Cadista Pharmaceutical, Sanofi S.A., Solco Healthcare (Prinston Pharmaceutical Inc.) and Torrent Pharmaceuticals Ltd. Major players are focusing on developing generic versions and fixed dose combinations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
