Anticoagulants are drugs that are used to prevent blood clots from forming or getting bigger. They are prescribed to treat and prevent conditions like deep vein thrombosis (DVT), pulmonary embolism (PE), atrial fibrillation and heart attacks. Anticoagulant drugs work by interfering with the blood clotting process. Some common anticoagulants include warfarin, heparin, apixaban, rivaroxaban, edoxaban, enoxaparin, fondaparinux etc. These drugs are generally prescribed after surgeries, in cardiovascular diseases or in conditions where there is a high risk of blood clots.
The global Anticoagulant Market is estimated to be valued at US$ 36830.47 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers fueling the growth of the Anticoagulant Market is the rising prevalence of cardiovascular diseases. Cardiovascular diseases like heart attacks, strokes, peripheral artery diseases often require anticoagulation therapy for prevention of thrombosis. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. Rising risk factors like obesity, physical inactivity, unhealthy diets and smoking are contributing to the increasing burden of cardiovascular diseases. With growing geriatric population worldwide, high blood pressure and age related risks are driving the need for anticoagulant drugs thereby supporting the market growth over the forecast period.
SWOT Analysis
Strength: One of the strengths of the anticoagulant market lies in its ability to prevent the formation of blood clots and reduce the risk of stroke, heart attack, venous thromboembolism and other cardiovascular and pulmonary events. Moreover, advances in anticoagulant drug development have led to the availability of novel oral anticoagulants that are more efficacious and have fewer side effects compared to traditional anticoagulants like warfarin. Furthermore, rising geriatric population who are at higher risk of developing blood clots also augments the growth of this market.
Weakness: A major weakness of the anticoagulant market is the risk of excessive bleeding associated with anticoagulant therapy. Drugs like warfarin have a narrow therapeutic window which necessitates constant monitoring of anticoagulant levels through blood tests. Novel oral anticoagulants are also not recommended for patients with severe kidney impairment due to risk of bleeding. High cost of novel anticoagulant drugs is another limitation for widespread adoption.
Opportunity: One of the key opportunities for anticoagulant market lies in expanding therapeutic indications of existing drugs. Ongoing clinical trials are exploring the role of anticoagulants in conditions like venous leg ulcers, Covid-19 induced coagulopathy, cancer associated thromboembolism etc. Additionally, development of reversal agents to counteract the bleeding risk associated with newer anticoagulant also presents an attractive commercial opportunity. Growing geriatric population globally also provides for a sizeable patient pool.
Threats: Stringent regulatory processes for new drug approvals can delay market access. Additionally, expiry of patents for blockbuster anticoagulant drugs opens up the market for generic competition which impacts revenues of incumbent market players. Other threats include development of alternative therapies and lifestyle changes that reduce risk of thrombotic disorders.
Key Takeaways
The global anticoagulant market size is expected to witness high growth over the forecast period owing to rising prevalence of thrombotic disorders worldwide. The global Anticoagulant Market is estimated to be valued at US$ 36830.47 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America currently dominates the market owing to accessibility to advanced healthcare services and high awareness regarding benefits of anticoagulation therapy among physicians as well as patients. However, Asia Pacific is anticipated to be the fastest growing regional market due to growing medical needs of expanding geriatric population coupled with rising healthcare spending in countries like China and India.
Key players operating in the anticoagulant market are CURT Group, B&W Trailer Hitches, Reese, Draw-Tite, Andersen Hitches, Blue Ox, Pro Series, Equal-i-zer, Buyers Products, Husky Towing, Gen-Y Hitch, Torklift International, PopUp Towing, BulletProof Hitches, Weigh Safe. These leading manufacturers are focusing on developing novel products with enhanced efficacy and safety in order to consolidate their market share.
Get more insights on this topic: https://www.trendingwebwire.com/anticoagulant-market-size-and-outlook-2023-2030/
The newly added Anticoagulant Market research report by Value Market Research disclose all the important information associated with the market such as value, growth factor, trends, market share, size, and challenges for the forecasted timeline 2020-2027.
Further, this report also highlights smart strategy adopted by major players and also their market share.
Basically, this report is designed to give a proper understanding of industry structure and competition intensity attractiveness.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the anticoagulant market include Bayer AG, Aspen Holdings, Boehringer Ingelheim GmbH, Daiichi Sankyo Company, Limited, Bristol-Myers Squibb Company, GlaxoSmithKline, Pfizer, Inc., Sanofi S.A., Johnson & Johnson, and Portola Pharmaceuticals, Inc., among others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Anticoagulant Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/anticoagulant-market/download-sampleMarket DynamicsThe global anticoagulants market is anticipated to grow at a substantial rate in the coming years, with the increasing plurality of diseases such as venous thromboembolism and cardiovascular disease across the globe.
Moreover, the growing adoption of new oral anticoagulants, and maturing awareness of new techniques is boosting the market growth.
