The global Anticoagulant Market offers enormous potential for growth owing to rising geriatric population. Anticoagulants, also known as blood thinners, are increasingly being used to prevent blood clots in veins and arteries. These drugs play a pivotal role in reducing the risk of strokes, heart attacks, deep vein thrombosis (DVT) and pulmonary embolism (PE) for millions worldwide. The need for anticoagulants arises due to factors like atrial fibrillation, artificial heart valves, DVT and pulmonary embolism.
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 Opportunity
Rising geriatric population represents a massive growth opportunity for anticoagulants. Population aging across both developed and developing nations has significantly increased the prevalence of cardiovascular diseases, cancer and thromboembolic disorders, all of which require long term anticoagulant therapy. According to WHO, the global population aged 60 years and over is expected to more than double, from 12% to 22% between 2015 and 2050. As age is a strong risk factor for various thrombotic conditions like atrial fibrillation, deep vein thrombosis and pulmonary embolism, the surging elderly demography will exponentially boost demand for anticoagulants worldwide. Leveraging this opportunity by launching innovative oral anticoagulants specifically addressing the needs of elderly patients can enable companies maximize penetration in the high growth geriatric segment.
Porter’s Analysis
Threat of new entrants: Low as the anticoagulant market requires specialized pharmaceutical manufacturing capabilities and approval from regulatory authorities to enter the market. High fixed costs associated with new production facilities also pose barrier to new players.
Bargaining power of buyers: Moderate as buyers have some degree of influence over anticoagulant prices due to availability of generics and branded options. However, switching costs from one brand to other limits their influence.
Bargaining power of suppliers: Moderate as key raw material suppliers possess some pricing power due to their specialized expertise and scale of operations. However, presence of large number of suppliers balances their influence.
Threat of new substitutes: Moderate as alternate anticoagulants and novel oral anticoagulants pose threat of substitution. However, patent protections and regulatory approvals limit quick substitution.
Competitive rivalry: High due to presence of large generic and pharmaceutical companies competing on pricing and new product innovations.
SWOT Analysis
Strengths: Established brand names, strong R&D capabilities, robust distribution networks and partnerships with healthcare providers.
Weaknesses: High dependency on few blockbuster drugs, patent cliffs exposing brands to generic competition, stringent regulatory environment delaying new product approvals.
Opportunities: Growth in AFib patient population, emergence of oral anticoagulants, expansion into new geographic markets.
Threats: Pricing pressures due to payers and governments, drug substitution, disruption due to digital therapeutics.
Key Takeaways
The Global Anticoagulant Market Size is expected to witness high growth over the forecast period supported by increasing incidence of cardiovascular diseases and surge in aging population. 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.
The fasted growth is expected in Asia Pacific region owing to rapidly growing healthcare infrastructure, rising medical tourism and strong economic growth in major countries like China and India. North America currently dominates global anticoagulant sales owing to large patient population, strong reimbursement structure and high healthcare spending. However, Asia Pacific region is poised to witness highest growth during forecast period supported by initiatives to strengthen healthcare access in countries like India, China and Japan.
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. Major players are focused on portfolio expansion through collaborations and mergers along with investments in new drug development to strengthen their market position.
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