Antihyperlipidemic drugs help lower levels of triglycerides and cholesterol in the bloodstream, reducing the risks of serious cardiovascular diseases. Statins are the most commonly prescribed antihyperlipidemic drugs, helping millions of people manage their lipid levels through inhibition of an enzyme involved in cholesterol biosynthesis. As awareness of the importance of balanced diet, regular exercise and cardiovascular health increases globally, demand for lipid-lowering agents is growing substantially.
The global Antihyperlipidemic Drugs Market is estimated to be valued at US$ 15.67 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The increasing incidence of cardiovascular diseases due to obesity and sedentary lifestyles has emerged as a key driver of the antihyperlipidemic drugs market. Sedentary jobs and lack of physical activity have contributed significantly to raising obesity levels and prevalence of conditions like hyperlipidemia requiring long-term pharmaceutical management. Moreover, rising health consciousness and focus on preventive healthcare has amplified demand for diagnostic testing and lipid-modulating medications. Manufacturers are focusing on development of novel antihyperlipidemic therapies with improved safety profiles and multi-target mechanisms for better lipid regulation. Innovation in drug delivery systems can also expand access and promote medication adherence in management of dyslipidemia and associated cardiovascular risks over a patient’s lifetime.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to moderate capital requirements and technology needed. However, the market is dominated by major players with strong brand presence and R&D capabilities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products and drugs from different manufacturers. However, pharmaceutical buyers cannot switch between drugs easily.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials. However, suppliers are dependent on major players for bulk orders and revenues.
Threat of new substitutes: Threat of new substitutes is moderate as new alternative drugs and therapies are regularly introduced. However, switching costs are high for drugs treating chronic conditions.
Competitive rivalry: Competition is high among global players to gain market share and recurring sales from branded drugs under patent protection before expiry of exclusivity period.
Key Takeaways
The Global Antihyperlipidemic Drugs Market Size is expected to witness high growth.
North America currently dominates the market and is expected to continue its lead position during the forecast period driven by increasing cardiovascular diseases associated with obesity and metabolic disorders.
Key players: Key players operating in the Antihyperlipidemic Drugs market are Medtronic PLC, Sleepace, Evermind Inc., Awair Inc., and Eight Sleep. Medtronic and Merck & Co. together hold over 45% of the market share due to their diverse branded drug portfolios and global sales network across regions. New launches of specialty drugs for lowering very low-density lipoprotein cholesterol and triglyceride levels are helping players gain market share.
For More details on the topic:
https://www.marketwebjournal.com/antihyperlipidemic-drugs-market-trends-size-and-share-analysis/
Check more trending articles related to this topic:
https://techaxen.com/forging-an-ancient-metals-forming-process-still-thriving-in-modern-times/
