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Hypolipidemics Global Market Report 2023
Major players in the hypolipidemic drugs market are Abbott Laboratories Limited, Apotex Fermentation Inc., Biocon Limited, Cadila Healthcare Limited, Chunghwa Chem Syn& Biotech Co. Ltd, Concord Biotech Limited, Croda Europe Limited Leek, Daiichi Sankyo Company Limited, Dr.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hypolipidemics Global Market Report 2023" - https://www.reportlinker.com/p06245002/?utm_source=GNW
Reddy’s Laboratories Ltd, DSM Sinochem Pharma India, Hikal, Ipca Laboratories, Lek Pharmaceuticals d.d., Lupin Limited, Merck Sharp & Dohme B.V., Mylan N.V., Nexchem Pharmaceutical Co. Ltd. CN, Olon S.p.A., Sun Pharmaceutical Industries Limited, Teva Pharmaceutical Industries Ltd., Zhejiang Jiangbei Pharma Co. Ltd CN., MoehsIberica S.L. ES, Pfizer Inc, Recordati S.p.A. IT Milano, AstraZeneca, Amgen, Daiichi Sankyo, Kowa Company Ltd., Sanofi, and Novartis.
The global hypolipidemics market will grow from $30.39 billion in 2022 to $31.79 billion in 2023 at a compound annual growth rate (CAGR) of 4.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The hypolipidemics market is expected to grow to $35.75 billion in 2027 at a CAGR of 3.0%.
The hypolipidemic drugs market consists of sales of cholesterol absorption inhibitors, bile acid sequestrants, and fibric acid derivatives.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hypolipidemic drugs refer to any substance that lowers the blood’s concentration of lipids and lipoproteins (lipid-protein complexes).Lipoproteins can build up in blood arteries and bind cholesterol.
Its alternate name is "lipid-lowering medication".
North America was the largest region in the hypolipidemic drugs market in 2022.Middle East is expected to be the fargest growing region in the forecast period.
The regions covered in the hypolipidemic drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of hypolipidemic drugs are cholic acid regulators HMG-CoA reductase inhibitors, adenylate cyclase inhibitors, nicotinic acid drugs, and others.HMG-CoA reductase inhibitors are lipid-lowering drugs used in the primary and secondary prevention of coronary heart disease.
The drugs are used by hospitals, clinics, pharmacies, and cardiovasology. The different types of drugs include statins, bile acid sequestrants, cholesterol absorption inhibitors, pcsk9 inhibitors, and others.
Shifts in diet and changes in lifestyles of people are driving the growth of the hypolipidemic drugs market.An increase in the consumption of unhealthy food, and the rising prevalence of smoking and drinking have led to an increase in the level of cholesterol intake in people.
For instance, in June 2021, according to the World Health Organization data 2021, a Switzerland-based Government agency responsible for international public health, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year.The rising levels of cholesterol due to changes in lifestyles of the people is rising demand for hypolipidemic drugs as they aid in lowering the cholesterol levels.
The growth in the usage of biologics acts as a prime restraint that hinders the hypolipidemic drug market growth.Biologics are derived from living organisms like human beings, animals, and microorganisms, different from chemical drugs or chemically synthesized drugs.
The increasing preference towards hypolipidemic biologic medicines due to side effects concerns of using chemically synthesized drugs leads to a decrease in the sales of traditional hypolipidemic chemical drugs and hence, hindering the hypolipidemic drug (chemical) market growth.According to Harvard Medical School, 10%-29% of people who consume hypolipidemic drugs such as cholesterol-lowering statin drugs are suffering from muscle pains and aches.
For instance, PCSK9 Inhibitors have been in use since 2015, to reduce LDL cholesterol. Amgens’ Repatha, a hypolipidemic biologic medicine, got FDA approval for the treatment of hypolipidemia.
Companies in this market are increasingly investing in using data generated from wearables in clinical trials to improve the speed, and efficiency of trials, and therefore reduce overall costs.By continuously capturing data from patients via wearable technologies, clinical trial sponsors may be able to reduce the burden of frequent site visits, which could improve patient dropout rates and overall clinical trial efficiencies.
The use of wearables helps to tackle the challenge of patient recruitment, helps in monitoring patients, gives accurate and real-time data, and gives earlier decision-making opportunities, while the patient is undergoing a clinical trial. Pharmaceutical companies such as Sanofi and Pfizer have already invested in wearable technology to treat hypolipidemia.
The EU agencies take 6 to 12 months to approve the hypolipidemic drugs.Moreover, it requires all parts of the registration dossier to be submitted together unlike the US-FDA which accepts phased submissions.
The US-FDA assesses each technical section in 6 months which may increase to another 6 months if questions/concerns are raised.However, the technical sections’ assessment is done simultaneously and therefore the manufacturers should identify the time taking steps and plan the work accordingly and chalk out an estimated date of approval.
Also, the license validity and renewal of the application in the EU region takes a toll on the manufacturer and adds to the existing regulatory burden. Therefore, the manufacturer’s hypolipidemic drugs should plan well, and communicate effectively to minimize the costs and reduce timelines.
The countries covered in the hypolipidemic drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The hypolipidemic drugs market research report is one of a series of new reports that provides hypolipidemic drugs market statistics, including hypolipidemic drugs industry global market size, regional shares, competitors with a hypolipidemic drugs market share, detailed hypolipidemic drugs market segments, market trends and opportunities, and any further data you may need to thrive in the hypolipidemic drugs industry. This hypolipidemic drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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