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The global statin market size is estimated to grow by USD 2,676.61 million at a CAGR of 3.36% between 2022 and 2027.
Cardiovascular diseases are the most common cause of death globally. Hypercholesterolemia is a modifiable risk factor for cardiovascular diseases, and the rising prevalence of hypercholesterolemia increases the risk of acquiring cardiovascular diseases of atherosclerotic origin. Atherosclerosis which affects the blood vessels that supply the heart is a major, life-threatening condition. This is a major cause of coronary artery disease, characterized by plaque forming in the arteries or vessels. Since cholesterol is mainly a contributing factor to the formation of plaques, elevated levels of cholesterol in your blood are linked to an increased risk of developing atherosclerosis. Hypercholesterolemia gives a positive view because of its rising prevalence.
Technavio has segmented the market into End-user, Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges.
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The market share growth by the hospital segment will be significant during the forecast period. Hospitals are an integral part of the healthcare system and contribute significantly to the growth of the global statin market. Hospitals are responsible for the procurement, storage, and distribution of medicinal products to patients in the hospital. Hospitals typically purchase statins in bulk directly from manufacturers or wholesalers, which allows for cost savings and ensures a steady supply of medications.
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The hospital segment was valued at USD 8,366.90 million in 2017. Hospitals are also responsible for ensuring that patients receive the correct medications and dosages, which improves patient outcomes and reduces the risk of adverse events. Clinical trials and research in the area of statin are also key roles played by hospitals. In order to ensure that patients are receiving the correct and timely treatment for their heart condition, hospitals frequently work closely with healthcare providers.
Synthetic statins held the largest share of the global statin market in 2022. Fluvastatin and atorvastatin are fully synthetic statins, derived from pyridine and mevalonate, respectively. Synthetic statins form greater interactions with HMG-CoA reductase because of their structural characteristics compared with natural statins. The growth of the synthetic statins segment is primarily driven by the high prevalence of cardiovascular diseases. The improving healthcare service framework in rapidly evolving countries such as India and China is creating huge opportunities for market players operating in the global statin market. Additionally, the segment is currently witnessing a surge in the older population with cardiovascular problems. The growing geriatric population with chronic health conditions is anticipated to impose extensive implications on the public health system.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period.
The high share is attributed to the presence of large pharmaceutical companies that offer both branded and generic statins and the presence of a proper regulatory framework for the approval of new drugs in the region. In addition, the region is experiencing rising incidences of cardiovascular diseases and thus leading to an increase in demand for different statins contributing to market growth. The incidence of cardiovascular disease has increased significantly in various countries of North America. Certain cardiovascular or heart diseases lead to heart failure.
The outbreak of COVID-19 in 2020 negatively impacted the statin market in North America. However, the lifting of the lockdowns, followed by the rescheduling of patient visits to Clinics and the adoption of contactless delivery of biotherapeutics, increased the demand for statins in 2021 and boosted the growth of the regional statin market in the region. Furthermore, the demand for statins has increased as more than half of all deaths across the region are due to cardiovascular diseases. All these factors are expected to boost the growth of the regional statin market during the forecast period.
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Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 10 market vendors, including:
Abbott Laboratories - The company offers statin medical drug which is designed to protect the heart and blood vessels from serious medical problems such as heart attack or stroke.
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The rising prevalence of hypercholesterolemia is driving growth in the statin market. Cardiovascular disease is the leading cause of death worldwide. Hypercholesterolemia is a modifiable risk factor for cardiovascular disease, and the increased prevalence of hypercholesterolemia increases the risk of developing cardiovascular disease of atherosclerotic origin. Abdominal Atherosclerosis is a serious medical condition, affecting arteries that carry blood to the heart. It is the main cause of coronary artery disease and is characterized by the presence of plaque inside the artery wall or vessel wall. The build-up of plaque inside the artery walls makes them narrow and decreases blood flow.
Cholesterol is the primary component of plaque and therefore, elevated cholesterol levels in the blood are associated with a higher risk for atherosclerosis. Cholesterol is a fat available in the blood and consists of two types: low-density lipoproteins (LDLK); higher density lipoproteins (HDL). The global statin market is expected to benefit from the rising prevalence of hypercholesterolemia as it will lead to an increased incidence of atherosclerosis, which, in turn, will induce the growth of the statin market during the forecast period.
The strong incidence of CHD is a primary trend in the statin market. The growing incidence of heart attacks is expected to have a positive impact on the global statin market, which is expected to increase demand for statins during the forecast period. In terms of overall health status, heart health, and management of comorbid conditions, it is increasingly difficult to maintain functional capacity in old people. Physical activity is vital to preserve functional ability and decrease frailty, which are common characteristic traits of people with heart disease. Physical activity helps in maintaining the cardiac muscles, and the elasticity of blood vessels, normalizing blood pressure, and improving physical strength and balance.
However, physical activity, which is aimed at improving flexibility, mobility, and muscular strength, forms the basic foundation for chronic disease management programs such as heart or stroke rehabilitation programs. The rise in the number of geriatric people increases the heart of the disease and BV, which leads public healthcare professionals to rely on medication regime management to maintain the geriatric people's quality of life. The growing incidence of CHD is expected to boost the growth of the global statin market during the forecast period.
The stringent regulatory environment is a major challenge in the statin market. In order to guarantee high levels of sterility and uniformity, most drug development and approval procedures shall be subject to strict control by a variety of regulatory authorities. These regulatory bodies are examining a number of important factors, such as safety, effectiveness, pharmacological data, pharmacodynamic effects, and interactions. Therefore, if a drug fails to comply with any of these criteria, it is likely to receive a complete response letter (CRL) or may face complete rejection from regulatory agencies.
In some cases, drug applicants withdraw their applications and discontinue their drug candidates. There are typically three phases of clinical trials for a drug. The US Food and Drug Administration may require further information or call off a clinical trial if serious safety, efficacy, or tolerability concerns are identified during any stage of the clinical or animal studies. Upon successful completion of all three phases of clinical trials, the applicant is required to submit a new drug application (NDA) to the US FDA. Such stringent regulatory guidelines will hamper the growth of the market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Statin Market Customer Landscape
The statin market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Statin Market Scope |
|
Report Coverage |
Details |
Page number |
144 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.36% |
Market growth 2023-2027 |
USD 2,676.61 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
3.24 |
Regional analysis |
North America, Asia, Europe, and the Rest of the World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Canada, Germany, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Amgen Inc., AstraZeneca Plc, Aurobindo Pharma Ltd., Biocon Ltd., Concord Biotech Ltd., Merck and Co. Inc., Novartis AG, Pfizer Inc., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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