According to the report, the global cholesterol lowering drugs market was valued at approximately ~US$ 29 Bn in 2018.
Cholesterol Lowering Drugs Market: Introduction
According to the report, the global cholesterol lowering drugs market was valued at approximately ~US$ 29 Bn in 2018. It is expected to expand at a CAGR of ~3% during the forecast period from 2019 to 2027. Cholesterol lowering drugs are medications used to control elevated levels of cholesterol in human body. This elevated cholesterol level can cause various cardiovascular diseases. These cholesterol lowering drugs are statins, PCSK9 inhibitors, fibrates, and other drug classes, which act by different mechanisms of action for lowering the elevated cholesterol levels. Some new drugs are in the pipeline for cholesterol lowering as PCSK9 inhibitors, nicotinic acid, and other drugs, which are expected to be launched over the next few years. The growth of the cholesterol lowering drugs market can be attributed to the rise in prevalence of cardiovascular diseases such as coronary artery disease globally. North America dominated the global cholesterol lowering drugs market in 2018 and is projected to continue its dominance during the forecast period, due to higher prevalence of cardiovascular disease and a number of new approved products.
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Increase in Prevalence of Coronary Artery Disease to Drive Cholesterol Lowering Drugs Market
Growing prevalence of different cardiovascular diseases, which are caused by various factors such as increased obesity, changing food habits, higher alcohol consumption, and smoking is driving the cholesterol lowering drugs market. For instance, according to CDC database, 2015, over 370,000 people die annually in the U.S. due to coronary artery disease. Moreover, new drug development therapies for cholesterol lowering and rising awareness about cardiovascular diseases are some of the major factors responsible for the growth of the cholesterol lowering drugs market.
High Demand for Statins & Combination Drugs
Based on drug class, the cholesterol lowering drugs market has been segmented into statins & combination, PCSK9 inhibitors, bile acid sequestrants, fibrates, cholesterol absorption inhibitors, and others. The statins & combination segment dominated the cholesterol lowering drugs market in 2018. This segment is expected to dominate during the forecast period, owing to its better efficacy and cost effectiveness of this drug class. PCSK9 inhibitors is expected to be a more promising segment during the forecast period. It is anticipated to grow at a high CAGR from 2019 to 2027. Better tolerance, newly approved drugs in this class, and price revision by companies are some of the factors anticipated to drive the PCSK9 inhibitor segment during the forecast period.
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Coronary Artery Disease to be a Key Indicator of High Levels of Cholesterol
In terms of indication, the cholesterol lowering drugs market has been divided into hypercholesterolemia, coronary artery disease, and higher triglycerides. Coronary artery disease is expected to be a more promising segment during the forecast period. It is likely to grow at a high CAGR during the forecast period, owing to changing lifestyle and growing number of prescriptions for these diseases. Hypercholesterolemia dominated the global market in 2018 due to rise in prevalence of disorders related to elevated cholesterol levels in the blood due to unhealthy diet.
Retail Pharmacies a Major Distribution Channel
Based on distribution channel, the cholesterol lowering drugs market has been segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment dominated the cholesterol lowering drugs market, in terms of revenue. Preference for distribution through retail pharmacies, high number of prescriptions filed at retail pharmacies, and rise in the number of retail pharmacies across the globe are some of the major factors fuelling the growth of the retail pharmacies segment.
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North America to Lead Cholesterol Lowering Drugs Market
On the basis of region, the cholesterol lowering drugs market has been divided into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global cholesterol lowering drugs market in 2018. North America accounted for a major share of the cholesterol lowering drugs market in 2018 and is projected to remain dominant during the forecast period. Rise in prevalence, incidence, and mortality rates of cardiovascular diseases and increase in the number of prescriptions for cholesterol lowering drugs are some of the factors responsible for the dominance of North America. Asia Pacific is a highly lucrative market for cholesterol lowering drugs. The market in Asia Pacific is projected to grow at a high CAGR during the forecast period, owing to increase in geriatric population, rise in awareness about cardiovascular diseases, and larger patient pool for various heart diseases.
Competition Landscape
Pfizer, Inc., Sanofi, and Merck & Co., Inc. are some of the leading players in the global cholesterol lowering drugs market. The cholesterol lowering drugs market is fragmented in terms of number of players. Key players in the global market include Sanofi, Pfizer, Inc., GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc., Amgen Inc., Takeda Pharmaceutical Company Limited, Sun Pharmaceutical Industries Ltd., and AbbVie, Inc. New product approvals for specific indications, strategic partnership for mergers, acquisition, and distribution, widespread distribution channel, and high R&D investments are some of the key strategies adopted by major players operating in this market.
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