The five leading players in the global dyslipidemia drugs market in 2014 were Daiichi Sankyo Company Limited, Pfizer, Inc., Merck & Co., Inc., AstraZeneca Plc., and Abbott Laboratories. The collective share of these players in the market’s overall value was at 74.4% in 2014, according to Transparency Market Research, thanks to the companies’ exclusive rights on core drugs. Analysts forecast that thorough research and development efforts by these players will regulate their overall success rates and the degree of their role in the growth of the global dyslipidemia drugs market over the coming years.
The TMR research report reveals that the global dyslipidemia drugs market is expected to weaken down to US$6.88 bn by the end of 2023 from its 2014 value of US$17.85 bn. Between 2015 and 2023, the global market is expected to witness a declining CAGR of (-)10.3%.
Incoming Generics Hit Market Growth Hard
“One of the primary factors currently affecting the global dyslipidemia drugs market is the influx of generics into commercial shelves. Patent expirations threaten to severely hurt the overall sales volume of the leading entities in the global dyslipidemia drugs market, thereby reducing their capabilities of performing advanced research and development processes. Generic drug makers, thanks to the elimination of research or even extensive marketing efforts, can significantly cut down the price of drugs. This helps them grossly undercut the branded drug makers, swinging the consumer favor heavily in their favor,” states a TMR analyst.
From a regional perspective, Europe will be relatively better off than North America, due to the more supportive regulations for the pharma companies that focus on research, as well as a higher level of consumer spending on branded drugs. In terms of drugs, fibric acid and omega-3 fatty acid derivatives are likely to see a slower rate of decline than other drug classes, thanks to the rapidly increasing number of prescriptions for them across the world.
Obesity Epidemic Could Pull Global Dyslipidemia Drugs Market Though the Quagmire
The future of the global dyslipidemia drugs market could heavily depend on one of the more severe problems faced by nearly all developed economies. The growing number of obese and diabetic patients in the world are creating a high demand for dyslipidemia drugs, high enough to generate viable revenues for the branded drug manufacturers to intensify their research efforts.
“Other factors promoting the growth of the global dyslipidemia drugs market at the moment are the ongoing research and development efforts related to improvements to the current line of drug therapies available for obesity and diabetes related complications. The pipeline for branded drugs in the global dyslipidemia drugs market also looks promising and is expected to uphold the position of the leading players in the market in the foreseeable future,” adds the analyst. A growth in the number of prescriptions made out for drugs such as Lovaza, Vascespa, and Epanova are expected to create massive revenue for the global dyslipidemia drugs market over the coming years. Further approvals for new omega-3 fatty acid and fibric acid derivative drugs are expected to increase the scope of growth of players in the global dyslipidemia drugs market over the report’s given forecast period.
The information presented in this review is based on a Transparency Market Research report, titled, “Dyslipidemia Drugs Market (Drug Classes - Statins, Bile Acid Resins, Fibric acid and Omega-3 Fatty acid Derivatives, Niacins, Combination Drugs, and Cholesterol Absorption Inhibitors) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key segments of the Global Dyslipidemia Drugs Market
- Global Dyslipidemia Drugs Market, by Drug Class
- Bile Acid Resins
- Fibric acid and Omega-3 Fatty acid Derivatives
- Others (Combination Drugs and Cholesterol Absorption Inhibitors)
- Global Dyslipidemia Drugs Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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