Get In Touch

Statins are lipid lowering agents or medications used in the treatment of high lipid levels. These are often referred as high cholesterol found in the blood. The major function of statins is to lower blood cholesterol and prevent atherosclerosis. These drugs help to prevent heart attacks and strokes. These lower the production of cholesterol by blocking an enzyme known as HMG-CoA reductase used by liver. According to studies, statins have reduced heart attacks and strokes by 25% to 35%. Statins recommended by health care practitioners work well for patients with balanced nutritious food and exercise. Healthy lifestyle practices are essential to improve the quality of the patient’s life. 

The global statins market is projected to grow at a rapid pace in the next few years. Sedentary lifestyle is a key driver of the market. High bad cholesterol is difficult to manage only on diet and exercise. Hence, statins are recommended to treat the condition. Increase in the patient population suffering from obesity, cardiovascular diseases, and diabetes propels demand for statins across the globe. Demand for effective treatment to reduce LDL cholesterol is also a major factor driving the global statins market. Cholesterol awareness campaigns and technologically advanced health care facilities increase demand for statins. Companies are expanding market presence across the globe by establishing strong distribution networks, especially in developing countries. However, increase in demand for effective treatment alternatives acts as a major restraint of the market. Social and economic factors also hamper the global statins market. Switching patients on statins is a major challenge in the market. Side effects of statins can act as a restrain of the market. There are long term risks associated with usage of statins including depression, Alzheimer’s, dementia, and poor cognitive function. This lowers the demand for statins in the market. Common side effects of statins which affect a large population are muscle pain, muscle damage, liver damage, type 2 diabetes, and neurological disorders. 

In terms of product class, the global statins market can be classified into atorvastatin (Lipitor & others), fluvastatin (Lescol, Canef, and Vastin), lovastatin (Mevacor & others), pravastatin (Pravachol), rosuvastatin (Crestor), simvastatin (Zocor), and pitavastatin (Livalo). Only 5 types of statins are available in the U.K., excluding lovastatin and pitavastatin. Availability of the drugs in different regions also directly impacts specific markets. Based on application, the market can be categorized into cardiovascular diseases (heart strokes & attacks), lifestyle diseases (obesity, diabetes, and inflammation), and others. In terms of end-user, the global statins market can be bifurcated into hospitals, clinics, and others.

In terms of region, the global statins market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The region held major market share due to increase in number of adults suffering from LDL cholesterol. Rise in health care expenditure, technological advancements, and increase in incidence of lifestyle diseases also boost the growth of the market in North America. Comparatively, Asia Pacific is an emerging market due to increase in incidence in obesity and cardiovascular diseases, and changes in health care regulatory policies. 

Major players operating in the global statins market are AstraZeneca, Merck & Co., Inc., Pfizer, Inc., Aurbindo Pharma, Amgen, GlaxoSmithKline plc, Biocon, and Concord Biotech, among others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Statins Market