New York, March 02, 2023 (GLOBE NEWSWIRE) -- The global statins market size reached US$ 15 Billion in 2021 and The global Statins Market is projected to reach US$ 22 Billion by 2032. The global market for statins is estimated to expand at a CAGR of 3.5% during the forecast period. Increasing incidence of high cholesterol & obesity is expected to drive the global statins market. North America enjoys the biggest share in the global statins market, with the U.S. leading the way.
The increasing prevalence of cardiovascular diseases, such as hypertension, stroke, and heart attacks, is expected to drive the demand for statins in the coming years. The report also suggests that the Asia Pacific region is expected to witness the fastest growth during the forecast period. This can be attributed to the growing aging population, increasing awareness about cardiovascular diseases, and rising disposable incomes in countries such as China and India.
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The Statins Market is an ever-evolving market that continues to grow year on year, thanks to the recent advancement in medical technology and the widespread availability of affordable Statins drugs. Statins are a type of lipid-lowering drug used to reduce high cholesterol levels and prevent heart disease. Statins can also be used to reduce the risk of stroke and vascular events in patients with diabetes or at risk for developing it. Statins have become one of the most widely prescribed medications in the world, with global sales estimated to be over $20 billion annually.
The Statins Market can be broken down into two main segments – generic Statins and branded Statin products. Generic Statin drugs account for more than 70% of total Statin sales, while branded Statin products comprise around 30% of total Statin sales. Generic Statin drugs are typically less expensive than branded Statin products, though both are equally effective for reducing cholesterol levels and preventing heart disease.
Market Drivers and Restraints:
The increasing prevalence of cardiovascular diseases is one of the major drivers of the global statins market. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, accounting for 31% of all deaths. The rising aging population is also expected to drive the demand for statins as older people are more susceptible to cardiovascular diseases.
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However, the high cost of statins and the side effects associated with their use, such as muscle pain and weakness, liver damage, and increased risk of diabetes, are some of the factors that may restrain the growth of the global statins market. Additionally, the availability of alternative therapies, such as non-statin lipid-lowering agents, may also hinder the growth of the statins market.
Key Players:
Some of the key players in the global statins market include
- Pfizer Inc.
- AstraZeneca plc
- Novartis International AG
- GlaxoSmithKline plc
- Merck & Co., Inc.
- Biocon
- Aurobindo Pharma Ltd
- Concord Biotech
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Statins market Research Segmentation -
- By Drug Class: Astrovastatins, Fluvastatins, Lovastatins, Pravastatins, Simvastatins, Others
- By Therapeutic Treatment: Cardiovascular Disorders, Obesity, Inflammatory Disorders, Others
- By End User: Hospitals, Clinics
- By Region: North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa
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