New York, April 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Omega 3 Prescription Drugs Global Market Report 2023" - https://www.reportlinker.com/p06451083/?utm_source=GNW
, Dr Reddy’s Laboratories Ltd., Zydus Group, Hikma Pharmaceuticals PLC., KD Pharma Group, and Woodward Pharma Services.
The global omega 3 prescription drugs market is expected to grow from $1.37 billion in 2022 to $1.49 billion in 2023 at a compound annual growth rate (CAGR) of 8.74%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The omega 3 prescription drugs market is expected to reach $2.09 billion in 2027 at a CAGR of 8.84%.
The omega 3 prescription drugs market consists of sales of EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The omega-3 prescription drug lowers the number of triglycerides (a fat-like substance) in the blood and raises the levels of good cholesterol (HDL) in the body. Omega-3 drugs or fatty acids are nutrients obtained from food (or supplements) that assist in developing and maintaining a healthy body and are critical in constructing every cell wall.
North America was the largest region in the omega 3 prescription drugs market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the omega 3 prescription drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main drug types of omega-3 prescription drugs include vascepa, lovaza, and other types.The vascepa drug is used in adults to reduce the risk of heart attack, stroke, and certain types of heart problems that necessitate hospitalization.
Vascepa is an FDA-approved medication used to reduce the risk of certain cardiovascular problems in adults who have high triglyceride levels and two or more additional risk factors for cardiovascular diseases, such as high blood pressure, high cholesterol, or obesity.The application of omega-3 prescription drugs includes hypertriglyceridemia and other application types.
The drugs are distributed through hospital pharmacies, retail pharmacies, and online pharmacies.
Rising cases of cardiovascular diseases (CVDs) are expected to contribute to the growth of the omega-3 prescription drug market.Increased blood triglyceride levels (a fatty-like substance) are linked to a higher risk of cardiovascular disorders, and omega-3 supplements aid in regulating and lowering triglyceride levels.
For instance, according to the 2021 World Health Organization (WHO) report, an estimated 17.9 million people died from CVDs, accounting for 32% of global deaths. The causes of 85% of these fatalities were heart attacks and strokes. Therefore, rising cases of cardiovascular diseases (CVDs) drive the growth of the omega-3 prescription drug market.
New product innovations have emerged as a key trend gaining popularity in the omega-3 prescription drug market.Major companies operating in the manufacturing of omega-3 drugs are focused on developing new product innovations to strengthen their position in the market.
For instance, in October 2022, the European Commission gave the green light to plant-based omega-3 products from DSM for fish and animal substitutes throughout the EU.DSM claims that the product enhances plant-based foods’ nutritional profile and enables the development of fish products based on animals that will be similar to current fish products.
This omega 3 supplement can be used to enhance the nutritional content of goods without having an adverse effect on the marine ecosystem.
In August 2021, Woodward Pharma Services, a US-based pharmaceutical company, acquired Lovaza (omega-3-acid ethyl esters) capsules from GlaxoSmithKline for an undisclosed amount.With this acquisition, Woodward Pharma will now have the license/authority to use Lovaza capsules in adult patients with severe hypertriglyceridemia (a high level of a certain type of fat (triglycerides) in the blood).
Lovaza is a prescription omega-3 product approved by the FDA and is a medical-grade supplement for high triglyceride management. GlaxoSmithKline is a UK-based pharmaceutical and biotechnology company.
The countries covered in the Omega 3 Prescription Drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The omega 3 prescription drugs market research report is one of a series of new reports that provides omega 3 prescription drugs market statistics, including omega 3 prescription drugs industry global market size, regional shares, competitors with an omega 3 prescription drugs market share, detailed omega 3 prescription drugs market segments, market trends and opportunities, and any further data you may need to thrive in the omega 3 prescription drugs industry. This omega 3 prescription drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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