Albany, NY -- (SBWIRE) -- 02/05/2019 -- The majority of shares of the global dyslipidemia drugs market is concentrated among a handful of companies. The top five companies account for the combined share of 74.4% in 2014, finds Transparency Market Research. These players are Abbott Laboratories, Daiichi Sankyo Company, Ltd., Pfizer, Inc., Merck & Co., Inc., and AstraZeneca plc. TMR observes that the leading players exercise a substantial clout in the global market on account of the exclusive rights they hold over blockbuster drugs for managing dyslipidemia. They are also pouring in sizeable money in research and development activities, which is helping them retain their lead.
The global dyslipidemia drugs market is anticipated to stagnate at a CAGR of -10.3% in between the forecast period of 2015 to 2023. The market was worth US$17.85 billion in 2014 and the negative CAGR will lead the demand to shrink to US$6.88 billion by 2023 end.
The stagnating demand for dyslipidemia drugs across the globe is attributed to the patent expiry for some blockbuster drugs along with the rising availability of generic drugs.
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The various types of dyslipidemia drugs are statins, bile acid resins, fibric acid and omega-3 fatty acid derivatives, niacins, combination drugs, and cholesterol absorption inhibitors. Of these, the segment of fibrates and omega-3 fatty acid derivatives leads the pack and will decline at the lowest rate of 1.6% during the forecast period. The substantial number of government approvals for this class of drug is boosting the market.
Geographically, Europe is the most lucrative region expected to decline at a CAGR of 9.9%. The rising incidence of dyslipidemia among the regional population will offset a part of the revenue loss being witnessed in the global market.
Substantial Risk Factor for Diabetes and Cardiovascular Diseases likely to Catapult Demand for Dyslipidemia Drugs
The global dyslipidemia market is positively affected by the rising demand for drugs for treating secondary dyslipidemia, with diabetes and obesity occupying a key role in disease development. The substantial risk that the condition has on the development of cardiovascular diseases is a key factor accentuating the demand for dyslipidemia drugs. Efforts by caregivers to prevent future cardiovascular (CVD) diseases in worldwide population augur well for the market. The significant role that dyslipidemia management is occupying in CVD prevention is boosting the market.
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The rise in demand for prescription drugs based on omega-3 fatty acid derivatives and fibrates will add to global revenues over the assessment period. The rising incidence of type 2 diabetes in various parts of the world raises the risk of dyslipidemia considerably, which is propelling the demand for the drugs.
Expiration of Blockbuster Drugs has Wide Repercussions on Growth, However, Rising Obese Population augurs Well
However, the expansion of the market is hindered by a serious constraint brought by expiration of several blockbuster drugs and the proliferation of generic drugs to manage the condition of dyslipidemia. This is exerting considerable adverse effect on the global market revenues. Be that it may, the market may limp back to growth on the promising demand for such drugs from an emerging population of obese in various parts of the world. The high mortality of cardiovascular diseases, coupled with the rising awareness in health-conscious populations, augurs well for the market.
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