Global Statin Market 2019-2023
About this market
The increasing statin use will help the market grow at a steady rate. In the US and the UK, people aged 40 and above are recommended to monitor their cholesterol level. Statins are considered an evidence-based treatment for high risk patients with elevated cardiovascular disorder. Technavio’s analysts have predicted that the statin market will register a CAGR of over 2% by 2023.
Rising prevalence of hypercholesterolemia
The rising prevalence of hypercholesterolemia is fueling the demand for generic cholesterol medications. Cardiovascular disease is one of the primary causes of mortality in Western countries.
Fierce generic competition
Patient expiration is a major challenge for companies developing branded drugs as it provides an opportunity for the development of generic drugs.
For the detailed list of factors that will drive and challenge the growth of the statin market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including AstraZeneca and Merck the competitive environment is quite intense. Factors such as the increasing statin use and the rising prevalence of hypercholesterolemia, will provide considerable growth opportunities to statin manufactures. AstraZeneca, Merck, Pfizer, and Novartis are some of the major companies covered in this report.
‘With the presence of a considerable number of companies, this market appears to be fragmented. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies. Many established statin manufacturers are vying for their share of the global statin market, and the new players must differentiate themselves to gain vital traction over their competitors.’
Technavio Announces the Publication of its Research Report – Global Statin Market 2019-2023
Technavio recognizes the following companies as the key players in the global statin market: AstraZeneca, Merck, Pfizer, and Novartis.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing statin use.”
According to the report, one of the major drivers for this market is the rising prevalence of hypercholesterolemia.
Further, the report states that one of the major factors hindering the growth of this market is fierce generic competition.