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The statin market size is forecast to increase by USD 2.62 billion at a CAGR of 3.2% between 2023 and 2028. The market is experiencing significant growth due to the rising prevalence of hypercholesterolemia and the strong incidence of coronary heart disease (CHD). Chronic diseases, such as diabetes, and acute conditions, including respiratory problems, continue to increase the demand for statins. Additionally, statins are essential for managing cholesterol levels in heart transplant recipients and cardiac transplant patients undergoing heart valve surgery. The market growth is driven by the stringent regulatory environment, which ensures the safety and efficacy of statin medications. In the US, the Centers for Disease Control and Prevention (CDC) reports that approximately 95 million adults have high cholesterol, making it a significant public health concern. This trend is expected to continue, leading to increased demand for statins in the coming years.
The statin market is experiencing significant growth due to the increasing prevalence of lifestyle-related diseases such as obesity, diabetes, and vascular inflammation. Statins, including atorvastatin, lovastatin, rosuvastatin, and simvastatin, are widely prescribed pharmaceutical drugs to manage high cholesterol levels and reduce the risk of cardiovascular diseases. Statins help lower cholesterol and mitigate oxidative stress, a key factor in vascular conditions. They are also used in managing conditions like thoracic aortic aneurysm repair and respiratory problems. The growing number of overweight and obese individuals has further increased the demand for statins as part of comprehensive treatment plans for cardiovascular health. As the patient population expands, particularly among those with diabetes and low blood platelet count, statins remain a cornerstone of preventive care in modern medicine.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The hospitals segment is estimated to witness significant growth during the forecast period. Hospitals play a pivotal role in the healthcare sector, contributing substantially to the expansion of The market. In the hospital setting, statins are primarily used for patients undergoing pulmonary resection or lung transplantation. Hospitals procure statins in large quantities directly from manufacturers or wholesalers to secure cost savings and a consistent inventory. The dispensing of accurate medications and appropriate dosages by hospitals is essential for optimal patient care, enhancing treatment outcomes, and minimizing adverse events. Hospitals also participate in statin-related research and clinical trials, where they contribute to the preparation and administration of investigational medications. Natural statins, such as Compactin, and synthetic statins, like Pravastatin, are commonly used in hospital settings.
Further, the biotransformation of statins occurs in the liver, which is a crucial aspect of their biochemistry. Hospitals must ensure that they maintain a well-regulated system for the storage, handling, and disposal of statins to guarantee patient safety and therapeutic efficacy. In summary, hospitals serve as significant stakeholders in the market, ensuring the availability, accuracy, and safety of these medications for patients undergoing pulmonary resection, lung transplantation, and clinical trials.
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The hospitals segment accounted for USD 8.62 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In North America, the market for statins, medications used to lower high cholesterol levels, is experiencing significant growth. This expansion is driven by the presence of numerous pharmaceutical companies, both branded and generic, operating in the region. The regulatory framework for approving new drugs is well-established, allowing for continued innovation in the industry. Additionally, the incidence of cardiovascular diseases, including coronary heart disease (CHD) or ischemic disease, which can lead to heart failure, has risen in various North American countries. CHD is a common cause of heart failure, making the demand for statins increasingly important for maintaining quality healthcare and reducing the risk of heart attacks in the geriatric population.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising prevalence of hypercholesterolemia is the key driver of the market. Cardiovascular diseases are the leading cause of mortality worldwide, with hypercholesterolemia being a significant risk factor for their development. Hypercholesterolemia, or high cholesterol levels in the blood, increases the likelihood of acquiring atherosclerosis, a condition characterized by the accumulation of plaque inside the arterial walls. Atherosclerosis is a severe medical condition that affects the arteries supplying blood to the heart, leading to coronary artery disease. The presence of plaque inside the arterial walls causes the narrowing of the vessels, resulting in decreased blood flow. Cholesterol is the primary component of plaque, making high cholesterol levels a significant risk factor for atherosclerosis.
Vascular inflammation and oxidative stress contribute to the development and progression of atherosclerosis. Statins, a class of pharmaceutical drugs, are commonly prescribed to reduce cholesterol levels and mitigate the risk of cardiovascular diseases.
Strong incidence of CHD is the upcoming trend in the market. The market in the US is projected to experience significant growth due to the rising prevalence of heart attacks and diabetes. According to the Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death in the country, while diabetes affects over 34 million Americans. Additionally, the increasing number of chronic diseases and acute conditions, such as respiratory problems, among the elderly population (aged 65 years and above) will fuel the demand for statins. Heart transplant recipients and cardiac transplant patients, as well as those undergoing heart valve surgery, will also require statin therapy as part of their post-treatment care.
Managing multiple health conditions can be complex for older adults, and maintaining optimal heart health is a crucial aspect of overall well-being. Therefore, the market is poised to expand during the forecast period, providing essential solutions for managing heart health and improving patient outcomes.
Stringent regulatory environment is a key challenge affecting the market growth. In the pharmaceutical industry, drugs such as Atorvastatin, Lovastatin, Rosuvastatin, and Simvastatin, which are used to manage cholesterol levels, undergo rigorous evaluation by regulatory authorities to ensure safety and efficacy. Regulatory bodies scrutinize pharmacological data, pharmacodynamic effects, drug interactions, and other key factors before approving these statins for use in overweight and obese individuals dealing with obesity. Failure to meet these criteria may result in a Complete Response Letter (CRL) or rejection. Receiving a CRL necessitates the submission of additional data, often requiring additional clinical trials, thereby increasing research and development expenses for pharmaceutical companies. It is essential for these companies to adhere to regulatory requirements to bring their drugs to market.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers statin medical drug which is designed to protect the heart and blood vessels from serious medical problems such as heart attack or stroke.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Statins are a class of pharmaceutical drugs widely used to lower cholesterol levels in patients suffering from various chronic and acute diseases. These conditions include vascular inflammation and oxidative stress, which are common in individuals with obesity, overweight, respiratory problems, diabetes, and other health issues. Statins work by inhibiting the biochemical process called HMG-CoA reductase, which is essential for the production of cholesterol in the body. Some commonly prescribed statins include atorvastatin, lovastatin, rosuvastatin, simvastatin, and pravastatin. These drugs have proven effective in reducing the risk of heart attacks and other cardiovascular diseases, particularly in high-risk patient populations such as geriatrics, heart transplant recipients, cardiac transplant patients, and those undergoing heart valve surgery, pulmonary resection, or lung transplantation.
Additionally, despite their benefits, statins may cause side effects, including headache, feeling sick, tiredness, weakness, dizziness, digestive system problems like constipation, indigestion, farting, muscle pain, and diarrhea, and sleep problems. Natural statins, such as compactin, are also available and may offer fewer side effects, but their efficacy and safety profile require further research. Healthcare facilities and medications play a crucial role in managing high cholesterol levels and the associated health risks. Patients should consult their healthcare providers to determine the most suitable treatment options based on their individual health conditions and medical history.
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Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
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Market growth 2024-2028 |
USD 2.62 billion |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
3.06 |
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Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
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Performing market contribution |
North America at 42% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, Amgen Inc., AstraZeneca Plc, Aurobindo Pharma Ltd., Biocon Ltd., Concord Biotech Ltd., Merck and Co. Inc., Novartis AG, Pfizer Inc., and Thermo Fisher Scientific Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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